Nucor (NYSE:NUE) Stock Price Target Raised at KeyCorp

Nucor (NYSE:NUE) had its price target upped by equities researchers at KeyCorp from $286.00 to $301.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the basic materials company’s stock. KeyCorp‘s price target suggests a potential upside of 10.10% from the stock’s current price.

Several other brokerages also recently weighed in on NUE. Morgan Stanley set a $270.00 target price on Nucor in a research note on Wednesday, July 29th. Zacks Research raised Nucor from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 13th. UBS Group upped their price target on Nucor from $224.00 to $256.00 and gave the stock a “neutral” rating in a report on Tuesday, July 28th. Citigroup reiterated a “buy” rating on shares of Nucor in a report on Wednesday, July 29th. Finally, Piper Sandler set a $304.00 price objective on Nucor in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Nucor has an average rating of “Moderate Buy” and an average target price of $287.38.

Nucor Stock Down 1.5%

NUE stock opened at $273.38 on Wednesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.46 and a quick ratio of 1.43. Nucor has a 52-week low of $140.93 and a 52-week high of $287.70. The company has a 50-day moving average of $255.05 and a two-hundred day moving average of $224.47. The stock has a market capitalization of $62.03 billion, a price-to-earnings ratio of 17.40, a price-to-earnings-growth ratio of 0.68 and a beta of 1.81.

Nucor (NYSE:NUE) last issued its quarterly earnings results on Monday, October 26th. The basic materials company reported $5.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.84 by ($0.04). The business had revenue of $11.25 billion during the quarter, compared to analyst estimates of $10.84 billion. Nucor had a net margin of 9.26% and a return on equity of 15.53%. The company’s revenue for the quarter was up 32.0% compared to the same quarter last year. During the same period in the prior year, the business posted $2.63 earnings per share. As a group, equities research analysts anticipate that Nucor will post 19.61 EPS for the current year.

Insider Activity

In related news, insider Michael D. Keller sold 1,136 shares of the firm’s stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $279.33, for a total value of $317,318.88. Following the completion of the transaction, the insider directly owned 15,588 shares of the company’s stock, valued at $4,354,196.04. This trade represents a 6.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Allen Behr sold 11,846 shares of Nucor stock in a transaction on Thursday, October 29th. The stock was sold at an average price of $272.90, for a total transaction of $3,232,773.40. Following the sale, the executive vice president owned 58,022 shares in the company, valued at $15,834,203.80. This represents a 16.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 18,172 shares of company stock worth $4,977,498. Company insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Nucor

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new position in Nucor in the second quarter worth about $4,452,563,000. Bank of America Corp DE bought a new position in Nucor during the second quarter worth about $462,886,000. Berkshire Hathaway Inc acquired a new stake in Nucor during the second quarter valued at approximately $413,814,000. Bank of New York Mellon Corp acquired a new stake in Nucor during the second quarter valued at approximately $330,902,000. Finally, Legal & General Group Plc bought a new stake in shares of Nucor in the 2nd quarter valued at approximately $324,154,000. 76.48% of the stock is owned by institutional investors.

Nucor Company Profile

Nucor Corporation is a steel producer headquartered in Charlotte, North Carolina. Through its operating subsidiaries, the company manufactures steel and steel products for customers in construction, automotive, energy, heavy equipment, transportation and other industrial markets.

Nucor’s operations include electric arc furnace steel mills, which produce carbon, alloy and galvanized steel products. Its product portfolio includes sheet steel, plate, beams, bars, wire and wire mesh, steel joists, deck, piling, fabricated concrete reinforcing steel and other downstream products.