Danske Bank A S Buys New Holdings in Nucor Corporation $NUE

Key Points

• Danske Bank initiated a position in Nucor, purchasing 150,623 shares valued at approximately $33.6 million and representing about 0.07% of the company. Institutional investors collectively own 76.48% of Nucor.
• Nucor reported strong quarterly results, with EPS of $4.84 beating estimates of $4.46 and revenue rising 23% year over year to $10.40 billion. The company also maintained its quarterly dividend at $0.56 per share, yielding about 0.9% annually.
• Despite the stock trading down 5.9%, analysts remain generally positive: 12 rate Nucor a Buy and four rate it a Hold, resulting in a “Moderate Buy” consensus and an average price target of $273.31 versus the reported price of $248.72.

Danske Bank A S purchased a new position in shares of Nucor Corporation (NYSE:NUE - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 150,623 shares of the basic materials company's stock, valued at approximately $33,551,000. Danske Bank A S owned about 0.07% of Nucor at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of NUE. 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 valued at $13,614,000 after buying an additional 73,588 shares during the last quarter. California Public Employees Retirement System increased its position in shares of Nucor by 19.3% in the first quarter. California Public Employees Retirement System now owns 510,331 shares of the basic materials company's stock valued at $86,297,000 after acquiring an additional 82,668 shares during the period. Pacific Heights Asset Management LLC increased its position in shares of Nucor by 12.9% in the fourth quarter. Pacific Heights Asset Management LLC now owns 175,000 shares of the basic materials company's stock valued at $28,544,000 after acquiring an additional 20,000 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Nucor by 1.7% during the first quarter. Bank of New York Mellon Corp now owns 1,809,899 shares of the basic materials company's stock valued at $306,054,000 after acquiring an additional 29,476 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. bought a new position in shares of Nucor during the fourth quarter valued at about $23,804,000. 76.48% of the stock is owned by hedge funds and other institutional investors.

Nucor Trading Down 5.9%

NYSE:NUE opened at $248.72 on Thursday. The company has a 50-day moving average price of $247.72 and a 200-day moving average price of $216.16. The stock has a market cap of $56.43 billion, a price-to-earnings ratio of 19.83, a P/E/G ratio of 0.59 and a beta of 1.89. The company has a current ratio of 2.51, a quick ratio of 1.36 and a debt-to-equity ratio of 0.27. Nucor Corporation has a 12 month low of $131.32 and a 12 month high of $280.11.

Nucor (NYSE:NUE - Get Free Report) last announced its quarterly earnings results on Monday, July 27th. The basic materials company reported $4.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.46 by $0.38. Nucor had a net margin of 7.99% and a return on equity of 12.73%. The company had revenue of $10.40 billion for the quarter, compared to analysts' expectations of $10.15 billion. During the same quarter in the previous year, the company earned $2.60 earnings per share. Nucor's quarterly revenue was up 23.0% on a year-over-year basis. Equities analysts predict that Nucor Corporation will post 17.95 EPS for the current year.

Nucor Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 11th. Shareholders of record on Tuesday, June 30th were issued a dividend of $0.56 per share. The ex-dividend date was Tuesday, June 30th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 0.9%. Nucor's dividend payout ratio is 17.86%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on NUE shares. Wall Street Zen raised Nucor from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 16th. Zacks Research lowered Nucor from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 29th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Nucor in a report on Tuesday, August 11th. BNP Paribas Exane lifted their price objective on Nucor from $210.00 to $248.00 and gave the stock an "outperform" rating in a research report on Monday, May 4th. Finally, BMO Capital Markets boosted their target price on Nucor from $285.00 to $295.00 and gave the company an "outperform" rating in a research note on Wednesday, July 29th. Twelve equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $273.31.

Insiders Place Their Bets

In other news, EVP John J. Hollatz sold 10,560 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $258.46, for a total value of $2,729,337.60. Following the completion of the transaction, the executive vice president owned 97,865 shares of the company's stock, valued at approximately $25,294,187.90. This represents a 9.74% 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, COO Stephen D. Laxton sold 3,968 shares of the firm's stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $256.96, for a total value of $1,019,617.28. Following the completion of the transaction, the chief operating officer owned 77,867 shares of the company's stock, valued at approximately $20,008,704.32. The trade was a 4.85% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 18,528 shares of company stock worth $4,793,035. Company insiders own 0.62% of the company's stock.

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.

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