CIBC Asset Management Inc Has $8.84 Million Holdings in Nucor Corporation $NUE

Key Points

• CIBC Asset Management increased its Nucor stake by 66.3% in the fourth quarter, ending with 54,210 shares worth about $8.84 million.
• Wall Street sentiment on Nucor remains positive, with multiple firms raising price targets; the stock now carries a Moderate Buy consensus and an average target of $255.67.
• Nucor reported better-than-expected quarterly results, posting $3.23 EPS on $9.50 billion in revenue, while the board also approved a $4 billion share buyback program.

CIBC Asset Management Inc lifted its holdings in Nucor Corporation (NYSE:NUE - Free Report) by 66.3% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 54,210 shares of the basic materials company's stock after acquiring an additional 21,617 shares during the period. CIBC Asset Management Inc's holdings in Nucor were worth $8,842,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Integrated Wealth Concepts LLC lifted its holdings in shares of Nucor by 21.1% in the first quarter. Integrated Wealth Concepts LLC now owns 3,266 shares of the basic materials company's stock worth $393,000 after acquiring an additional 568 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Nucor in the first quarter worth about $259,000. Geneos Wealth Management Inc. lifted its holdings in shares of Nucor by 81.8% in the first quarter. Geneos Wealth Management Inc. now owns 340 shares of the basic materials company's stock worth $41,000 after acquiring an additional 153 shares during the last quarter. Sivia Capital Partners LLC bought a new position in shares of Nucor in the second quarter worth about $390,000. Finally, Cerity Partners LLC lifted its holdings in shares of Nucor by 51.9% in the second quarter. Cerity Partners LLC now owns 40,629 shares of the basic materials company's stock worth $5,263,000 after acquiring an additional 13,877 shares during the last quarter. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. CICC Research initiated coverage on shares of Nucor in a report on Monday, May 25th. They issued an "outperform" rating for the company. Citigroup raised their price objective on shares of Nucor from $180.00 to $260.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. KeyCorp initiated coverage on shares of Nucor in a report on Wednesday, March 25th. They issued a "sector weight" rating for the company. Barclays initiated coverage on shares of Nucor in a report on Thursday, May 21st. They issued an "overweight" rating and a $270.00 price objective for the company. Finally, BMO Capital Markets raised their price objective on shares of Nucor from $250.00 to $285.00 and gave the company an "outperform" rating in a report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $255.67.

Insider Buying and Selling at Nucor

In other Nucor news, EVP Noah C. Hanners sold 6,472 shares of the firm's stock in a transaction on Friday, May 1st. The stock was sold at an average price of $226.50, for a total transaction of $1,465,908.00. Following the transaction, the executive vice president directly owned 50,377 shares in the company, valued at approximately $11,410,390.50. This trade represents a 11.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Daniel R. Needham sold 12,888 shares of the firm's stock in a transaction on Friday, May 1st. The shares were sold at an average price of $226.00, for a total value of $2,912,688.00. Following the transaction, the executive vice president owned 89,724 shares in the company, valued at approximately $20,277,624. This trade represents a 12.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 82,378 shares of company stock worth $18,963,930. 0.62% of the stock is currently owned by insiders.

Nucor Price Performance

Shares of NUE opened at $254.14 on Friday. Nucor Corporation has a 12-month low of $115.66 and a 12-month high of $264.67. The business's fifty day moving average is $213.65 and its 200 day moving average is $184.90. The company has a quick ratio of 1.55, a current ratio of 2.90 and a debt-to-equity ratio of 0.30. The stock has a market cap of $57.88 billion, a P/E ratio of 25.16, a P/E/G ratio of 0.69 and a beta of 1.88.

Nucor (NYSE:NUE - Get Free Report) last issued its quarterly earnings data on Monday, April 27th. The basic materials company reported $3.23 earnings per share for the quarter, beating the consensus estimate of $2.82 by $0.41. Nucor had a return on equity of 10.68% and a net margin of 6.82%.The business had revenue of $9.50 billion for the quarter, compared to analysts' expectations of $8.88 billion. During the same period last year, the business earned $0.77 EPS. The business's revenue was up 21.3% on a year-over-year basis. Sell-side analysts anticipate that Nucor Corporation will post 14.84 earnings per share for the current fiscal year.

Nucor announced that its board has approved a share buyback program on Friday, February 20th that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the basic materials company to purchase up to 9.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

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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