KeyCorp Forecasts Strong Price Appreciation for Nucor (NYSE:NUE) Stock

by · The Markets Daily

Nucor (NYSE:NUE – Get Free Report) had its price target raised by equities researchers at KeyCorp from $286.00 to $301.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the basic materials company’s stock. KeyCorp‘s price objective would indicate a potential upside of 10.10% from the company’s previous close.

A number of other equities research analysts also recently weighed in on the stock. Morgan Stanley set a $270.00 price objective on shares of Nucor in a research report on Wednesday, July 29th. UBS Group raised their target price on shares of Nucor from $224.00 to $256.00 and gave the stock a “neutral” rating in a report on Tuesday, July 28th. Barclays lifted their target price on Nucor from $306.00 to $320.00 and gave the company an “overweight” rating in a research note on Wednesday, October 28th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $335.00 target price on shares of Nucor in a report on Wednesday, October 28th. Finally, Piper Sandler set a $304.00 price target on Nucor in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $287.38.

Check Out Our Latest Stock Report on NUE

Nucor Stock Performance

Shares of NUE opened at $273.38 on Wednesday. The business’s fifty day moving average price is $255.05 and its 200 day moving average price is $224.47. Nucor has a 12-month low of $140.93 and a 12-month high of $287.70. The stock has a market capitalization of $62.03 billion, a PE ratio of 17.40, a price-to-earnings-growth ratio of 0.68 and a beta of 1.81. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.46 and a quick ratio of 1.43.

Nucor (NYSE:NUE – Get Free Report) last released its earnings results on Monday, October 26th. The basic materials company reported $5.80 earnings per share for the quarter, missing the consensus estimate of $5.84 by ($0.04). The business had revenue of $11.25 billion for the quarter, compared to the consensus estimate of $10.84 billion. Nucor had a net margin of 9.26% and a return on equity of 15.53%. The firm’s revenue for the quarter was up 32.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.63 EPS. Equities research analysts forecast that Nucor will post 19.61 EPS for the current year.

Insider Activity at Nucor

In other Nucor news, insider Michael D. Keller sold 1,136 shares of the firm’s stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $279.33, for a total value of $317,318.88. Following the sale, the insider owned 15,588 shares in the company, valued at approximately $4,354,196.04. This trade represents a 6.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Noah C. Hanners sold 5,190 shares of the firm’s stock in a transaction that occurred on Thursday, October 29th. The shares were sold at an average price of $275.03, for a total transaction of $1,427,405.70. Following the completion of the sale, the executive vice president owned 44,073 shares in the company, valued at $12,121,397.19. The trade was a 10.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 18,172 shares of company stock worth $4,977,498 in the last ninety days. 0.62% of the stock is owned by insiders.

Hedge Funds Weigh In On Nucor

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NUE. BlackRock Inc. bought a new position in shares of Nucor in the 2nd quarter valued at approximately $4,452,563,000. Dimensional Fund Advisors LP boosted its position in Nucor by 0.9% during the first quarter. Dimensional Fund Advisors LP now owns 2,539,044 shares of the basic materials company’s stock worth $429,298,000 after purchasing an additional 22,718 shares during the period. Bank of America Corp DE bought a new stake in Nucor during the second quarter worth approximately $462,886,000. Berkshire Hathaway Inc acquired a new position in Nucor during the second quarter valued at approximately $413,814,000. Finally, Bank of New York Mellon Corp grew its holdings in Nucor by 1.7% during the first quarter. Bank of New York Mellon Corp now owns 1,809,899 shares of the basic materials company’s stock valued at $306,054,000 after purchasing an additional 29,476 shares during the last quarter. 76.48% of the stock is owned by institutional investors.

Nucor Company Profile

(Get Free Report)

Nucor Corporation is a steel producer headquartered in Charlotte, North Carolina. Through its operating subsidiaries, the company manufactures steel and steel products for customers in construction, automotive, energy, heavy equipment, transportation and other industrial markets.

Nucor’s operations include electric arc furnace steel mills, which produce carbon, alloy and galvanized steel products. Its product portfolio includes sheet steel, plate, beams, bars, wire and wire mesh, steel joists, deck, piling, fabricated concrete reinforcing steel and other downstream products.

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