Nucor (NYSE:NUE) Price Target Cut to $170.00 by Analysts at JPMorgan Chase & Co.

Nucor (NYSE:NUE - Get Free Report) had its target price cut by JPMorgan Chase & Co. from $174.00 to $170.00 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 points to a potential upside of 11.98% from the company's previous close.

Several other brokerages also recently commented on NUE. Argus upgraded shares of Nucor to a "strong-buy" rating in a research report on Monday, August 26th. Bank of America lowered their price objective on shares of Nucor from $210.00 to $200.00 and set a "buy" rating for the company in a research report on Wednesday, June 26th. BMO Capital Markets lowered their price target on shares of Nucor from $175.00 to $160.00 and set a "market perform" rating for the company in a report on Wednesday, September 18th. Finally, Morgan Stanley lowered their price target on shares of Nucor from $176.00 to $170.00 and set an "overweight" rating for the company in a report on Wednesday, September 18th. Three research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $191.43.

Nucor Price Performance

NUE traded up $3.70 during trading on Wednesday, hitting $151.81. 1,290,972 shares of the stock traded hands, compared to its average volume of 1,465,820. Nucor has a twelve month low of $133.42 and a twelve month high of $203.00. The company has a market cap of $36.40 billion, a price-to-earnings ratio of 8.93 and a beta of 1.55. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.93 and a quick ratio of 1.85. The business has a 50 day moving average price of $146.97 and a 200 day moving average price of $162.69.

Nucor (NYSE:NUE - Get Free Report) last announced its quarterly earnings data on Monday, July 22nd. The basic materials company reported $2.68 EPS for the quarter, beating the consensus estimate of $2.31 by $0.37. Nucor had a net margin of 10.45% and a return on equity of 15.69%. The business had revenue of $8.08 billion during the quarter, compared to the consensus estimate of $7.69 billion. During the same period in the previous year, the business earned $5.81 earnings per share. The company's revenue was down 15.2% on a year-over-year basis. Equities research analysts forecast that Nucor will post 9.28 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Daniel R. Needham sold 8,624 shares of the business's stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total value of $1,379,840.00. Following the sale, the executive vice president now owns 99,049 shares of the company's stock, valued at $15,847,840. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.46% of the stock is currently owned by insiders.

Institutional Trading of Nucor

Institutional investors have recently modified their holdings of the business. Rise Advisors LLC bought a new stake in shares of Nucor in the first quarter worth $27,000. Chilton Capital Management LLC grew its holdings in Nucor by 94.2% during the 1st quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company's stock worth $27,000 after acquiring an additional 65 shares during the period. Central Pacific Bank Trust Division acquired a new stake in Nucor during the 1st quarter worth about $28,000. Tompkins Financial Corp grew its holdings in Nucor by 208.0% during the 1st quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company's stock worth $30,000 after acquiring an additional 104 shares during the period. Finally, Salomon & Ludwin LLC acquired a new stake in Nucor during the 1st quarter worth about $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.