Nucor (NYSE:NUE) Stock Rating Upgraded by JPMorgan Chase & Co.

Nucor (NYSE:NUE) was upgraded by equities researchers at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research report issued on Monday, MarketBeat reports. The firm currently has a $174.00 price target on the basic materials company’s stock, up from their prior price target of $170.00. JPMorgan Chase & Co.‘s price objective points to a potential upside of 24.63% from the company’s previous close.

A number of other research analysts have also recently weighed in on the company. Argus raised Nucor to a “strong-buy” rating in a research report on Monday, August 26th. Jefferies Financial Group began coverage on shares of Nucor in a research note on Monday, May 20th. They set a “hold” rating and a $190.00 target price on the stock. BMO Capital Markets decreased their price target on Nucor from $185.00 to $175.00 and set a “market perform” rating on the stock in a report on Monday, June 17th. Bank of America decreased their target price on Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a research note on Wednesday, June 26th. Finally, Morgan Stanley raised shares of Nucor from an “equal weight” rating to an “overweight” rating and cut their price objective for the company from $187.00 to $176.00 in a report on Thursday, August 15th. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Nucor has an average rating of “Moderate Buy” and an average price target of $195.00.

Nucor Price Performance

NYSE NUE opened at $139.61 on Monday. The stock has a market capitalization of $33.14 billion, a price-to-earnings ratio of 8.21 and a beta of 1.55. Nucor has a 1-year low of $137.91 and a 1-year high of $203.00. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.93 and a quick ratio of 1.85. The business’s fifty day moving average price is $151.61 and its 200-day moving average price is $168.50.

Nucor (NYSE:NUE) last released its quarterly earnings results on Monday, July 22nd. The basic materials company reported $2.68 EPS for the quarter, beating the consensus estimate of $2.31 by $0.37. The firm had revenue of $8.08 billion during the quarter, compared to analyst estimates of $7.69 billion. Nucor had a net margin of 10.45% and a return on equity of 15.69%. The business’s revenue for the quarter was down 15.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $5.81 EPS. On average, equities analysts predict that Nucor will post 9.91 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Daniel R. Needham sold 8,624 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $160.00, for a total value of $1,379,840.00. Following the completion of the sale, the executive vice president now directly owns 99,049 shares in the company, valued at $15,847,840. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.46% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Nucor

Several institutional investors have recently made changes to their positions in the company. Sanctuary Advisors LLC purchased a new position in Nucor in the second quarter valued at about $7,248,000. Ariadne Wealth Management LP purchased a new position in Nucor in the second quarter valued at about $3,359,000. SPC Financial Inc. grew its stake in shares of Nucor by 1.2% during the second quarter. SPC Financial Inc. now owns 8,897 shares of the basic materials company’s stock worth $1,406,000 after acquiring an additional 106 shares during the last quarter. Granite Bay Wealth Management LLC grew its stake in shares of Nucor by 103.6% during the second quarter. Granite Bay Wealth Management LLC now owns 25,619 shares of the basic materials company’s stock worth $4,050,000 after acquiring an additional 13,038 shares during the last quarter. Finally, Kimelman & Baird LLC purchased a new stake in shares of Nucor during the second quarter worth about $6,655,000. Hedge funds and other institutional investors own 76.48% of the company’s stock.

About Nucor

Nucor Corporation engages in manufacture and sale of steel and steel products. It operates in three segments: steel mills, steel products, and raw materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products; and engages in the steel trading and rebar distribution businesses.