Fifth Third Bancorp Grows Stock Holdings in Nucor Corporation $NUE

Key Points

• Fifth Third Bancorp boosted its Nucor stake by 343.5% in Q1, ending with 46,827 shares valued at about $7.9 million.
• Nucor’s latest quarterly results topped expectations, with EPS of $3.23 versus $2.82 expected and revenue of $9.50 billion, up 21.3% year over year.
• Wall Street sentiment remains upbeat: analysts have a Moderate Buy consensus on Nucor, with an average price target of $266.31, while the company also declared a quarterly dividend of $0.56 per share.

Fifth Third Bancorp increased its position in shares of Nucor Corporation (NYSE:NUE - Free Report) by 343.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 46,827 shares of the basic materials company's stock after purchasing an additional 36,269 shares during the period. Fifth Third Bancorp's holdings in Nucor were worth $7,919,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Strive Financial Group LLC purchased a new stake in Nucor during the 4th quarter worth about $27,000. Stance Capital LLC purchased a new position in shares of Nucor in the 3rd quarter valued at about $25,000. Mcguire Capital Advisors Inc. acquired a new stake in shares of Nucor during the 4th quarter worth about $32,000. Motiv8 Investments LLC acquired a new stake in shares of Nucor during the 4th quarter worth about $32,000. Finally, Reflection Asset Management purchased a new stake in Nucor during the fourth quarter worth approximately $36,000. Hedge funds and other institutional investors own 76.48% of the company's stock.

Insider Activity at Nucor

In other news, EVP Allen C. Behr sold 10,096 shares of the stock in a transaction dated 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 completion of the sale, the executive vice president owned 62,871 shares in the company, valued at approximately $14,213,875.68. This represents a 13.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP David A. Sumoski sold 33,068 shares of the firm's stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $225.67, for a total value of $7,462,455.56. Following the transaction, the executive vice president directly owned 243,339 shares in the company, valued at approximately $54,914,312.13. This represents a 11.96% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 82,378 shares of company stock worth $18,963,930 in the last three months. Company insiders own 0.62% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. The Goldman Sachs Group upped their price target on Nucor from $260.00 to $284.00 and gave the company a "buy" rating in a report on Tuesday, June 16th. Wells Fargo & Company reduced their price objective on shares of Nucor from $292.00 to $283.00 and set an "overweight" rating for the company in a research report on Thursday, June 18th. Barclays restated an "overweight" rating and issued a $272.00 target price on shares of Nucor in a report on Wednesday. JPMorgan Chase & Co. increased their target price on shares of Nucor from $240.00 to $282.00 and gave the company an "overweight" rating in a research report on Wednesday, June 10th. Finally, CICC Research started coverage on shares of Nucor in a research note on Monday, May 25th. They set an "outperform" rating on the stock. Twelve investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, Nucor has an average rating of "Moderate Buy" and an average price target of $266.31.

Nucor Trading Up 1.1%

NUE opened at $236.80 on Thursday. 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 $131.32 and a 52 week high of $270.90. The business's 50 day moving average is $238.84 and its two-hundred day moving average is $200.91. The firm has a market cap of $53.93 billion, a price-to-earnings ratio of 23.45, a price-to-earnings-growth ratio of 0.53 and a beta of 1.91.

Nucor (NYSE:NUE - Get Free Report) last posted its quarterly earnings data on Monday, April 27th. The basic materials company reported $3.23 earnings per share for the quarter, beating 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 return on equity of 10.68% and a net margin of 6.82%.The company's revenue was up 21.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.77 earnings per share. On average, research analysts predict that Nucor Corporation will post 17.68 EPS for the current year.

Nucor Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 11th. Investors of record on Tuesday, June 30th will be paid a dividend of $0.56 per share. 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 is currently 22.18%.

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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