Consolidated Capital Management LLC Trims Stock Position in Nucor Corporation $NUE

Key Points

• Consolidated Capital Management cut its Nucor stake by 95% in the fourth quarter, selling 48,129 shares and ending with 2,523 shares valued at about $412,000.
• Nucor reported strong quarterly results, posting EPS of $3.23 versus $2.82 expected and revenue of $9.50 billion versus $8.88 billion expected, with revenue up 21.3% year over year.
• Analysts have turned more bullish on the stock, with several firms raising price targets and the consensus rating now at “Moderate Buy” with an average target price of $247.50.

Consolidated Capital Management LLC lessened its position in shares of Nucor Corporation (NYSE:NUE - Free Report) by 95.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,523 shares of the basic materials company's stock after selling 48,129 shares during the quarter. Consolidated Capital Management LLC's holdings in Nucor were worth $412,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Empirical Asset Management LLC raised its position in shares of Nucor by 2.6% during the 4th quarter. Empirical Asset Management LLC now owns 2,130 shares of the basic materials company's stock valued at $347,000 after buying an additional 54 shares during the period. Krilogy Financial LLC increased its holdings in Nucor by 4.1% in the 4th quarter. Krilogy Financial LLC now owns 1,531 shares of the basic materials company's stock valued at $272,000 after purchasing an additional 61 shares during the last quarter. Rosenberg Matthew Hamilton increased its holdings in Nucor by 3.6% in the 4th quarter. Rosenberg Matthew Hamilton now owns 2,011 shares of the basic materials company's stock valued at $328,000 after purchasing an additional 69 shares during the last quarter. HUB Investment Partners LLC increased its holdings in Nucor by 1.9% in the 2nd quarter. HUB Investment Partners LLC now owns 4,099 shares of the basic materials company's stock valued at $531,000 after purchasing an additional 75 shares during the last quarter. Finally, Global Assets Advisory LLC increased its holdings in Nucor by 3.0% in the 4th quarter. Global Assets Advisory LLC now owns 2,677 shares of the basic materials company's stock valued at $437,000 after purchasing an additional 77 shares during the last quarter. Hedge funds and other institutional investors own 76.48% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on NUE. Wall Street Zen upgraded shares of Nucor from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 16th. Zacks Research upgraded shares of Nucor from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 12th. Citigroup lifted their target price on shares of Nucor from $180.00 to $260.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. Bank of America lifted their target price on shares of Nucor from $190.00 to $250.00 and gave the company a "buy" rating in a report on Tuesday, April 28th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Nucor from $212.00 to $240.00 and gave the company an "overweight" rating in a report on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $247.50.

Insiders Place Their Bets

In other Nucor news, insider Michael D. Keller sold 4,554 shares of the business's stock in a transaction on Monday, May 4th. The shares were sold at an average price of $225.86, for a total value of $1,028,566.44. Following the completion of the transaction, the insider owned 16,834 shares in the company, valued at $3,802,127.24. The trade was a 21.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Allen C. Behr sold 10,096 shares of the business's stock in a transaction on Monday, May 4th. The stock was sold at an average price of $226.08, for a total transaction of $2,282,503.68. Following the completion of the transaction, the executive vice president owned 62,871 shares of the company's stock, valued at approximately $14,213,875.68. This trade represents a 13.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 71,818 shares of company stock valued at $16,234,593. Corporate insiders own 0.62% of the company's stock.

Nucor Stock Performance

NYSE:NUE opened at $250.06 on Friday. The company has a fifty day simple moving average of $204.13 and a two-hundred day simple moving average of $181.02. The company has a market cap of $56.95 billion, a price-to-earnings ratio of 24.76, a price-to-earnings-growth ratio of 0.66 and a beta of 1.87. The company has a quick ratio of 1.55, a current ratio of 2.90 and a debt-to-equity ratio of 0.30. Nucor Corporation has a 52 week low of $106.21 and a 52 week high of $251.39.

Nucor (NYSE:NUE - Get Free Report) last posted its quarterly earnings results on Monday, April 27th. The basic materials company reported $3.23 EPS for the quarter, topping the consensus estimate of $2.82 by $0.41. The business had revenue of $9.50 billion during the quarter, compared to the consensus estimate of $8.88 billion. Nucor had a net margin of 6.82% and a return on equity of 10.68%. The company's quarterly revenue was up 21.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.77 earnings per share. As a group, equities analysts anticipate that Nucor Corporation will post 14.84 earnings per share for the current fiscal year.

Nucor announced that its board has initiated a stock buyback program on Friday, February 20th that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the basic materials company to repurchase up to 9.7% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's management believes its shares are undervalued.

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.

Want to see what other hedge funds are holding NUE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Nucor Corporation (NYSE:NUE - Free Report).

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.