38,803 Shares in Nucor Corporation $NUE Purchased by Oak Harvest Investment Services

Key Points

• Oak Harvest Investment Services initiated a new stake in Nucor, purchasing 38,803 shares in Q4 valued at about $6.33 million.
• Nucor's board authorized a $4.00 billion share repurchase program, representing authorization to buy up to roughly 9.7% of outstanding shares.
• Nucor missed Q4 EPS estimates, reporting $1.73 versus $1.91 expected on $7.69 billion revenue, and announced a quarterly dividend of $0.56 (annualized $2.24, ~1.1% yield).

Oak Harvest Investment Services purchased a new stake in shares of Nucor Corporation (NYSE:NUE - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 38,803 shares of the basic materials company's stock, valued at approximately $6,329,000.

Several other institutional investors also recently bought and sold shares of the stock. Capital World Investors raised its position in Nucor by 20.1% during the third quarter. Capital World Investors now owns 3,042,761 shares of the basic materials company's stock valued at $412,081,000 after acquiring an additional 509,019 shares in the last quarter. Nordea Investment Management AB raised its position in Nucor by 11.1% during the fourth quarter. Nordea Investment Management AB now owns 2,103,000 shares of the basic materials company's stock valued at $342,642,000 after acquiring an additional 210,577 shares in the last quarter. Diamond Hill Capital Management Inc. increased its position in shares of Nucor by 2.4% in the third quarter. Diamond Hill Capital Management Inc. now owns 1,685,250 shares of the basic materials company's stock valued at $228,233,000 after buying an additional 38,990 shares in the last quarter. Legal & General Group Plc increased its position in shares of Nucor by 11.2% in the third quarter. Legal & General Group Plc now owns 1,630,986 shares of the basic materials company's stock valued at $220,884,000 after buying an additional 164,021 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Nucor by 0.7% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,600,045 shares of the basic materials company's stock valued at $216,695,000 after buying an additional 11,618 shares in the last quarter. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Nucor Stock Performance

Shares of Nucor stock opened at $195.67 on Friday. Nucor Corporation has a 52 week low of $105.92 and a 52 week high of $197.13. The business's fifty day simple moving average is $175.76 and its 200-day simple moving average is $163.84. The firm has a market cap of $44.54 billion, a PE ratio of 25.95, a price-to-earnings-growth ratio of 0.68 and a beta of 1.73. The company has a quick ratio of 1.57, a current ratio of 2.94 and a debt-to-equity ratio of 0.31.

Nucor (NYSE:NUE - Get Free Report) last announced its quarterly earnings results on Monday, January 26th. The basic materials company reported $1.73 EPS for the quarter, missing the consensus estimate of $1.91 by ($0.18). Nucor had a net margin of 5.37% and a return on equity of 8.26%. The business had revenue of $7.69 billion during the quarter, compared to analyst estimates of $7.93 billion. During the same period last year, the company earned $1.22 EPS. The business's revenue for the quarter was up 8.6% on a year-over-year basis. Equities analysts forecast that Nucor Corporation will post 7.64 earnings per share for the current year.

Nucor Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, May 11th. Investors of record on Tuesday, March 31st will be paid a dividend of $0.56 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $2.24 annualized dividend and a yield of 1.1%. Nucor's dividend payout ratio is presently 29.71%.

Nucor announced that its board has initiated a share repurchase plan on Friday, February 20th that authorizes the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization authorizes the basic materials company to buy up to 9.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

NUE has been the subject of a number of recent analyst reports. UBS Group upgraded Nucor from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $184.00 to $190.00 in a research report on Thursday, March 26th. Weiss Ratings restated a "hold (c)" rating on shares of Nucor in a research report on Monday, December 29th. Wells Fargo & Company boosted their price target on Nucor from $197.00 to $213.00 and gave the stock an "overweight" rating in a research report on Wednesday. Seaport Research Partners boosted their price target on Nucor from $170.00 to $185.00 and gave the stock a "buy" rating in a research report on Friday, January 30th. Finally, Wall Street Zen cut Nucor from a "buy" rating to a "hold" rating in a research report on Saturday, April 11th. Nine research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $195.60.

Insider Buying and Selling

In related news, EVP Daniel R. Needham sold 3,881 shares of the stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $178.00, for a total transaction of $690,818.00. Following the transaction, the executive vice president owned 88,298 shares of the company's stock, valued at approximately $15,717,044. This represents a 4.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Allen C. Behr sold 7,568 shares of the stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $188.50, for a total value of $1,426,568.00. Following the transaction, the executive vice president directly owned 67,711 shares in the company, valued at approximately $12,763,523.50. The trade was a 10.05% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 26,401 shares of company stock valued at $4,936,152. Corporate insiders own 0.62% of the company's stock.

About Nucor

Nucor Corporation NYSE: NUE is an American steel producer headquartered in Charlotte, North Carolina. The company is primarily engaged in the manufacture and sale of steel and steel products, operating a network of steel mills, recycling facilities and fabrication plants across the United States and North America. Nucor's operations emphasize electric arc furnace steelmaking using recycled scrap metal, which supports a decentralized, mill-based production model focused on efficiency and flexibility.

Product offerings span a broad range of basic and value‑added steel items, including sheet, plate, merchant bar, structural beams, reinforcing bar, tubing, fasteners and fabricated components.

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