Seaport Research Partners Increases Nucor (NYSE:NUE) Price Target to $285.00

Key Points

• Seaport Research Partners raised its price target on Nucor from $245 to $285 and kept a buy rating, implying about 11.4% upside from the prior close.
• Nucor’s stock was trading around $255.80, and the company has seen broad analyst support, with a Moderate Buy consensus and an average price target of $259.17.
• The company recently beat earnings expectations, reporting $3.23 EPS versus $2.82 expected, while revenue rose 21.3% year over year to $9.50 billion.

Nucor (NYSE:NUE - Get Free Report) had its price objective boosted by equities researchers at Seaport Research Partners from $245.00 to $285.00 in a research note issued to investors on Wednesday,MarketScreener reports. The brokerage currently has a "buy" rating on the basic materials company's stock. Seaport Research Partners' price objective would indicate a potential upside of 11.42% from the company's previous close.

Several other analysts have also commented on NUE. KeyCorp started coverage on shares of Nucor in a report on Wednesday, March 25th. They issued a "sector weight" rating for the company. Morgan Stanley upped their target price on Nucor from $180.00 to $227.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 29th. Zacks Research raised Nucor from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 12th. The Goldman Sachs Group raised their target price on Nucor from $240.00 to $260.00 in a research note on Friday, May 1st. Finally, BNP Paribas Exane lifted their price target on Nucor from $210.00 to $248.00 and gave the company an "outperform" rating in a research report on Monday, May 4th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, Nucor currently has a consensus rating of "Moderate Buy" and an average price target of $259.17.

Nucor Trading Up 0.6%

NUE stock traded up $1.48 on Wednesday, reaching $255.80. The company's stock had a trading volume of 71,683 shares, compared to its average volume of 1,606,086. The firm has a market cap of $58.26 billion, a PE ratio of 25.36, a PEG ratio of 0.67 and a beta of 1.88. The business has a fifty day simple moving average of $217.20 and a two-hundred day simple moving average of $186.64. Nucor has a 12-month low of $115.66 and a 12-month high of $264.67. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.55 and a current ratio of 2.90.

Nucor (NYSE:NUE - Get Free Report) last issued its quarterly earnings data 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. The business had revenue of $9.50 billion for the quarter, compared to the consensus estimate of $8.88 billion. Nucor had a net margin of 6.82% and a return on equity of 10.68%. The company's quarterly revenue was up 21.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.77 EPS. As a group, research analysts forecast that Nucor will post 14.84 EPS for the current year.

Nucor declared that its board has initiated a stock repurchase plan on Friday, February 20th that allows the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization allows the basic materials company to repurchase up to 9.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In related news, EVP Allen C. Behr sold 10,096 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $226.08, for a total transaction of $2,282,503.68. Following the sale, the executive vice president directly owned 62,871 shares of the company's stock, valued at $14,213,875.68. This trade represents a 13.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Bradley Ford sold 2,240 shares of Nucor stock in a transaction dated Tuesday, May 5th. The stock was 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 of the company's stock, valued at $10,132,242.37. The trade was a 4.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 82,378 shares of company stock worth $18,963,930. 0.62% of the stock is owned by corporate insiders.

Institutional Trading of Nucor

A number of institutional investors have recently made changes to their positions in NUE. DV Trading LLC grew its stake in shares of Nucor by 993.8% in the first quarter. DV Trading LLC now owns 1,400 shares of the basic materials company's stock worth $237,000 after acquiring an additional 1,272 shares during the period. Parallel Advisors LLC lifted its position in Nucor by 7.6% during the first quarter. Parallel Advisors LLC now owns 3,373 shares of the basic materials company's stock valued at $570,000 after purchasing an additional 239 shares during the period. First Nebraska Trust Co purchased a new stake in Nucor in the first quarter worth approximately $13,789,000. Pathway Wealth Management LLC purchased a new stake in Nucor in the first quarter worth approximately $207,000. Finally, Western Wealth Management LLC grew its position in Nucor by 41.7% in the 1st quarter. Western Wealth Management LLC now owns 4,378 shares of the basic materials company's stock worth $740,000 after purchasing an additional 1,288 shares during the period. Hedge funds and other institutional investors own 76.48% of the company's stock.

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.

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