BNP Paribas Exane Issues Positive Forecast for Nucor (NYSE:NUE) Stock Price

Key Points

• BNP Paribas Exane raised its price target on Nucor to $210 (from $185) and maintained an "outperform" rating, implying about a 6.35% upside from the prior close.
• Other major brokers have also lifted targets—Wells Fargo to $213, JPMorgan to $212, and Goldman Sachs initiating a $210 buy—leaving Nucor with an average analyst target of $198.10 and a consensus of Moderate Buy (9 Buys, 3 Holds).
• Nucor's board approved a $4.0 billion share repurchase (about 9.7% of outstanding shares), while the company recently reported quarterly EPS $1.73 (miss vs. $1.91) and revenue up 8.6% YoY.

Nucor (NYSE:NUE - Get Free Report) had its price objective raised by investment analysts at BNP Paribas Exane from $185.00 to $210.00 in a research note issued to investors on Monday,MarketScreener reports. The brokerage presently has an "outperform" rating on the basic materials company's stock. BNP Paribas Exane's target price would suggest a potential upside of 6.35% from the company's previous close.

Several other equities research analysts have also weighed in on the company. Wells Fargo & Company boosted their target price on Nucor from $197.00 to $213.00 and gave the stock an "overweight" rating in a report on Wednesday. KeyCorp started coverage on shares of Nucor in a research report on Wednesday, March 25th. They issued a "sector weight" rating on the stock. Morgan Stanley restated an "equal weight" rating and issued a $180.00 price objective (up from $165.00) on shares of Nucor in a research note on Friday, January 9th. JPMorgan Chase & Co. upped their price objective on shares of Nucor from $198.00 to $212.00 and gave the stock an "overweight" rating in a report on Tuesday, April 14th. Finally, The Goldman Sachs Group initiated coverage on shares of Nucor in a research note on Wednesday, April 1st. They issued a "buy" rating and a $210.00 target price on the stock. Nine investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, Nucor presently has an average rating of "Moderate Buy" and an average target price of $198.10.

Nucor Stock Up 0.8%

NUE stock opened at $197.46 on Monday. The firm has a market cap of $44.95 billion, a PE ratio of 26.04, a PEG ratio of 0.69 and a beta of 1.73. Nucor has a 1 year low of $105.92 and a 1 year high of $197.13. The company has a fifty day simple moving average of $175.76 and a 200 day simple moving average of $164.24. The company has a current ratio of 2.94, a quick ratio of 1.57 and a debt-to-equity ratio of 0.31.

Nucor (NYSE:NUE - Get Free Report) last announced its quarterly earnings results on Monday, January 26th. The basic materials company reported $1.73 earnings per share for the quarter, missing analysts' consensus estimates of $1.91 by ($0.18). The company had revenue of $7.69 billion during the quarter, compared to analyst estimates of $7.93 billion. Nucor had a return on equity of 8.26% and a net margin of 5.37%.Nucor's quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.22 EPS. Sell-side analysts anticipate that Nucor will post 7.64 EPS for the current fiscal year.

Nucor announced that its board has initiated a share repurchase plan on Friday, February 20th that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the basic materials company to purchase up to 9.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's management believes its stock is undervalued.

Insider Buying and Selling

In other Nucor news, EVP Daniel R. Needham sold 3,881 shares of the business's stock in a transaction on Friday, January 30th. The shares were sold at an average price of $178.00, for a total value of $690,818.00. Following the sale, the executive vice president owned 88,298 shares of the company's stock, valued at $15,717,044. The trade was a 4.21% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Allen C. Behr sold 7,568 shares of the firm's stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $188.50, for a total transaction of $1,426,568.00. Following the transaction, the executive vice president directly owned 67,711 shares of the company's stock, valued at $12,763,523.50. The trade was a 10.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 26,401 shares of company stock valued at $4,936,152 over the last ninety days. 0.62% of the stock is owned by company insiders.

Institutional Investors Weigh In On Nucor

A number of institutional investors have recently added to or reduced their stakes in the stock. Fox Run Management L.L.C. bought a new position in Nucor during the 3rd quarter valued at about $1,528,000. Penserra Capital Management LLC grew its stake in Nucor by 15,814.3% during the third quarter. Penserra Capital Management LLC now owns 3,342 shares of the basic materials company's stock worth $452,000 after buying an additional 3,321 shares during the last quarter. Allstate Corp bought a new stake in Nucor during the third quarter worth about $1,085,000. Peterson Wealth Services increased its holdings in shares of Nucor by 587,032.0% during the third quarter. Peterson Wealth Services now owns 146,783 shares of the basic materials company's stock worth $19,879,000 after buying an additional 146,758 shares in the last quarter. Finally, Nordea Investment Management AB raised its stake in shares of Nucor by 11.1% in the fourth quarter. Nordea Investment Management AB now owns 2,103,000 shares of the basic materials company's stock valued at $342,642,000 after acquiring an additional 210,577 shares during the last quarter. 76.48% of the stock is owned by institutional investors and hedge funds.

About Nucor

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.