Nucor (NYSE:NUE) Price target raised to $145.00 by Citigroup analysts
Nucor (NYSE:NUE – Get a Rating) had its target price raised by Citigroup investment analysts to $145.00 in a research note released on Tuesday, Stock Target Advisor reports. Citigroup’s price target would point to a potential upside of 6.54% from the stock’s previous close.
NUE has been the subject of several other reports. Morgan Stanley cut its target price on Nucor from $121.00 to $115.00 and set an “equal weight” rating on the stock in a Monday, July 25 report. StockNews.com upgraded Nucor from a “buy” to a “hold” rating in a Tuesday, August 16 report. JPMorgan Chase & Co. lowered its price target on Nucor shares from $146.00 to $125.00 and set a “neutral” rating for the company in a Tuesday, June 14 research report. UBS Group set a target price of $120.00 on Nucor shares in a Monday, June 20 research report. Finally, the Goldman Sachs group lowered its price target on Nucor shares from $148.00 to $130.00 and set a “neutral” rating for the company in a Tuesday, May 31 report. One analyst rated the stock with a sell rating, six gave the company a hold rating and two gave the company a buy rating. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $136.00.
Nucor Price Performance
Shares of Nucor traded down $5.62 at midday Tuesday, hitting $136.10. 1,703,863 shares of the company were traded, against an average volume of 2,882,662. The company has a 50-day simple moving average of $129.58 and a 200-day simple moving average of $133.72. The company has a debt ratio of 0.37, a current ratio of 2.62 and a quick ratio of 1.39. The company has a market capitalization of $35.63 billion, a P/E ratio of 4.18 and a beta of 1.39. Nucor has a 52-week minimum of $88.50 and a 52-week maximum of $187.90.
Nucor (NYSE:NUE – Get Rating) last released its results on Thursday, July 21. The basic materials company reported earnings per share of $9.67 for the quarter, beating the consensus estimate of $8.91 by $0.76. The company posted revenue of $11.79 billion for the quarter, versus analyst estimates of $11.59 billion. Nucor had a net margin of 21.03% and a return on equity of 57.78%. The company’s quarterly revenue increased by 34.2% compared to the same quarter last year. In the same quarter of the previous year, the company achieved EPS of $5.04. Research analysts expect Nucor to post earnings per share of 31.01 for the current year.
In related news, Executive Vice President Kenneth Rex Query sold 5,000 shares of Nucor in a trade on Wednesday, August 10. The stock was sold at an average price of $141.64, for a total transaction of $708,200.00. Following the completion of the sale, the executive vice president now directly owns 76,100 shares of the company, valued at $10,778,804. The sale was disclosed in a legal filing with the SEC, accessible via the SEC’s website. In related news, Executive Vice President Kenneth Rex Query sold 5,000 shares of Nucor in a trade that took place on Wednesday, August 10. The shares were sold at an average price of $141.64, for a total transaction of $708,200.00. Following the transaction, the executive vice president now owns 76,100 shares of the company, valued at approximately $10,778,804. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this hyperlink. Additionally, CEO Leon J. Topalian sold 48,768 shares of the company in a trade that took place on Friday, June 17. The shares were sold at an average price of $112.61, for a total transaction of $5,491,764.48. Following the completion of the sale, the CEO now directly owns 135,809 shares of the company, valued at approximately $15,293,451.49. The disclosure of this sale can be found here. Insiders sold a total of 57,175 shares of the company worth $6,616,198 in the past 90 days. 0.46% of the shares are held by insiders of the company.
Hedge funds weigh on Nucor
Several institutional investors have recently changed their holdings in NUE. Westside Investment Management Inc. bought a new position in Nucor in the fourth quarter worth approximately $25,000. Tradition Wealth Management LLC increased its position in Nucor by 133.3% in the second quarter. Tradition Wealth Management LLC now owns 245 shares of the basic materials company valued at $26,000 after acquiring 140 additional shares in the last quarter. CFS Investment Advisory Services LLC increased its stake in Nucor by 14,509.4% in Q1. CFS Investment Advisory Services LLC now owns 4,061,713 shares of the basic materials company worth $27,000 after purchasing an additional 4,033,911 shares during the period. Riverview Trust Co bought a new position in Nucor during Q1 worth approximately $28,000. Finally, Capital Advisory Group Advisory Services LLC acquired a new equity stake in Nucor in Q1 worth approximately $30,000. Institutional investors hold 79.07% of the company’s shares.
Nucor Company Profile
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Nucor Corporation manufactures and sells steel and steel products. The Company’s Steel Mills segment produces hot-rolled, cold-rolled and galvanized steel sheets; sheet steel products; wide flange beams, beam blanks and sheet pile and sheet pile products; and steel bar products, such as blooms, billets, concrete rebar and merchant bars, and specialty bar grade products.
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