Cove Private Wealth LLC Sells 6,000 Shares of Nucor Corporation $NUE

Key Points

• Cove Private Wealth LLC55.6% in Q4, selling 6,000 shares and now holds 4,799 shares worth $783,000.
• Company insiders have been net sellers — EVPs Kenneth Rex Query and Allen C. Behr sold 7,452 and 7,568 shares respectively, and insiders have sold 26,401 shares (about $4.94M) over the last 90 days, with insiders owning 0.62% of the stock.
• Nucor's board authorized a $4.0 billion share buyback (up to 9.7% of shares) and declared a quarterly dividend of $0.56 (1.2% yield); analysts rate the stock a "Moderate Buy" with an average target of $192.80.

Cove Private Wealth LLC cut its stake in Nucor Corporation (NYSE:NUE - Free Report) by 55.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,799 shares of the basic materials company's stock after selling 6,000 shares during the quarter. Cove Private Wealth LLC's holdings in Nucor were worth $783,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in NUE. Integrated Wealth Concepts LLC grew its stake 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 period. Dynamic Technology Lab Private Ltd bought a new stake in shares of Nucor in the first quarter worth approximately $259,000. Geneos Wealth Management Inc. grew its stake 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 period. Sivia Capital Partners LLC bought a new stake in shares of Nucor in the second quarter worth approximately $390,000. Finally, Cerity Partners LLC grew its stake 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 period. 76.48% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Nucor

In other Nucor news, EVP Kenneth Rex Query sold 7,452 shares of Nucor stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $196.02, for a total transaction of $1,460,741.04. Following the transaction, the executive vice president owned 76,628 shares of the company's stock, valued at $15,020,620.56. The trade was a 8.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Allen C. Behr sold 7,568 shares of Nucor stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $188.50, for a total transaction of $1,426,568.00. Following the transaction, the executive vice president directly owned 67,711 shares in the company, valued at $12,763,523.50. This represents a 10.05% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 26,401 shares of company stock valued at $4,936,152 over the last 90 days. 0.62% of the stock is currently owned by corporate insiders.

Nucor Stock Performance

Shares of NYSE NUE opened at $189.61 on Tuesday. The company has a current ratio of 2.94, a quick ratio of 1.57 and a debt-to-equity ratio of 0.31. Nucor Corporation has a 12-month low of $105.92 and a 12-month high of $196.90. The firm has a market capitalization of $43.16 billion, a price-to-earnings ratio of 25.15, a price-to-earnings-growth ratio of 0.66 and a beta of 1.73. The firm has a 50 day moving average of $175.53 and a 200 day moving average of $162.68.

Nucor (NYSE:NUE - Get Free Report) last issued its quarterly earnings results on Monday, January 26th. The basic materials company reported $1.73 earnings per share 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 firm had revenue of $7.69 billion for the quarter, compared to analysts' expectations of $7.93 billion. During the same period in the prior year, the firm earned $1.22 EPS. Nucor's revenue for the quarter was up 8.6% compared to the same quarter last year. On average, research analysts anticipate that Nucor Corporation will post 7.64 earnings per share for the current year.

Nucor declared that its Board of Directors has authorized a stock repurchase plan on Friday, February 20th that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the basic materials company to reacquire up to 9.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Nucor Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, May 11th. Shareholders of record on Tuesday, March 31st will be issued 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 1.2%. Nucor's payout ratio is currently 29.71%.

Wall Street Analyst Weigh In

NUE has been the subject of several recent research reports. BMO Capital Markets boosted their target price on shares of Nucor from $190.00 to $196.00 and gave the company an "outperform" rating in a research report on Tuesday, March 3rd. The Goldman Sachs Group initiated coverage on shares of Nucor in a research report on Wednesday, April 1st. They set a "buy" rating and a $210.00 target price for the company. KeyCorp initiated coverage on shares of Nucor in a research report on Wednesday, March 25th. They set a "sector weight" rating for the company. Seaport Research Partners boosted their target price on shares of Nucor from $170.00 to $185.00 and gave the company a "buy" rating in a research report on Friday, January 30th. Finally, Morgan Stanley restated an "equal weight" rating and set a $180.00 target price (up from $165.00) on shares of Nucor in a research report on Friday, January 9th. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $192.80.

Nucor 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.

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