Nucor (NYSE:NUE) PT Lowered to $160.00

Nucor (NYSE:NUE) had its price objective dropped by equities research analysts at BMO Capital Markets from $175.00 to $160.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “market perform” rating on the basic materials company’s stock. BMO Capital Markets’ price target suggests a potential upside of 12.53% from the stock’s previous close.

NUE has been the subject of a number of other reports. Argus upgraded shares of Nucor to a “strong-buy” rating in a report on Monday, August 26th. JPMorgan Chase & Co. raised shares of Nucor from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $170.00 to $174.00 in a research note on Monday, September 9th. Morgan Stanley cut their target price on Nucor from $176.00 to $170.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, Bank of America lowered their price target on Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $192.00.

Nucor Trading Down 0.5 %

Shares of Nucor stock opened at $142.18 on Wednesday. Nucor has a fifty-two week low of $133.42 and a fifty-two week high of $203.00. The business’s fifty day moving average is $150.36 and its two-hundred day moving average is $166.72. The company has a quick ratio of 1.85, a current ratio of 2.93 and a debt-to-equity ratio of 0.26. The firm has a market cap of $34.09 billion, a PE ratio of 8.36 and a beta of 1.55.

Nucor (NYSE:NUE) last released its earnings results on Monday, July 22nd. The basic materials company reported $2.68 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.37. The firm had revenue of $8.08 billion for the quarter, compared to the consensus estimate of $7.69 billion. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The firm’s revenue for the quarter was down 15.2% compared to the same quarter last year. During the same period in the prior year, the business posted $5.81 earnings per share. Analysts anticipate that Nucor will post 9.95 earnings per share for the current year.

Insider Buying and Selling

In other Nucor news, EVP Daniel R. Needham sold 8,624 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $160.00, for a total value of $1,379,840.00. Following the transaction, the executive vice president now directly owns 99,049 shares of the company’s stock, valued at $15,847,840. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.46% of the stock is owned by corporate insiders.

Institutional Trading of Nucor

A number of hedge funds have recently made changes to their positions in the company. CX Institutional grew its holdings in Nucor by 52.8% during the 2nd quarter. CX Institutional now owns 17,245 shares of the basic materials company’s stock valued at $2,726,000 after purchasing an additional 5,960 shares in the last quarter. Newbridge Financial Services Group Inc. grew its stake in shares of Nucor by 94.2% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,855 shares of the basic materials company’s stock valued at $323,000 after acquiring an additional 900 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its position in shares of Nucor by 6.1% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 262,385 shares of the basic materials company’s stock worth $45,665,000 after acquiring an additional 15,058 shares during the last quarter. Norden Group LLC acquired a new position in shares of Nucor in the first quarter worth about $1,847,000. Finally, Banco Santander S.A. boosted its holdings in Nucor by 86.2% in the first quarter. Banco Santander S.A. now owns 12,895 shares of the basic materials company’s stock valued at $2,552,000 after purchasing an additional 5,971 shares during the last quarter. Hedge funds and other institutional investors own 76.48% of the company’s stock.

About Nucor

Nucor Corporation engages in manufacture and sale of steel and steel products. It operates in three segments: steel mills, steel products, and raw materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products; and engages in the steel trading and rebar distribution businesses.