Nucor (NYSE:NUE) PT Lowered to $170.00 at JPMorgan Chase & Co.

Nucor (NYSE:NUE) had its price target dropped by equities researchers at JPMorgan Chase & Co. from $174.00 to $170.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 11.97% from the company’s current price.

A number of other brokerages have also recently commented on NUE. 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 report on Wednesday, June 26th. Argus upgraded Nucor to a “strong-buy” rating in a research report on Monday, August 26th. BMO Capital Markets cut their price target on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a report on Wednesday, September 18th. Finally, Morgan Stanley lowered their price objective on shares of Nucor from $176.00 to $170.00 and set an “overweight” rating for the company in a research report on Wednesday, September 18th. Three research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $191.43.

Nucor Price Performance

NUE traded up $3.71 during trading on Wednesday, reaching $151.82. The stock had a trading volume of 1,290,598 shares, compared to its average volume of 1,465,818. The stock has a market cap of $36.40 billion, a PE ratio of 8.93 and a beta of 1.55. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.85 and a current ratio of 2.93. Nucor has a one year low of $133.42 and a one year high of $203.00. The business has a 50-day moving average of $146.97 and a 200-day moving average of $162.69.

Nucor (NYSE:NUE) last posted its earnings results on Monday, July 22nd. The basic materials company reported $2.68 earnings per share for the quarter, topping analysts’ consensus estimates of $2.31 by $0.37. Nucor had a net margin of 10.45% and a return on equity of 15.69%. The company had revenue of $8.08 billion during the quarter, compared to analyst estimates of $7.69 billion. During the same period in the prior year, the business posted $5.81 earnings per share. Nucor’s revenue for the quarter was down 15.2% on a year-over-year basis. As a group, equities research analysts anticipate that Nucor will post 9.28 EPS for the current fiscal year.

Insider Activity

In other news, EVP Daniel R. Needham sold 8,624 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total value of $1,379,840.00. Following the completion of the transaction, the executive vice president now owns 99,049 shares in the company, valued at $15,847,840. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Nucor

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. McClarren Financial Advisors Inc. raised its position in shares of Nucor by 129.0% in the second quarter. McClarren Financial Advisors Inc. now owns 158 shares of the basic materials company’s stock valued at $25,000 after buying an additional 89 shares during the last quarter. Rise Advisors LLC acquired a new position in shares of Nucor during the 1st quarter valued at about $27,000. Chilton Capital Management LLC lifted its holdings in shares of Nucor by 94.2% during the 1st quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 65 shares during the period. Central Pacific Bank Trust Division acquired a new stake in shares of Nucor in the first quarter worth approximately $28,000. Finally, Tompkins Financial Corp grew its holdings in Nucor by 208.0% in the first quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 104 shares during the period. Institutional investors and hedge funds own 76.48% of the company’s stock.

Nucor Company Profile

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.