Nucor (NYSE:NUE) Stock Rating Upgraded by UBS Group

Nucor Corporation, traded under the ticker symbol (NYSE:NUE), received an upgrade from analysts at UBS Group. They changed the rating of Nucor's stock from "neutral" to "buy" in a research report released on Monday. The analysts also raised their target price for Nucor from $156.00 to $160.00. This new price target suggests that there could be a significant upside of approximately 31.13% based on the stock's current price.

Additional Analyst Insights

Other research analysts have also provided their assessments on Nucor. For instance, StockNews.com upgraded its recommendation for Nucor from a "sell" rating to a "hold" rating on February 12. On the other hand, Citigroup lowered its target price for Nucor from $240.00 to $160.00 while maintaining a "buy" rating in a report dated December 19. Furthermore, JPMorgan Chase & Co. increased their target price for Nucor from $150.00 to $156.00 and assigned an "overweight" rating on March 11.

The Goldman Sachs Group recently initiated coverage on Nucor, giving it a "buy" rating with a much higher target price of $190.00. Jefferies Financial Group slightly raised their target as well, increasing it from $125.00 to $135.00 while maintaining a "hold" rating.

In total, three analysts rated Nucor as a hold, six analysts recommend a buy, and one has given it a strong buy rating. According to MarketBeat.com, the consensus rating for Nucor stands at "Moderate Buy" with an average price target of $164.78.

Nucor Stock Performance

On Monday, Nucor's stock opened at $122.02. The stock has experienced a 52-week range, with a low of $112.25 and a high of $203.00. It boasts a market capitalization of $28.13 billion, a price-to-earnings (P/E) ratio of 14.51, and a PEG ratio of 0.96. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.48, and a current ratio of 2.51. The fifty-day moving average is $130.65, and the two-hundred-day moving average is $137.72.

Recent Earnings Report

Nucor last announced its quarterly earnings results on January 27, where the company reported earnings of $1.22 per share (EPS) for the quarter. This figure surpassed analysts' consensus estimates, which anticipated earnings of $0.94 per share, by $0.28. The company achieved a return on equity of 9.85% and a net margin of 6.60%. For the current fiscal year, analysts forecast that Nucor will post earnings of $7.64 per share.

Institutional Investment Activity

Several hedge funds have altered their positions in Nucor recently. State Street Corp increased its stake in the company by 2.9% during the third quarter, now holding 11,427,899 shares valued at approximately $1.72 billion after adding 326,181 shares. Geode Capital Management LLC also grew its holdings by 1.8% in the fourth quarter, owning 5,967,254 shares worth around $701.25 million after acquiring an additional 105,309 shares.

Norges Bank purchased a new stake in Nucor worth about $398.08 million during the fourth quarter. Additionally, Invesco Ltd. boosted its holdings by 18.7%, now owning 2,435,265 shares valued at $284.22 million after purchasing an extra 384,205 shares. First Trust Advisors LP also increased its stake by 24.6%, holding 2,404,477 shares valued at $280.63 million following an acquisition of 474,274 shares. Currently, institutional investors possess approximately 76.48% of Nucor's stock.

About Nucor Corporation

Nucor Corporation is engaged in manufacturing and selling steel and steel products. The company operates primarily in three segments: steel mills, steel products, and raw materials. The steel mills segment produces a variety of products including hot-rolled, cold-rolled, and galvanized sheet steel; plate steel; as well as structural products such as wide-flange beams and rebar. Nucor is known as one of the largest steel producers in North America.

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