Nucor (NYSE:NUE) Price Target Lowered to $280.00 at Bank of America

Nucor (NYSE:NUE) had its price objective trimmed by Bank of America from $290.00 to $280.00 in a research note issued to investors on Thursday morning,Benzinga reports. The firm currently has a buy rating on the basic materials company’s stock.

Other research analysts have also recently issued research reports about the company. UBS Group cut Nucor from a “buy” rating to a “neutral” rating and increased their price target for the stock from $190.00 to $224.00 in a research note on Tuesday, April 28th. Wall Street Zen raised shares of Nucor from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 16th. KeyCorp upgraded shares of Nucor from a “sector weight” rating to an “overweight” rating and set a $274.00 price objective for the company in a report on Wednesday, June 24th. Seaport Research Partners raised their price objective on shares of Nucor from $245.00 to $285.00 and gave the company a “buy” rating in a research note on Wednesday, June 10th. Finally, Weiss Ratings upgraded shares of Nucor from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, May 14th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, Nucor has an average rating of “Moderate Buy” and an average target price of $266.15.

Nucor Stock Down 2.1%

Shares of NYSE:NUE opened at $222.01 on Thursday. The stock has a market capitalization of $50.56 billion, a price-to-earnings ratio of 21.98, a price-to-earnings-growth ratio of 0.52 and a beta of 1.91. Nucor has a 1-year low of $131.32 and a 1-year high of $270.90. The company’s fifty day moving average is $238.49 and its two-hundred day moving average is $198.97. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.55 and a current ratio of 2.90.

Nucor (NYSE:NUE) last announced its quarterly earnings results on Monday, April 27th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.41. The business had revenue of $9.50 billion for the quarter, compared to the consensus estimate of $8.88 billion. Nucor had a return on equity of 10.68% and a net margin of 6.82%.The business’s revenue was up 21.3% on a year-over-year basis. During the same quarter last year, the business posted $0.77 EPS. Equities analysts anticipate that Nucor will post 17.68 EPS for the current year.

Nucor Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 11th. Investors of record on Tuesday, June 30th will be paid a $0.56 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $2.24 annualized dividend and a dividend yield of 1.0%. Nucor’s payout ratio is presently 22.18%.

Insider Buying and Selling

In related news, EVP Randy J. Spicer sold 2,500 shares of the company’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $225.00, for a total value of $562,500.00. Following the completion of the sale, the executive vice president directly owned 20,510 shares in the company, valued at approximately $4,614,750. This represents a 10.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP John J. Hollatz sold 10,560 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $258.46, for a total value of $2,729,337.60. Following the sale, the executive vice president owned 97,865 shares of the company’s stock, valued at approximately $25,294,187.90. This trade represents a 9.74% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 82,378 shares of company stock valued at $18,963,930. 0.62% of the stock is owned by company insiders.

Institutional Trading of Nucor

Several institutional investors have recently modified their holdings of the company. World Equity Group Inc. bought a new stake in Nucor in the second quarter valued at about $311,000. Focus Financial Network Inc. raised its holdings in shares of Nucor by 3.6% in the 2nd quarter. Focus Financial Network Inc. now owns 1,417 shares of the basic materials company’s stock worth $316,000 after buying an additional 49 shares in the last quarter. GoalVest Advisory LLC bought a new position in shares of Nucor during the 2nd quarter worth approximately $56,000. Sax Wealth Advisors LLC lifted its position in shares of Nucor by 32.7% during the 2nd quarter. Sax Wealth Advisors LLC now owns 2,445 shares of the basic materials company’s stock worth $545,000 after buying an additional 603 shares during the period. Finally, Chesley Taft & Associates LLC boosted its stake in Nucor by 7.3% in the 2nd quarter. Chesley Taft & Associates LLC now owns 1,592 shares of the basic materials company’s stock valued at $355,000 after buying an additional 109 shares in the last quarter. Institutional investors and hedge funds 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.