Nucor (NYSE:NUE) Upgraded at Freedom Broker

Nucor (NYSE:NUE - Get Free Report) was upgraded by equities researchers at Freedom Broker from a "hold" rating to a "buy" rating in a research report issued on Friday, Marketbeat Ratings reports. The firm presently has a $304.00 target price on the basic materials company's stock, up from their previous target price of $285.00. Freedom Broker's price target points to a potential upside of 11.16% from the stock's current price.

Other equities analysts have also issued reports about the stock. JPMorgan Chase & Co. raised their price target on shares of Nucor from $296.00 to $304.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 28th. Zacks Research raised shares of Nucor from a "hold" rating to a "strong-buy" rating in a report on Tuesday, October 13th. Citigroup reissued a "buy" rating on shares of Nucor in a research note on Wednesday, July 29th. Barclays increased their target price on shares of Nucor from $306.00 to $320.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 28th. Finally, Morgan Stanley set a $270.00 target price on shares of Nucor in a research note on Wednesday, July 29th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $285.27.

Nucor Price Performance

NYSE NUE opened at $273.47 on Friday. The firm's fifty day simple moving average is $253.79 and its two-hundred day simple moving average is $223.43. The company has a current ratio of 2.46, a quick ratio of 1.43 and a debt-to-equity ratio of 0.26. Nucor has a 12-month low of $140.93 and a 12-month high of $280.11. The firm has a market capitalization of $62.04 billion, a P/E ratio of 17.41, a P/E/G ratio of 0.67 and a beta of 1.81.

Nucor (NYSE:NUE - Get Free Report) last released its quarterly earnings results on Monday, October 26th. The basic materials company reported $5.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.84 by ($0.04). Nucor had a return on equity of 15.53% and a net margin of 9.26%. The firm had revenue of $11.25 billion during the quarter, compared to analysts' expectations of $10.84 billion. During the same period in the prior year, the firm posted $2.63 earnings per share. Nucor's revenue for the quarter was up 32.0% compared to the same quarter last year. Analysts forecast that Nucor will post 19.61 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Noah Hanners sold 5,190 shares of Nucor stock in a transaction that occurred on Thursday, October 29th. The shares were sold at an average price of $275.03, for a total value of $1,427,405.70. Following the completion of the sale, the executive vice president owned 44,073 shares in the company, valued at approximately $12,121,397.19. This trade represents a 10.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.62% of the company's stock.

Institutional Trading of Nucor

Several institutional investors have recently added to or reduced their stakes in NUE. Pathway Financial Advisers LLC boosted its position in Nucor by 20.4% in the 3rd quarter. Pathway Financial Advisers LLC now owns 1,391 shares of the basic materials company's stock valued at $325,000 after buying an additional 236 shares during the period. Chicago Partners Investment Group LLC boosted its position in Nucor by 3.9% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,046 shares of the basic materials company's stock valued at $528,000 after buying an additional 76 shares during the period. Sound Financial Strategies Group LLC boosted its position in Nucor by 16.5% in the 3rd quarter. Sound Financial Strategies Group LLC now owns 1,840 shares of the basic materials company's stock valued at $430,000 after buying an additional 261 shares during the period. Ascent Group LLC boosted its position in Nucor by 13.4% in the 3rd quarter. Ascent Group LLC now owns 1,124 shares of the basic materials company's stock valued at $263,000 after buying an additional 133 shares during the period. Finally, Rakuten Investment Management Inc. boosted its position in Nucor by 9.4% in the 3rd quarter. Rakuten Investment Management Inc. now owns 40,407 shares of the basic materials company's stock valued at $9,546,000 after buying an additional 3,483 shares during the period. Institutional investors and hedge funds own 76.48% of the company's stock.

About Nucor

Nucor Corporation is a steel producer headquartered in Charlotte, North Carolina. Through its operating subsidiaries, the company manufactures steel and steel products for customers in construction, automotive, energy, heavy equipment, transportation and other industrial markets.

Nucor's operations include electric arc furnace steel mills, which produce carbon, alloy and galvanized steel products. Its product portfolio includes sheet steel, plate, beams, bars, wire and wire mesh, steel joists, deck, piling, fabricated concrete reinforcing steel and other downstream products.