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NUE · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Nucor Corporation (NUE) stock moving?
Nucor reported strong Q3 2026 results on Oct 26, with diluted EPS of $5.80 against $4.84 adjusted in Q2, net sales of $11.25B and EBITDA of $2.28B. It also generated about $2.7B of free cash flow in the first nine months and returned about $1.4B to shareholders. After the report, several brokers raised targets to $300-$320, implying about 17-25% upside from the Nov 10 close of $256.47. The stock peaked at an intraday high of $287.70 on Nov 2, then fell about 8% on Nov 5 to $245.68 on roughly 3.3M shares, nearly twice the 30-day average. The news flow does not directly explain that drop, since the Nov 5 operational update was positive. About $7.6M of insider sales were reported between Oct 30 and Nov 3, a modest negative. Offsets include the GM automotive contract and the $15/ton hot-rolled coil price increase, with the stock recovering to $256.47 on Nov 10 on about 1.2M shares, close to its average volume. Key risks are steel price cyclicality, the sharp pullback, and continued insider selling.
News behind the analysis
- Nucor Increases Hot-Rolled Coil PricesNucor has raised its hot-rolled coil steel prices by $15 per ton. The increase was reported on Nov 10 and came after the stock rebounded from its Nov 6 low.
- Nucor Corporation Operational and Financial UpdateNucor reported the production start of a new automotive galvanizing line and said its West Virginia sheet mill is being developed on schedule. The update framed operations as strong.
- KeyBanc Analyst Raises Nucor Price Target to $301KeyBanc kept a bullish rating on Nucor and lifted its price target from $286 to $301.
- Nucor Secures Automotive Steel Contract with General MotorsNucor agreed to supply exposed automotive steel for a General Motors SUV model. The contract was reported in a weekly recap that also covered Q3 sales and earnings growth.
- Nucor President and COO Stephen D. Laxton Sells Shares Worth Over $2.9 MillionStephen D. Laxton sold 10,560 Nucor common shares on Nov 3, 2026. The sale is an insider transaction that is a modest negative signal.
- Nucor Executive Vice President Noah C. Hanners Sells SharesNoah C. Hanners sold 5,190 Nucor common shares for about $1.43 million. The sale is an insider transaction that is a modest negative signal.
- BNP Paribas Adjusts Price Target on Nucor to $318 From $310BNP Paribas raised its price target on Nucor to $318 from $310. The higher target reflects a revised valuation.
- Morgan Stanley Adjusts Nucor Price Target to $300Morgan Stanley raised its price target on Nucor from $270 to $300. The update followed the Q3 results.
- JP Morgan Raises Nucor Price TargetJP Morgan raised its price target on Nucor to $304 from $296. The change followed the Q3 results.
- Barclays Adjusts Price Target on Nucor to $320 From $306Barclays raised its price target on Nucor from $306 to $320. The update followed the Q3 results.
About Nucor Corporation
Nucor is the largest steel producer in the US, based in Charlotte, North Carolina, with plants in the US, Canada and Mexico. It mainly uses electric arc furnaces that melt down recycled scrap metal, and it calls itself North America's largest recycler.
How it makes money
Most of its revenue comes from its steel mills, which sell sheet, bar, plate and structural steel to construction, auto, energy and industrial customers. A second business, steel products, turns steel into finished goods such as joists, decking, rebar, towers and metal buildings. A third, raw materials, includes scrap recycling through David J. Joseph and direct-reduced iron. It also owns 51% of several joint ventures, including Nucor-Yamato and California Steel Industries. Q1 2026 net sales were about $9.5 billion. Most steel volume, roughly 80-85% historically, is sold under contracts.
What usually moves NUE
- US steel prices and the gap between steel prices and scrap costs
- Spending on non-residential construction and infrastructure
- Steel tariffs and the volume of imports
- Demand from automakers and energy companies
- Share buybacks and how big new mill projects are going