Nucor (NYSE:NUE) Given New $290.00 Price Target at BofA

Key Points

• BofA raised Nucor’s price target from $265 to $290, implying about 8.68% upside from the stock’s current price.
• Wall Street sentiment is broadly positive: multiple firms recently boosted targets, and the stock now has a consensus rating of Moderate Buy with an average target of $261.54.
• Nucor beat expectations in its latest quarter, reporting EPS of $3.23 versus $2.82 expected and revenue of $9.50 billion, while also benefiting from a $4 billion share buyback authorization.

Nucor (NYSE:NUE - Get Free Report) had its price target lifted by equities research analysts at BofA from $265.00 to $290.00 in a research report issued on Friday,MarketScreener reports. BofA's price target indicates a potential upside of 8.68% from the stock's current price.

NUE has been the topic of several other reports. Morgan Stanley raised their price objective on Nucor from $180.00 to $227.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 29th. Jefferies Financial Group upped their target price on Nucor from $225.00 to $250.00 and gave the company a "buy" rating in a research note on Tuesday, April 28th. Wall Street Zen raised Nucor from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 16th. Bank of America lifted their price target on shares of Nucor from $190.00 to $250.00 and gave the stock a "buy" rating in a research note on Tuesday, April 28th. Finally, Wells Fargo & Company increased their price objective on shares of Nucor from $244.00 to $292.00 and gave the company an "overweight" rating in a research note on Thursday, June 4th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $261.54.

Nucor Stock Up 2.3%

Shares of NUE stock traded up $5.93 on Friday, hitting $266.83. The company's stock had a trading volume of 147,856 shares, compared to its average volume of 1,600,916. The stock has a market capitalization of $60.77 billion, a price-to-earnings ratio of 26.41, a P/E/G ratio of 0.66 and a beta of 1.88. The firm's fifty day moving average price is $220.75 and its 200-day moving average price is $188.13. Nucor has a fifty-two week low of $117.21 and a fifty-two week high of $268.18. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.90 and a quick ratio of 1.55.

Nucor (NYSE:NUE - Get Free Report) last released its quarterly earnings results on Monday, April 27th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.82 by $0.41. Nucor had a net margin of 6.82% and a return on equity of 10.68%. The company had revenue of $9.50 billion during the quarter, compared to analysts' expectations of $8.88 billion. During the same period in the prior year, the company earned $0.77 earnings per share. The business's quarterly revenue was up 21.3% compared to the same quarter last year. Research analysts anticipate that Nucor will post 14.84 EPS for the current year.

Nucor declared that its Board of Directors has initiated a share buyback program on Friday, February 20th that authorizes the company to buyback $4.00 billion in outstanding shares. This buyback authorization authorizes the basic materials company to buy up to 9.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

Insider Transactions at Nucor

In related news, EVP Randy J. Spicer sold 2,500 shares of Nucor stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $225.00, for a total transaction of $562,500.00. Following the completion of the transaction, the executive vice president owned 20,510 shares in the company, valued at approximately $4,614,750. This trade represents a 10.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP John J. Hollatz sold 10,560 shares of the business's stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $258.46, for a total value of $2,729,337.60. Following the transaction, the executive vice president directly owned 97,865 shares in the company, valued at approximately $25,294,187.90. This trade represents a 9.74% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 82,378 shares of company stock valued at $18,963,930. Corporate insiders own 0.62% of the company's stock.

Institutional Investors Weigh In On Nucor

A number of hedge funds have recently made changes to their positions in the stock. Stance Capital LLC bought a new position in shares of Nucor in the 3rd quarter valued at $25,000. Strive Financial Group LLC bought a new stake in Nucor during the 4th quarter worth $27,000. Motiv8 Investments LLC acquired a new position in Nucor in the 4th quarter worth about $32,000. Bartlett & CO. Wealth Management LLC increased its holdings in Nucor by 49.2% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 191 shares of the basic materials company's stock worth $32,000 after purchasing an additional 63 shares in the last quarter. Finally, Mcguire Capital Advisors Inc. bought a new position in Nucor in the fourth quarter valued at about $32,000. 76.48% of the stock is currently 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.

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