Nucor (NYSE:NUE) Price Target Raised to $156.00 at JPMorgan Chase & Co.

Nucor (NYSE:NUE - Get Free Report) had its price objective raised by stock analysts at JPMorgan Chase & Co. from $150.00 to $156.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the basic materials company's stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 20.20% from the stock's current price.

A number of other research firms have also recently weighed in on NUE. Citigroup lowered their price target on shares of Nucor from $240.00 to $160.00 and set a "buy" rating on the stock in a research note on Thursday, December 19th. Jefferies Financial Group upped their target price on shares of Nucor from $125.00 to $135.00 and gave the stock a "hold" rating in a research report on Wednesday, January 29th. StockNews.com upgraded shares of Nucor from a "sell" rating to a "hold" rating in a research report on Wednesday, February 12th. Argus set a $155.00 price target on Nucor in a research note on Wednesday, March 5th. Finally, UBS Group reaffirmed a "neutral" rating and issued a $156.00 price objective (down from $171.00) on shares of Nucor in a research note on Thursday, December 12th. Four 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. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $164.33.

Remove Ads

Nucor Stock Performance

NYSE:NUE traded up $3.09 during mid-day trading on Tuesday, reaching $129.79. The stock had a trading volume of 758,829 shares, compared to its average volume of 1,794,489. Nucor has a twelve month low of $112.25 and a twelve month high of $203.00. The business has a 50 day simple moving average of $128.56 and a 200 day simple moving average of $138.93. The firm has a market capitalization of $29.92 billion, a price-to-earnings ratio of 15.31, a PEG ratio of 0.96 and a beta of 1.58. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.48 and a current ratio of 2.51.

Nucor (NYSE:NUE - Get Free Report) last posted its quarterly earnings results on Monday, January 27th. The basic materials company reported $1.22 EPS for the quarter, beating the consensus estimate of $0.94 by $0.28. Nucor had a return on equity of 9.85% and a net margin of 6.60%. During the same period in the previous year, the company posted $3.16 earnings per share. On average, analysts expect that Nucor will post 7.64 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nucor

A number of institutional investors have recently made changes to their positions in the stock. State Street Corp increased its position in Nucor by 2.9% during the 3rd quarter. State Street Corp now owns 11,427,899 shares of the basic materials company's stock worth $1,724,117,000 after purchasing an additional 326,181 shares in the last quarter. Everence Capital Management Inc. acquired a new stake in shares of Nucor during the 4th quarter worth about $565,000. BIP Wealth LLC purchased a new stake in shares of Nucor during the third quarter worth about $681,000. Geode Capital Management LLC raised its position in shares of Nucor by 1.3% in the third quarter. Geode Capital Management LLC now owns 5,861,945 shares of the basic materials company's stock valued at $883,732,000 after buying an additional 74,569 shares during the last quarter. Finally, InvesTrust purchased a new position in shares of Nucor during the fourth quarter valued at approximately $4,388,000. 76.48% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.