JP Morgan has started covering Nucor (NYSE:NUE) with an Underweight recommendation, reported on May 23, 2023. Fintel reports that the average one-year price target for Nucor is $161.16, indicating a 15.15% increase from its latest reported closing price of $139.96.
Fintel’s leaderboard of companies with the highest price target upside is noteworthy to mention. Furthermore, the annual revenue projection for Nucor is $33,087MM, but there will be a decrease of 16.72%. The estimated annual non-GAAP EPS is 12.80.
Nucor has 2018 funds or institutions reporting positions in the company as of the time of writing. This is an increase of 45 owners or 2.28% from the last quarter. The average portfolio weight of all funds dedicated to NUE is 0.30%, which is a decrease of 2.53%. Total shares owned by institutions have decreased in the past three months by 1.19% to 220,148K shares. The put/call ratio of NUE is currently 0.95, indicating a bullish outlook.
State Farm Mutual Automobile Insurance decreased its ownership of Nucor by 0.36% to 27,143K shares. The company increased its portfolio allocation in NUE by 15.64% over the last quarter. Vanguard Total Stock Market Index Fund Investor Shares and Vanguard Mid-Cap Index Fund Investor Shares saw an increase in their portfolio allocation by 13.78% and 11.96%, respectively, while Vanguard 500 Index Fund Investor Shares decreased its ownership by 0.07%. Geode Capital Management increased its portfolio allocation in NUE by 9.05% over the last quarter and now holds 5,438K shares, which represents 2.16% of ownership in the company.
Nucor is a manufacturer of steel and steel products. Its operating facilities are located in the United States, Canada, and Mexico. Nucor produces carbon and alloy steel, steel products, steel piling, cold finished steel, and other products. Moreover, Nucor brokers ferrous and nonferrous metals, pig iron, and processes ferrous and nonferrous scrap. It also supplies ferro-alloys and is North America’s largest recycler.
For other key filings regarding Nucor, please see the source article on Fintel.
*Disclaimer: The author’s opinions expressed do not necessarily reflect those of Nasdaq, Inc.