Nucor (NUE) Price Target Cut to $66.00

Nucor (NYSE:NUE) had its price target reduced by KeyCorp from $70.00 to $66.00 in a research note issued to investors on Wednesday, BenzingaRatingsTable reports. They currently have an overweight rating on the basic materials company’s stock. KeyCorp also issued estimates for Nucor’s Q2 2019 earnings at $1.38 EPS and FY2020 earnings at $4.75 EPS.

Other equities research analysts have also recently issued research reports about the company. UBS Group set a $59.00 price target on Nucor and gave the company a hold rating in a report on Wednesday, May 8th. Zacks Investment Research cut Nucor from a hold rating to a strong sell rating in a report on Friday, February 1st. Longbow Research cut Nucor from a buy rating to a neutral rating in a report on Monday, March 11th. ValuEngine cut Nucor from a hold rating to a sell rating in a report on Thursday, February 14th. Finally, Standpoint Research raised Nucor from a hold rating to a buy rating in a report on Monday, March 18th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the stock. The stock has a consensus rating of Buy and an average price target of $69.25.

Shares of NUE stock opened at $52.88 on Wednesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.37 and a quick ratio of 1.64. Nucor has a 52 week low of $49.79 and a 52 week high of $68.84. The company has a market capitalization of $16.36 billion, a price-to-earnings ratio of 6.94, a P/E/G ratio of 0.78 and a beta of 1.46.

Nucor (NYSE:NUE) last released its quarterly earnings results on Tuesday, April 23rd. The basic materials company reported $1.55 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.50 by $0.05. The company had revenue of $6.10 billion for the quarter, compared to analysts’ expectations of $6.05 billion. Nucor had a return on equity of 24.86% and a net margin of 9.80%. The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.17 earnings per share. On average, analysts predict that Nucor will post 5.74 earnings per share for the current fiscal year.

In related news, Chairman John J. Ferriola sold 65,061 shares of the business’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $56.20, for a total transaction of $3,656,428.20. Following the sale, the chairman now owns 403,735 shares of the company’s stock, valued at $22,689,907. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Raymond S. Napolitan, Jr. sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $58.28, for a total value of $582,800.00. Following the sale, the insider now directly owns 96,778 shares in the company, valued at approximately $5,640,221.84. The disclosure for this sale can be found here. In the last three months, insiders have sold 76,314 shares of company stock worth $4,310,637. 0.96% of the stock is owned by corporate insiders.

A number of large investors have recently made changes to their positions in the stock. GYL Financial Synergies LLC bought a new stake in Nucor during the first quarter worth approximately $937,000. Cerebellum GP LLC increased its holdings in shares of Nucor by 163.7% in the first quarter. Cerebellum GP LLC now owns 5,517 shares of the basic materials company’s stock valued at $322,000 after buying an additional 3,425 shares in the last quarter. Columbia Asset Management bought a new position in shares of Nucor in the first quarter valued at $102,000. Advisory Services Network LLC increased its holdings in shares of Nucor by 2.9% in the first quarter. Advisory Services Network LLC now owns 14,229 shares of the basic materials company’s stock valued at $831,000 after buying an additional 407 shares in the last quarter. Finally, Laurel Wealth Advisors Inc. increased its holdings in shares of Nucor by 13.2% in the first quarter. Laurel Wealth Advisors Inc. now owns 9,587 shares of the basic materials company’s stock valued at $559,000 after buying an additional 1,117 shares in the last quarter. 77.39% of the stock is currently owned by hedge funds and other institutional investors.

Nucor Company Profile

Nucor Corporation manufactures and sells steel and steel products in the United States and internationally. 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 products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and special bar quality products.

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Analyst Recommendations for Nucor (NYSE:NUE)

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