Nucor Corporation (NYSE:NUE) Receives $247.50 Average Target Price from Brokerages

Nucor Corporation (NYSE:NUE) has been assigned an average recommendation of “Moderate Buy” from the sixteen ratings firms that are covering the firm, MarketBeat Ratings reports. Four analysts have rated the stock with a hold recommendation, ten have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $247.50.

NUE has been the topic of several research analyst reports. The Goldman Sachs Group boosted their price objective on Nucor from $240.00 to $260.00 in a research report on Friday, May 1st. Citigroup boosted their price objective on Nucor from $180.00 to $260.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Wall Street Zen upgraded Nucor from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 16th. Barclays initiated coverage on Nucor in a research report on Thursday, May 21st. They issued an “overweight” rating and a $270.00 price objective on the stock. Finally, Argus boosted their price objective on Nucor from $200.00 to $262.00 and gave the company a “buy” rating in a research report on Friday, May 15th.

Nucor Price Performance

NYSE NUE opened at $250.06 on Thursday. The company has a market capitalization of $56.95 billion, a PE ratio of 24.76, a price-to-earnings-growth ratio of 0.66 and a beta of 1.87. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.55 and a current ratio of 2.90. The business’s fifty day moving average is $204.13 and its 200 day moving average is $181.02. Nucor has a fifty-two week low of $106.21 and a fifty-two week high of $251.39.

Nucor (NYSE:NUE) last released its earnings results on Monday, April 27th. The basic materials company reported $3.23 earnings per share for the quarter, beating the consensus estimate of $2.82 by $0.41. The company 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%.Nucor’s quarterly revenue was up 21.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.77 earnings per share. Sell-side analysts predict that Nucor will post 14.84 earnings per share for the current year.

Nucor announced that its Board of Directors has authorized a stock buyback program on Friday, February 20th that authorizes the company to buyback $4.00 billion in outstanding shares. This buyback authorization authorizes the basic materials company to purchase up to 9.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Nucor

In other Nucor news, EVP Allen C. Behr sold 10,096 shares of the business’s stock in a transaction that occurred on 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 sale, the executive vice president directly owned 62,871 shares of the company’s stock, valued at $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 is available through this link. Also, insider Michael D. Keller sold 4,554 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $225.86, for a total value of $1,028,566.44. Following the sale, the insider directly owned 16,834 shares in the company, valued at $3,802,127.24. The trade was a 21.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 71,818 shares of company stock valued at $16,234,593 over the last ninety days. 0.62% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nucor

Several large investors have recently added to or reduced their stakes in the stock. RKL Wealth Management LLC grew its stake in shares of Nucor by 0.9% during the first quarter. RKL Wealth Management LLC now owns 5,318 shares of the basic materials company’s stock valued at $899,000 after buying an additional 48 shares during the last quarter. Empirical Asset Management LLC grew its stake in shares of Nucor by 2.6% during the fourth quarter. Empirical Asset Management LLC now owns 2,130 shares of the basic materials company’s stock valued at $347,000 after buying an additional 54 shares during the last quarter. Krilogy Financial LLC grew its stake in shares of Nucor by 4.1% during the fourth quarter. Krilogy Financial LLC now owns 1,531 shares of the basic materials company’s stock valued at $272,000 after buying an additional 61 shares during the last quarter. Bartlett & CO. Wealth Management LLC grew its stake in shares of Nucor by 49.2% during the first quarter. Bartlett & CO. Wealth Management LLC now owns 191 shares of the basic materials company’s stock valued at $32,000 after buying an additional 63 shares during the last quarter. Finally, IHT Wealth Management LLC grew its stake in shares of Nucor by 2.0% during the fourth quarter. IHT Wealth Management LLC now owns 3,306 shares of the basic materials company’s stock valued at $539,000 after buying an additional 64 shares during the last quarter. 76.48% of the stock is 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.