D.A. Davidson & CO. Has $3.51 Million Stock Position in Nucor Corporation $NUE

Key Points

• D.A. Davidson & CO. cut its Nucor stake by 19.3% in the first quarter, leaving it with 20,736 shares valued at about $3.51 million.
• Nucor reported strong quarterly results, with EPS of $3.23 topping estimates and revenue of $9.50 billion also beating expectations, while revenue rose 21.3% year over year.
• The company announced a quarterly dividend of $0.56 per share, and analysts remain generally positive, with a consensus rating of Moderate Buy and an average target price of $266.31.

D.A. Davidson & CO. reduced its stake in Nucor Corporation (NYSE:NUE - Free Report) by 19.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 20,736 shares of the basic materials company's stock after selling 4,955 shares during the quarter. D.A. Davidson & CO.'s holdings in Nucor were worth $3,506,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Nucor during the fourth quarter worth approximately $609,002,000. AQR Capital Management LLC boosted its stake in Nucor by 580.9% in the 2nd quarter. AQR Capital Management LLC now owns 653,845 shares of the basic materials company's stock valued at $84,699,000 after purchasing an additional 557,819 shares during the period. Vaughan Nelson Investment Management L.P. grew its holdings in Nucor by 169.0% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 779,940 shares of the basic materials company's stock valued at $127,216,000 after buying an additional 489,950 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Nucor by 27.5% in the 4th quarter. Bank of New York Mellon Corp now owns 1,780,423 shares of the basic materials company's stock valued at $290,405,000 after buying an additional 383,952 shares in the last quarter. Finally, M&T Bank Corp grew its holdings in Nucor by 494.5% in the 4th quarter. M&T Bank Corp now owns 434,511 shares of the basic materials company's stock valued at $70,873,000 after buying an additional 361,417 shares in the last quarter. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Nucor

In other Nucor news, EVP Allen C. Behr sold 10,096 shares of the business's stock in a transaction on Monday, May 4th. The shares were sold at an average price of $226.08, for a total transaction of $2,282,503.68. Following the sale, the executive vice president owned 62,871 shares of the company's stock, valued at approximately $14,213,875.68. The trade was a 13.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP John J. Hollatz sold 10,560 shares of the company's stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $258.46, for a total transaction of $2,729,337.60. Following the transaction, the executive vice president owned 97,865 shares of the company's stock, valued at $25,294,187.90. This trade represents a 9.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 82,378 shares of company stock valued at $18,963,930. Corporate insiders own 0.62% of the company's stock.

Nucor Stock Up 0.1%

Shares of NYSE NUE opened at $236.77 on Monday. The company has a market cap of $53.92 billion, a price-to-earnings ratio of 23.44, a PEG ratio of 0.54 and a beta of 1.91. The company has a current ratio of 2.90, a quick ratio of 1.55 and a debt-to-equity ratio of 0.30. Nucor Corporation has a 12 month low of $131.32 and a 12 month high of $270.90. The stock has a 50-day moving average price of $239.20 and a two-hundred day moving average price of $201.90.

Nucor (NYSE:NUE - Get Free Report) last posted its quarterly earnings results on Monday, April 27th. The basic materials company reported $3.23 earnings per share for the quarter, beating analysts' consensus estimates of $2.82 by $0.41. The company had revenue of $9.50 billion for 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 firm's quarterly revenue was up 21.3% compared to the same quarter last year. During the same period last year, the company posted $0.77 EPS. As a group, analysts forecast that Nucor Corporation will post 17.68 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 11th. Shareholders of record on Tuesday, June 30th will be given a $0.56 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $2.24 dividend on an annualized basis and a yield of 0.9%. Nucor's dividend payout ratio (DPR) is currently 22.18%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on NUE. KeyCorp raised Nucor from a "sector weight" rating to an "overweight" rating and set a $274.00 target price for the company in a report on Wednesday, June 24th. Barclays upped their price target on shares of Nucor from $270.00 to $272.00 and gave the company an "overweight" rating in a research note on Wednesday. Bank of America lowered their price target on shares of Nucor from $290.00 to $280.00 and set a "buy" rating on the stock in a research report on Thursday, July 9th. Jefferies Financial Group lifted their price objective on shares of Nucor from $225.00 to $250.00 and gave the stock a "buy" rating in a research note on Tuesday, April 28th. Finally, Citigroup reissued a "positive" rating on shares of Nucor in a report on Wednesday. Twelve investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Nucor currently has an average rating of "Moderate Buy" and an average target price of $266.31.

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.