Fintel reports that on September 8, 2023, JP Morgan maintained coverage of Nucor (NYSE:NUE) with a Underweight recommendation.
Analyst Price Forecast Suggests 5.31% Upside
As of August 31, 2023, the average one-year price target for Nucor is 173.71. The forecasts range from a low of 141.40 to a high of $200.55. The average price target represents an increase of 5.31% from its latest reported closing price of 164.94.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Nucor is 33,087MM, a decrease of 11.67%. The projected annual non-GAAP EPS is 12.80.
What is the Fund Sentiment?
There are 1967 funds or institutions reporting positions in Nucor. This is a decrease of 61 owner(s) or 3.01% in the last quarter. Average portfolio weight of all funds dedicated to NUE is 0.29%, a decrease of 7.77%. Total shares owned by institutions decreased in the last three months by 4.11% to 211,664K shares. 
The put/call ratio of NUE is 0.81, indicating a bullish outlook.
What are Other Shareholders Doing?
State Farm Mutual Automobile Insurance holds 27,038K shares representing 10.87% ownership of the company. In it's prior filing, the firm reported owning 27,143K shares, representing a decrease of 0.39%. The firm increased its portfolio allocation in NUE by 1.91% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 7,838K shares representing 3.15% ownership of the company. In it's prior filing, the firm reported owning 7,943K shares, representing a decrease of 1.34%. The firm decreased its portfolio allocation in NUE by 3.35% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 5,981K shares representing 2.40% ownership of the company. In it's prior filing, the firm reported owning 5,904K shares, representing an increase of 1.30%. The firm decreased its portfolio allocation in NUE by 2.58% over the last quarter.
VIMSX - Vanguard Mid-Cap Index Fund Investor Shares holds 5,823K shares representing 2.34% ownership of the company. In it's prior filing, the firm reported owning 5,992K shares, representing a decrease of 2.90%. The firm decreased its portfolio allocation in NUE by 0.96% over the last quarter.
Geode Capital Management holds 5,473K shares representing 2.20% ownership of the company. In it's prior filing, the firm reported owning 5,438K shares, representing an increase of 0.64%. The firm decreased its portfolio allocation in NUE by 3.42% over the last quarter.
Nucor Background Information
(This description is provided by the company.)
Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; precision castings; steel fasteners; metal building systems; steel grating; and wire and wire mesh. Nucor, through The David J. Joseph Company, also brokers ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America's largest recycler.
Additional reading:
- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM T-1 STATEMENT OF ELIGIBILITY UNDER THE TRUST INDENTURE ACT OF 1939 OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE
- Executive Employment Agreement of Brad Ford (#)
- Nucor Announces the Addition of Nicholas C. Gangestad to the Nucor Board of Directors
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