Nucor (NYSE:NUE) Price Target Raised to $197.00

Nucor (NYSE:NUE) had its price target hoisted by Wells Fargo & Company from $194.00 to $197.00 in a research note released on Friday,Benzinga reports. The brokerage currently has an overweight rating on the basic materials company’s stock.

Several other research firms also recently issued reports on NUE. BMO Capital Markets boosted their price objective on Nucor from $190.00 to $196.00 and gave the stock an “outperform” rating in a report on Tuesday, March 3rd. Jefferies Financial Group raised their target price on shares of Nucor from $190.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, January 12th. The Goldman Sachs Group lifted their target price on shares of Nucor from $182.00 to $196.00 and gave the stock a “buy” rating in a research report on Friday, January 16th. JPMorgan Chase & Co. boosted their price target on shares of Nucor from $175.00 to $200.00 and gave the company an “overweight” rating in a report on Friday, December 5th. Finally, UBS Group upped their price target on shares of Nucor from $183.00 to $184.00 and gave the company a “neutral” rating in a research report on Monday, March 16th. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $188.30.

Nucor Price Performance

Shares of NYSE:NUE opened at $158.84 on Friday. The company has a market capitalization of $36.18 billion, a PE ratio of 21.07, a price-to-earnings-growth ratio of 0.57 and a beta of 1.83. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.57 and a current ratio of 2.94. The stock has a fifty day moving average of $176.65 and a 200-day moving average of $159.05. Nucor has a one year low of $97.59 and a one year high of $196.90.

Nucor (NYSE:NUE) last issued its earnings results on Monday, January 26th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.91 by ($0.18). Nucor had a return on equity of 8.26% and a net margin of 5.37%.The company had revenue of $7.69 billion during the quarter, compared to analyst estimates of $7.93 billion. During the same quarter in the previous year, the firm earned $1.22 earnings per share. The business’s revenue was up 8.6% compared to the same quarter last year. As a group, equities analysts anticipate that Nucor will post 7.64 EPS for the current fiscal year.

Nucor Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 11th. Shareholders of record on Tuesday, March 31st will be paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Tuesday, March 31st. Nucor’s payout ratio is 29.71%.

Nucor declared that its Board of Directors has authorized a share repurchase plan on Friday, February 20th that allows the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization allows the basic materials company to reacquire up to 9.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Nucor

In other Nucor news, EVP Allen C. Behr sold 7,568 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $188.50, for a total value of $1,426,568.00. Following the transaction, the executive vice president owned 67,711 shares in the company, valued at approximately $12,763,523.50. This represents a 10.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Daniel R. Needham sold 3,881 shares of the stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $178.00, for a total transaction of $690,818.00. Following the completion of the sale, the executive vice president owned 88,298 shares of the company’s stock, valued at approximately $15,717,044. The trade was a 4.21% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 28,401 shares of company stock valued at $5,266,712 over the last ninety days. 0.71% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nucor

A number of hedge funds have recently modified their holdings of NUE. Berkshire Hathaway Inc purchased a new position in Nucor in the second quarter valued at about $856,792,000. Norges Bank purchased a new stake in shares of Nucor during the 4th quarter worth about $609,002,000. Greenwich Wealth Management LLC acquired a new stake in shares of Nucor during the 2nd quarter valued at about $123,145,000. AQR Capital Management LLC lifted its holdings in shares of Nucor by 580.9% during the 2nd quarter. AQR Capital Management LLC now owns 653,845 shares of the basic materials company’s stock valued at $84,699,000 after buying an additional 557,819 shares during the last quarter. Finally, Capital World Investors grew its stake in shares of Nucor by 20.1% in the 3rd quarter. Capital World Investors now owns 3,042,761 shares of the basic materials company’s stock valued at $412,081,000 after buying an additional 509,019 shares in the last quarter. 76.48% of the stock is owned by institutional investors and hedge funds.

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.