Nucor (NYSE:NUE) Reaches New 12-Month High - What's Next?

Key Points

• Nucor shares hit a new 52-week high, trading as high as $238.66 after closing at $232.00, reflecting a recent 3.0% move higher.
• Analysts have turned more positive on the stock, with multiple firms raising price targets; the consensus rating is now Moderate Buy with an average target of $247.50.
• The company posted strong quarterly results, beating EPS and revenue estimates, and its board approved a $4 billion share repurchase program covering up to 9.7% of shares outstanding.

Shares of Nucor Corporation (NYSE:NUE - Get Free Report) reached a new 52-week high during trading on Tuesday . The company traded as high as $238.66 and last traded at $238.00, with a volume of 208963 shares traded. The stock had previously closed at $232.00.

Analyst Ratings Changes

A number of analysts have commented on NUE shares. Argus boosted their price target on shares of Nucor from $200.00 to $262.00 and gave the stock a "buy" rating in a research report on Friday, May 15th. Wells Fargo & Company lifted their target price on Nucor from $213.00 to $244.00 and gave the stock an "overweight" rating in a report on Wednesday, April 29th. BNP Paribas Exane lifted their target price on Nucor from $210.00 to $248.00 and gave the stock an "outperform" rating in a report on Monday, May 4th. Wall Street Zen raised Nucor from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 16th. Finally, Jefferies Financial Group lifted their target price on Nucor from $225.00 to $250.00 and gave the stock a "buy" rating in a report on Tuesday, April 28th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $247.50.

Nucor Trading Up 3.0%

The firm has a market capitalization of $54.44 billion, a P/E ratio of 23.67, a price-to-earnings-growth ratio of 0.62 and a beta of 1.87. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.55 and a current ratio of 2.90. The firm has a 50 day moving average price of $197.40 and a two-hundred day moving average price of $178.40.

Nucor (NYSE:NUE - Get Free Report) last released its quarterly earnings data on Monday, April 27th. The basic materials company reported $3.23 earnings per share for the quarter, topping the consensus estimate of $2.82 by $0.41. The business had revenue of $9.50 billion during the quarter, compared to analyst estimates of $8.88 billion. Nucor had a return on equity of 10.68% and a net margin of 6.82%.The company's revenue was up 21.3% compared to the same quarter last year. During the same period last year, the company posted $0.77 EPS. On average, equities research analysts expect that Nucor Corporation will post 14.58 EPS for the current fiscal year.

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

Insiders Place Their Bets

In related news, EVP Bradley Ford sold 2,240 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $232.13, for a total value of $519,971.20. Following the completion of the sale, the executive vice president owned 43,649 shares in the company, valued at approximately $10,132,242.37. This represents a 4.88% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Allen C. Behr sold 10,096 shares of the company's stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $226.08, for a total transaction of $2,282,503.68. Following the completion of the sale, the executive vice president owned 62,871 shares of the company's stock, valued at approximately $14,213,875.68. This trade represents a 13.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 71,818 shares of company stock worth $16,234,593 in the last quarter. Corporate insiders own 0.62% of the company's stock.

Institutional Investors Weigh In On Nucor

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of Nucor by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 28,407,540 shares of the basic materials company's stock valued at $4,633,554,000 after purchasing an additional 144,038 shares during the period. Morgan Stanley increased its holdings in shares of Nucor by 1.1% in the 4th quarter. Morgan Stanley now owns 3,853,205 shares of the basic materials company's stock valued at $628,497,000 after purchasing an additional 41,728 shares during the period. Norges Bank acquired a new position in shares of Nucor in the 4th quarter valued at about $609,002,000. Capital World Investors increased its holdings in shares of Nucor by 20.1% in the 3rd quarter. Capital World Investors now owns 3,042,761 shares of the basic materials company's stock valued at $412,081,000 after purchasing an additional 509,019 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Nucor by 0.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,539,044 shares of the basic materials company's stock valued at $429,298,000 after purchasing an additional 22,718 shares during the period. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Nucor Company Profile

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.