Nucor (NYSE:NUE) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Nucor (NYSE:NUE) had its target price hoisted by analysts at Morgan Stanley from $227.00 to $258.00 in a report released on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the basic materials company’s stock. Morgan Stanley’s target price indicates a potential upside of 5.63% from the company’s previous close.

NUE has been the topic of a number of other research reports. JPMorgan Chase & Co. boosted their price target on Nucor from $240.00 to $282.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 10th. Seaport Research Partners lifted their target price on Nucor from $245.00 to $285.00 and gave the stock a “buy” rating in a research note on Wednesday, June 10th. BNP Paribas Exane boosted their target price on Nucor from $210.00 to $248.00 and gave the stock an “outperform” rating in a report on Monday, May 4th. Jefferies Financial Group increased their price target on Nucor from $225.00 to $250.00 and gave the company a “buy” rating in a research note on Tuesday, April 28th. Finally, Citigroup lifted their price objective on shares of Nucor from $180.00 to $260.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Nucor presently has an average rating of “Moderate Buy” and an average price target of $266.33.

Nucor Stock Performance

Shares of NUE opened at $244.26 on Monday. The company has a market cap of $55.63 billion, a PE ratio of 24.18, a price-to-earnings-growth ratio of 0.63 and a beta of 1.88. The firm has a 50-day moving average of $230.40 and a 200-day moving average of $192.20. Nucor has a one year low of $122.82 and a one year high of $270.90. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.90 and a quick ratio of 1.55.

Nucor (NYSE:NUE) last issued its earnings results on Monday, April 27th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.82 by $0.41. Nucor had a net margin of 6.82% and a return on equity of 10.68%. The company had revenue of $9.50 billion for the quarter, compared to analysts’ expectations of $8.88 billion. During the same period in the prior year, the firm earned $0.77 EPS. Nucor’s quarterly revenue was up 21.3% compared to the same quarter last year. As a group, equities analysts forecast that Nucor will post 15.68 earnings per share for the current year.

Insider Transactions at Nucor

In other news, EVP Allen C. Behr sold 10,096 shares of the business’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $226.08, for a total value of $2,282,503.68. Following the completion of the sale, the executive vice president owned 62,871 shares of the company’s stock, valued at approximately $14,213,875.68. The trade was a 13.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Noah C. Hanners sold 6,472 shares of the company’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $226.50, for a total transaction of $1,465,908.00. Following the completion of the transaction, the executive vice president owned 50,377 shares in the company, valued at $11,410,390.50. This trade represents a 11.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 82,378 shares of company stock worth $18,963,930. 0.62% of the stock is currently owned by company insiders.

Institutional Trading of Nucor

A number of institutional investors have recently bought and sold shares of the business. Strive Financial Group LLC bought a new stake in shares of Nucor in the fourth quarter valued at approximately $27,000. Stance Capital LLC bought a new position in Nucor during the 3rd quarter worth $25,000. Bartlett & CO. Wealth Management LLC raised its holdings in Nucor by 49.2% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 191 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 63 shares in the last quarter. Mcguire Capital Advisors Inc. bought a new stake in shares of Nucor during the 4th quarter valued at $32,000. Finally, Motiv8 Investments LLC acquired a new stake in shares of Nucor during the 4th quarter worth $32,000. Institutional investors own 76.48% of the company’s stock.

About Nucor

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.