Nucor (NYSE:NUE) Price Target Cut to $152.00 by Analysts at JPMorgan Chase & Co.

Nucor (NYSE:NUE) had its price target decreased by investment analysts at JPMorgan Chase & Co. from $168.00 to $152.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 23.09% from the stock’s current price.

A number of other equities research analysts also recently issued reports on NUE. UBS Group reissued a “neutral” rating and issued a $156.00 price target (down from $171.00) on shares of Nucor in a report on Thursday, December 12th. Citigroup lowered their price objective on Nucor from $240.00 to $160.00 and set a “buy” rating on the stock in a research report on Thursday, December 19th. The Goldman Sachs Group initiated coverage on Nucor in a research note on Monday, December 2nd. They issued a “buy” rating and a $190.00 target price on the stock. Morgan Stanley dropped their price target on Nucor from $170.00 to $166.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Finally, Jefferies Financial Group decreased their price objective on shares of Nucor from $150.00 to $125.00 and set a “hold” rating on the stock in a research report on Monday, January 6th. Four analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $163.63.

Nucor Stock Performance

NYSE NUE opened at $123.48 on Friday. The company’s 50 day moving average is $134.96 and its 200-day moving average is $144.94. The firm has a market cap of $29.00 billion, a P/E ratio of 11.93 and a beta of 1.60. Nucor has a 12-month low of $112.25 and a 12-month high of $203.00. The company has a quick ratio of 1.61, a current ratio of 2.59 and a debt-to-equity ratio of 0.26.

Nucor (NYSE:NUE) last issued its earnings results on Monday, October 21st. The basic materials company reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.09. Nucor had a net margin of 8.05% and a return on equity of 12.06%. The business had revenue of $7.44 billion for the quarter, compared to analysts’ expectations of $7.28 billion. During the same quarter in the previous year, the firm posted $4.57 EPS. The business’s revenue for the quarter was down 15.2% compared to the same quarter last year. Sell-side analysts predict that Nucor will post 8.19 earnings per share for the current year.

Insider Activity at Nucor

In other Nucor news, EVP Kenneth Rex Query sold 9,000 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $146.80, for a total transaction of $1,321,200.00. Following the sale, the executive vice president now directly owns 98,770 shares in the company, valued at approximately $14,499,436. This trade represents a 8.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Stephen D. Laxton sold 4,712 shares of Nucor stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $169.53, for a total value of $798,825.36. Following the completion of the sale, the chief financial officer now directly owns 82,132 shares of the company’s stock, valued at approximately $13,923,837.96. The trade was a 5.43 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,680 shares of company stock valued at $4,773,724. Insiders own 0.64% of the company’s stock.

Institutional Investors Weigh In On Nucor

Several large investors have recently bought and sold shares of the business. Renaissance Technologies LLC raised its holdings in shares of Nucor by 4.3% during the second quarter. Renaissance Technologies LLC now owns 9,700 shares of the basic materials company’s stock valued at $1,533,000 after purchasing an additional 400 shares during the last quarter. Moors & Cabot Inc. grew its position in Nucor by 20.3% in the 2nd quarter. Moors & Cabot Inc. now owns 3,576 shares of the basic materials company’s stock worth $565,000 after purchasing an additional 603 shares during the period. Seven Eight Capital LP raised its stake in Nucor by 146.8% during the 2nd quarter. Seven Eight Capital LP now owns 7,941 shares of the basic materials company’s stock valued at $1,255,000 after buying an additional 4,724 shares during the last quarter. Intech Investment Management LLC lifted its holdings in shares of Nucor by 126.5% during the 2nd quarter. Intech Investment Management LLC now owns 56,761 shares of the basic materials company’s stock valued at $8,973,000 after buying an additional 31,698 shares during the period. Finally, Brighton Jones LLC lifted its holdings in Nucor by 3.3% in the second quarter. Brighton Jones LLC now owns 2,218 shares of the basic materials company’s stock valued at $351,000 after acquiring an additional 71 shares during the period. 76.48% of the stock is currently owned by institutional investors.

Nucor Company Profile

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.