Nucor Corporation (NYSE:NUE) Receives $272.38 Consensus Price Target from Brokerages

Nucor Corporation (NYSE:NUE) has earned an average rating of “Moderate Buy” from the sixteen analysts that are currently covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $272.3846.

A number of brokerages recently commented on NUE. Citigroup reaffirmed a “buy” rating on shares of Nucor in a research report on Wednesday, July 29th. BMO Capital Markets lifted their price objective on shares of Nucor from $285.00 to $295.00 and gave the company an “outperform” rating in a report on Wednesday, July 29th. Barclays lifted their price target on Nucor from $272.00 to $295.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Wall Street Zen upgraded shares of Nucor from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 16th. Finally, Morgan Stanley set a $270.00 price objective on shares of Nucor in a research report on Wednesday, July 29th.

Nucor Stock Down 0.0%

Shares of NYSE:NUE opened at $260.98 on Friday. The firm has a market cap of $59.21 billion, a P/E ratio of 20.81, a P/E/G ratio of 0.97 and a beta of 1.87. Nucor has a 12-month low of $131.32 and a 12-month high of $280.11. The business has a fifty day simple moving average of $248.81 and a 200 day simple moving average of $222.15. The company has a quick ratio of 1.36, a current ratio of 2.51 and a debt-to-equity ratio of 0.27.

Nucor (NYSE:NUE) last announced its quarterly earnings data on Monday, July 27th. The basic materials company reported $4.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.46 by $0.38. Nucor had a return on equity of 12.73% and a net margin of 7.99%.The company had revenue of $10.40 billion for the quarter, compared to the consensus estimate of $10.15 billion. During the same period in the previous year, the business earned $2.60 EPS. The firm’s revenue was up 23.0% compared to the same quarter last year. Analysts predict that Nucor will post 17.95 earnings per share for the current year.

Insider Transactions at Nucor

In related news, COO Stephen Laxton sold 3,968 shares of Nucor stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $256.96, for a total value of $1,019,617.28. Following the sale, the chief operating officer owned 77,867 shares of the company’s stock, valued at approximately $20,008,704.32. The trade was a 4.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Thomas Batterbee sold 4,000 shares of Nucor stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $261.02, for a total value of $1,044,080.00. Following the completion of the sale, the executive vice president directly owned 16,138 shares of the company’s stock, valued at approximately $4,212,340.76. This trade represents a 19.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.62% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nucor

Several hedge funds have recently made changes to their positions in NUE. Transamerica Financial Advisors LLC purchased a new stake in shares of Nucor in the second quarter worth about $25,000. Stance Capital LLC bought a new position in shares of Nucor in the 3rd quarter worth $25,000. Manning & Napier Advisors LLC bought a new stake in shares of Nucor during the 2nd quarter worth $27,000. Strive Financial Group LLC bought a new position in Nucor in the fourth quarter valued at $27,000. Finally, Bell Investment Advisors Inc purchased a new position in shares of Nucor during the 2nd quarter valued at about $28,000. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Nucor Company Profile

Nucor Corporation (NYSE: NUE) is an American steel producer headquartered in Charlotte, North Carolina. The company is primarily engaged in the manufacture and sale of steel and steel products, operating a network of steel mills, recycling facilities and fabrication plants across the United States and North America. Nucor’s operations emphasize electric arc furnace steelmaking using recycled scrap metal, which supports a decentralized, mill-based production model focused on efficiency and flexibility.

Product offerings span a broad range of basic and value‑added steel items, including sheet, plate, merchant bar, structural beams, reinforcing bar, tubing, fasteners and fabricated components.