JPMorgan Chase & Co. Lowers Nucor (NYSE:NUE) Price Target to $168.00

Nucor (NYSE:NUE) had its target price decreased by stock analysts at JPMorgan Chase & Co. from $170.00 to $168.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 18.27% from the stock’s current price.

Several other research analysts have also recently weighed in on NUE. Morgan Stanley reduced their price target on shares of Nucor from $170.00 to $166.00 and set an “overweight” rating for the company in a report on Wednesday. BMO Capital Markets dropped their price target on Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a research note on Wednesday, September 18th. Argus upgraded Nucor to a “strong-buy” rating in a research note on Monday, August 26th. Finally, Bank of America lowered their price objective on shares of Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a research note on Wednesday, June 26th. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $190.57.

Nucor Trading Down 2.7 %

Shares of NUE stock traded down $3.97 on Wednesday, hitting $142.05. The stock had a trading volume of 1,589,145 shares, compared to its average volume of 1,490,367. The company has a current ratio of 2.93, a quick ratio of 1.85 and a debt-to-equity ratio of 0.26. Nucor has a twelve month low of $133.42 and a twelve month high of $203.00. The company has a fifty day moving average price of $147.80 and a two-hundred day moving average price of $159.52. The firm has a market cap of $34.06 billion, a P/E ratio of 8.37 and a beta of 1.55.

Nucor (NYSE:NUE) last announced its quarterly earnings results on Monday, October 21st. The basic materials company reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.09. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The company had revenue of $7.44 billion during the quarter, compared to the consensus estimate of $7.28 billion. During the same period in the prior year, the company earned $4.57 earnings per share. The company’s revenue for the quarter was down 15.2% compared to the same quarter last year. As a group, analysts forecast that Nucor will post 9.08 earnings per share for the current fiscal year.

Insider Activity

In other Nucor news, EVP Daniel R. Needham sold 8,624 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total transaction of $1,379,840.00. Following the sale, the executive vice president now directly owns 99,049 shares in the company, valued at $15,847,840. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NUE. McClarren Financial Advisors Inc. raised its position in Nucor by 129.0% during the 2nd quarter. McClarren Financial Advisors Inc. now owns 158 shares of the basic materials company’s stock worth $25,000 after purchasing an additional 89 shares during the last quarter. Chilton Capital Management LLC boosted its holdings in Nucor by 94.2% in the first quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 65 shares during the last quarter. Central Pacific Bank Trust Division acquired a new stake in Nucor during the 1st quarter valued at approximately $28,000. Brown Lisle Cummings Inc. bought a new position in Nucor during the 3rd quarter worth approximately $30,000. Finally, Salomon & Ludwin LLC acquired a new position in shares of Nucor in the 1st quarter worth approximately $31,000. Institutional investors own 76.48% of the company’s stock.

About Nucor

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.