Nucor (NYSE:NUE) Price Target Raised to $290.00 at BofA

Nucor (NYSE:NUE) had its target price hoisted by BofA from $265.00 to $290.00 in a research note issued to investors on Friday,MarketScreener reports.

Several other analysts have also weighed in on the stock. KeyCorp assumed coverage on shares of Nucor in a research note on Wednesday, March 25th. They set a “sector weight” rating for the company. BNP Paribas Exane upped their price objective on shares of Nucor from $210.00 to $248.00 and gave the stock an “outperform” rating in a report on Monday, May 4th. Citigroup upped their price objective on shares of Nucor from $180.00 to $260.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Seaport Research Partners upped their price target on shares of Nucor from $245.00 to $285.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Jefferies Financial Group upped their price target on shares of Nucor from $225.00 to $250.00 and gave the company a “buy” rating in a report on Tuesday, April 28th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $261.54.

Nucor Stock Performance

Shares of NYSE NUE opened at $266.06 on Friday. The company has a market cap of $60.59 billion, a PE ratio of 26.34, a price-to-earnings-growth ratio of 0.67 and a beta of 1.88. Nucor has a 12 month low of $117.21 and a 12 month high of $268.80. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.90 and a quick ratio of 1.55. The company has a 50-day simple moving average of $222.60 and a 200-day simple moving average of $188.67.

Nucor (NYSE:NUE) last issued its quarterly earnings results on Monday, April 27th. The basic materials company reported $3.23 EPS for the quarter, topping analysts’ consensus estimates of $2.82 by $0.41. The business had revenue of $9.50 billion during the quarter, compared to the consensus estimate of $8.88 billion. Nucor had a net margin of 6.82% and a return on equity of 10.68%. The company’s quarterly revenue was up 21.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.77 earnings per share. On average, equities analysts anticipate that Nucor will post 15.29 earnings per share for the current year.

Nucor announced that its Board of Directors has authorized a share buyback plan on Friday, February 20th that allows the company to repurchase $4.00 billion in shares. This repurchase authorization allows the basic materials company to purchase up to 9.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Nucor Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 11th. Stockholders of record on Tuesday, June 30th will be paid a $0.56 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 0.8%. Nucor’s dividend payout ratio (DPR) is 22.18%.

Insider Transactions at Nucor

In other Nucor news, EVP Allen C. Behr sold 10,096 shares of the firm’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $226.08, for a total transaction of $2,282,503.68. Following the transaction, the executive vice president owned 62,871 shares in the company, valued at approximately $14,213,875.68. This trade represents a 13.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Bradley Ford sold 2,240 shares of Nucor stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $232.13, for a total value of $519,971.20. Following the transaction, the executive vice president owned 43,649 shares in the company, valued at $10,132,242.37. This trade represents a 4.88% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 82,378 shares of company stock valued at $18,963,930. 0.62% of the stock is currently owned by insiders.

Institutional Trading of Nucor

Several institutional investors and hedge funds have recently modified their holdings of the business. Integrated Wealth Concepts LLC grew its stake in Nucor by 21.1% during the first quarter. Integrated Wealth Concepts LLC now owns 3,266 shares of the basic materials company’s stock worth $393,000 after purchasing an additional 568 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in Nucor during the first quarter worth $259,000. Geneos Wealth Management Inc. lifted its holdings in Nucor by 81.8% during the first quarter. Geneos Wealth Management Inc. now owns 340 shares of the basic materials company’s stock worth $41,000 after acquiring an additional 153 shares during the period. Sivia Capital Partners LLC bought a new stake in Nucor during the second quarter worth $390,000. Finally, Cerity Partners LLC lifted its holdings in Nucor by 51.9% during the second quarter. Cerity Partners LLC now owns 40,629 shares of the basic materials company’s stock worth $5,263,000 after acquiring an additional 13,877 shares during the period. 76.48% of the stock is currently owned by institutional investors.

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.