JPMorgan Chase & Co. Issues Positive Forecast for Nucor (NYSE:NUE) Stock Price

Key Points

• JPMorgan Chase & Co. has increased its price target for Nucor (NYSE:NUE) from $165.00 to $172.00, indicating a potential upside of 25.47% from the previous close.
• A total of eight equity analysts have rated Nucor with a Buy, with a consensus price target of $157.60, reflecting strong market confidence.
• Nucor's recent quarterly earnings report showed an EPS of $2.60, exceeding analysts' expectations of $2.54, while the company achieved a revenue of $8.46 billion, slightly below anticipated figures.

Nucor (NYSE:NUE - Get Free Report) had its price objective boosted by equities research analysts at JPMorgan Chase & Co. from $165.00 to $172.00 in a report released on Monday,Benzinga reports. The firm currently has an "overweight" rating on the basic materials company's stock. JPMorgan Chase & Co.'s price target points to a potential upside of 25.47% from the company's previous close.

A number of other equities research analysts have also commented on the stock. Jefferies Financial Group upgraded shares of Nucor from a "hold" rating to a "buy" rating and upped their price target for the company from $135.00 to $170.00 in a report on Thursday, July 31st. Morgan Stanley upped their price target on shares of Nucor from $134.00 to $149.00 and gave the company an "overweight" rating in a report on Friday, June 20th. Bank of America upped their price target on shares of Nucor from $150.00 to $165.00 and gave the company a "buy" rating in a report on Monday, September 15th. Wells Fargo & Company lowered their price target on shares of Nucor from $146.00 to $140.00 and set an "equal weight" rating for the company in a report on Thursday, September 18th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Nucor in a report on Wednesday, October 8th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $157.60.

Nucor Price Performance

NYSE:NUE traded up $3.43 during mid-day trading on Monday, hitting $137.08. 76,799 shares of the stock traded hands, compared to its average volume of 2,290,498. The business's 50-day moving average price is $141.25 and its 200 day moving average price is $129.33. The company has a market cap of $31.47 billion, a PE ratio of 24.71, a price-to-earnings-growth ratio of 0.92 and a beta of 1.75. Nucor has a 12-month low of $97.59 and a 12-month high of $170.52. The company has a quick ratio of 1.51, a current ratio of 2.83 and a debt-to-equity ratio of 0.31.

Nucor (NYSE:NUE - Get Free Report) last released its quarterly earnings results on Monday, July 28th. The basic materials company reported $2.60 EPS for the quarter, topping analysts' consensus estimates of $2.54 by $0.06. Nucor had a net margin of 4.21% and a return on equity of 6.65%. The business had revenue of $8.46 billion during the quarter, compared to analysts' expectations of $8.47 billion. During the same quarter in the previous year, the company earned $2.68 EPS. The business's quarterly revenue was up 4.7% compared to the same quarter last year. On average, analysts expect that Nucor will post 7.64 EPS for the current fiscal year.

Insider Activity at Nucor

In other news, EVP Daniel R. Needham sold 7,200 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $146.00, for a total transaction of $1,051,200.00. Following the transaction, the executive vice president directly owned 92,179 shares of the company's stock, valued at approximately $13,458,134. This trade represents a 7.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Kenneth Rex Query sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $144.90, for a total transaction of $1,449,000.00. Following the transaction, the executive vice president directly owned 84,080 shares in the company, valued at $12,183,192. This represents a 10.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 31,309 shares of company stock valued at $4,553,771. 0.71% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Nucor

Hedge funds and other institutional investors have recently made changes to their positions in the business. IMA Advisory Services Inc. grew its position in Nucor by 51.4% in the 2nd quarter. IMA Advisory Services Inc. now owns 221 shares of the basic materials company's stock worth $29,000 after purchasing an additional 75 shares in the last quarter. Matrix Trust Co boosted its stake in Nucor by 53.8% in the second quarter. Matrix Trust Co now owns 240 shares of the basic materials company's stock valued at $31,000 after acquiring an additional 84 shares during the last quarter. Elevation Point Wealth Partners LLC purchased a new stake in shares of Nucor during the 2nd quarter valued at approximately $39,000. Geneos Wealth Management Inc. lifted its stake in shares of Nucor by 81.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 340 shares of the basic materials company's stock valued at $41,000 after buying an additional 153 shares in the last quarter. Finally, Spirit of America Management Corp NY purchased a new stake in Nucor in the 1st quarter worth approximately $48,000. 76.48% of the stock is owned by institutional investors.

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.

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