Cibc World Market Inc. Has $2.87 Million Stock Position in Nucor Corporation $NUE

Key Points

• Cibc World Market Inc. cut its Nucor stake by 83.3% in the fourth quarter, leaving it with 17,603 shares valued at about $2.87 million.
• Nucor reported better-than-expected Q1 earnings, posting $3.23 EPS versus the $2.82 estimate, while revenue rose 21.3% year over year to $9.5 billion.
• The company also has a $4 billion share buyback program in place, and analysts remain broadly positive with a consensus rating of Moderate Buy and an average price target of $255.67.

Cibc World Market Inc. reduced its stake in shares of Nucor Corporation (NYSE:NUE - Free Report) by 83.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 17,603 shares of the basic materials company's stock after selling 87,681 shares during the period. Cibc World Market Inc.'s holdings in Nucor were worth $2,871,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Fox Run Management L.L.C. acquired a new stake in Nucor during the 3rd quarter worth approximately $1,528,000. Penserra Capital Management LLC raised its holdings in Nucor by 15,814.3% during the 3rd quarter. Penserra Capital Management LLC now owns 3,342 shares of the basic materials company's stock worth $452,000 after buying an additional 3,321 shares during the period. Nordea Investment Management AB raised its holdings in Nucor by 11.1% during the 4th quarter. Nordea Investment Management AB now owns 2,103,000 shares of the basic materials company's stock worth $342,642,000 after buying an additional 210,577 shares during the period. FNY Investment Advisers LLC acquired a new stake in Nucor during the 4th quarter worth approximately $1,989,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in Nucor by 745.2% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 83,463 shares of the basic materials company's stock worth $13,614,000 after buying an additional 73,588 shares during the period. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Nucor Price Performance

NYSE:NUE opened at $253.38 on Tuesday. Nucor Corporation has a 1-year low of $115.66 and a 1-year high of $264.67. The company has a current ratio of 2.90, a quick ratio of 1.55 and a debt-to-equity ratio of 0.30. The firm has a fifty day simple moving average of $215.40 and a 200 day simple moving average of $185.90. The stock has a market capitalization of $57.70 billion, a PE ratio of 25.09, a P/E/G ratio of 0.67 and a beta of 1.88.

Nucor (NYSE:NUE - Get Free Report) last released its earnings results 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 net margin of 6.82% and a return on equity of 10.68%. The business had revenue of $9.50 billion during the quarter, compared to analysts' expectations of $8.88 billion. During the same period last year, the business earned $0.77 earnings per share. The firm's revenue was up 21.3% on a year-over-year basis. On average, research analysts expect that Nucor Corporation will post 14.84 EPS for the current fiscal year.

Nucor declared that its board has approved a share buyback program on Friday, February 20th that authorizes the company to buyback $4.00 billion in shares. This buyback authorization authorizes the basic materials company to purchase up to 9.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, EVP David A. Sumoski sold 33,068 shares of the firm's stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $225.67, for a total value of $7,462,455.56. Following the completion of the transaction, the executive vice president directly owned 243,339 shares of the company's stock, valued at approximately $54,914,312.13. This trade represents a 11.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Daniel R. Needham sold 12,888 shares of Nucor stock in a transaction on Friday, May 1st. The stock was sold at an average price of $226.00, for a total transaction of $2,912,688.00. Following the transaction, the executive vice president directly owned 89,724 shares of the company's stock, valued at approximately $20,277,624. This trade represents a 12.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 82,378 shares of company stock valued at $18,963,930 in the last ninety days. 0.62% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on NUE. Morgan Stanley lifted their price objective on shares of Nucor from $180.00 to $227.00 and gave the company an "equal weight" rating in a report on Wednesday, April 29th. Citigroup lifted 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. UBS Group downgraded shares of Nucor from a "buy" rating to a "neutral" rating and lifted their price objective for the company from $190.00 to $224.00 in a report on Tuesday, April 28th. Wells Fargo & Company lifted their price objective on shares of Nucor from $244.00 to $292.00 and gave the company an "overweight" rating in a report on Thursday. Finally, Wall Street Zen upgraded shares of Nucor from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 16th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $255.67.

Nucor Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.