Fideuram Intesa Sanpaolo Private Banking S.P.A. Takes Position in Nucor Corporation $NUE

Key Points

• Institutional buying: Fideuram Intesa Sanpaolo Private Banking S.P.A. opened a new position in Nucor, buying 18,984 shares valued at about $3.1 million in the fourth quarter. Other hedge funds also increased or initiated stakes, and institutions now own 76.48% of the company.
• Strong quarterly results: Nucor reported quarterly EPS of $3.23, beating estimates by $0.41, on revenue of $9.50 billion versus expectations of $8.88 billion. Revenue rose 21.3% year over year.
• Shareholder returns and capital actions: The company paid a $0.56 quarterly dividend and has authorized a $4.0 billion stock repurchase program, covering up to 9.7% of outstanding shares. Nucor’s stock also traded up 1.7% to $225.56 in the article.

Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in Nucor Corporation (NYSE:NUE - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 18,984 shares of the basic materials company's stock, valued at approximately $3,096,000.

Several other hedge funds and other institutional investors have also made changes to their positions in NUE. Fox Run Management L.L.C. purchased a new position in Nucor in the third quarter worth approximately $1,528,000. Penserra Capital Management LLC lifted its stake in Nucor by 15,814.3% in the third quarter. Penserra Capital Management LLC now owns 3,342 shares of the basic materials company's stock worth $452,000 after acquiring an additional 3,321 shares during the last quarter. Allstate Corp purchased a new position in Nucor in the third quarter worth approximately $1,085,000. Peterson Wealth Services lifted its stake in Nucor by 587,032.0% in the third quarter. Peterson Wealth Services now owns 146,783 shares of the basic materials company's stock worth $19,879,000 after acquiring an additional 146,758 shares during the last quarter. Finally, Nordea Investment Management AB lifted its stake in Nucor by 11.1% in the fourth quarter. Nordea Investment Management AB now owns 2,103,000 shares of the basic materials company's stock worth $342,642,000 after acquiring an additional 210,577 shares during the last quarter. Hedge funds and other institutional investors own 76.48% of the company's stock.

Nucor Stock Up 1.7%

NUE stock opened at $225.56 on Thursday. 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 twelve month low of $106.21 and a twelve month high of $235.45. The company's 50 day moving average is $193.75 and its two-hundred day moving average is $176.66. The stock has a market cap of $51.37 billion, a P/E ratio of 22.33, a PEG ratio of 0.60 and a beta of 1.87.

Nucor (NYSE:NUE - Get Free Report) last announced its earnings results on Monday, April 27th. The basic materials company reported $3.23 EPS for the quarter, beating analysts' consensus estimates of $2.82 by $0.41. The business had revenue of $9.50 billion for the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same period in the previous year, the company posted $0.77 EPS. Research analysts expect that Nucor Corporation will post 14.58 earnings per share for the current fiscal year.

Nucor Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, May 11th. Stockholders of record on Tuesday, March 31st were issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Tuesday, March 31st. Nucor's payout ratio is presently 22.18%.

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

Analyst Ratings Changes

A number of research analysts recently issued reports on NUE shares. Morgan Stanley lifted their price target on shares of Nucor from $180.00 to $227.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 29th. The Goldman Sachs Group lifted their price target on shares of Nucor from $240.00 to $260.00 in a research note on Friday, May 1st. UBS Group cut shares of Nucor from a "buy" rating to a "neutral" rating and raised their price objective for the stock from $190.00 to $224.00 in a report on Tuesday, April 28th. Zacks Research raised shares of Nucor from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 12th. Finally, Wells Fargo & Company raised their price objective on shares of Nucor from $213.00 to $244.00 and gave the stock an "overweight" rating in a report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Nucor has a consensus rating of "Moderate Buy" and a consensus target price of $245.45.

Insiders Place Their Bets

In other news, EVP Allen C. Behr sold 10,096 shares of Nucor stock in a transaction on Monday, May 4th. The shares were sold at an average price of $226.08, for a total value of $2,282,503.68. Following the transaction, the executive vice president directly owned 62,871 shares of the company's stock, valued at $14,213,875.68. The trade was a 13.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP David A. Sumoski sold 33,068 shares of Nucor stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $225.67, for a total transaction of $7,462,455.56. Following the completion of the transaction, the executive vice president directly owned 243,339 shares in the company, valued at $54,914,312.13. The trade was a 11.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 71,818 shares of company stock worth $16,234,593. Corporate insiders own 0.62% of the company's stock.

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.

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.