Fisher Asset Management LLC Has $29.57 Million Holdings in Nucor Corporation $NUE

Key Points

• Fisher Asset Management reduced its Nucor stake by 28.8% in the fourth quarter, selling 73,235 shares and ending with 181,275 shares worth about $29.6 million.
• Insider selling was notable, with executives Michael D. Keller and David A. Sumoski both selling shares; insiders sold 71,818 shares total over the last 90 days.
• Nucor reported strong quarterly results, posting EPS of $3.23 and revenue of $9.50 billion, both above expectations, while also authorizing a $4 billion share buyback.

Fisher Asset Management LLC cut its holdings in Nucor Corporation (NYSE:NUE - Free Report) by 28.8% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 181,275 shares of the basic materials company's stock after selling 73,235 shares during the quarter. Fisher Asset Management LLC owned approximately 0.08% of Nucor worth $29,568,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Fox Run Management L.L.C. acquired a new stake in Nucor in the third quarter valued at about $1,528,000. Penserra Capital Management LLC boosted 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 valued at $452,000 after buying an additional 3,321 shares in the last quarter. Peterson Wealth Services boosted 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 valued at $19,879,000 after buying an additional 146,758 shares in the last quarter. Nordea Investment Management AB boosted 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 valued at $342,642,000 after buying an additional 210,577 shares in the last quarter. Finally, FNY Investment Advisers LLC acquired a new stake in Nucor in the fourth quarter valued at about $1,989,000. 76.48% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Nucor

In other news, insider Michael D. Keller sold 4,554 shares of the firm's stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $225.86, for a total transaction of $1,028,566.44. Following the completion of the transaction, the insider directly owned 16,834 shares in the company, valued at $3,802,127.24. This trade represents a 21.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 owned 243,339 shares of the company's stock, valued at $54,914,312.13. This trade represents a 11.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 71,818 shares of company stock valued at $16,234,593 over the last ninety days. Insiders own 0.62% of the company's stock.

Nucor Price Performance

Shares of NUE opened at $240.21 on Wednesday. Nucor Corporation has a 1 year low of $106.21 and a 1 year high of $240.43. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.90 and a quick ratio of 1.55. The company has a market capitalization of $54.71 billion, a price-to-earnings ratio of 23.78, a price-to-earnings-growth ratio of 0.62 and a beta of 1.87. The business has a 50-day moving average of $198.93 and a 200-day moving average of $179.07.

Nucor (NYSE:NUE - Get Free Report) last issued its quarterly earnings data on Monday, April 27th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.82 by $0.41. Nucor had a return on equity of 10.68% and a net margin of 6.82%.The company had revenue of $9.50 billion during the quarter, compared to the consensus estimate of $8.88 billion. During the same period last year, the company earned $0.77 earnings per share. The firm's revenue was up 21.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Nucor Corporation will post 14.58 earnings per share for the current year.

Nucor declared that its Board of Directors has initiated a share buyback program on Friday, February 20th that authorizes the company to buyback $4.00 billion in shares. This buyback authorization authorizes the basic materials company to purchase up to 9.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

NUE has been the subject of several research reports. Citigroup increased their target price on Nucor from $180.00 to $260.00 and gave the company a "buy" rating in a research report on Wednesday, April 29th. UBS Group downgraded Nucor from a "buy" rating to a "neutral" rating and increased their target price for the company from $190.00 to $224.00 in a research report on Tuesday, April 28th. Barclays initiated coverage on Nucor in a research report on Thursday, May 21st. They issued an "overweight" rating and a $270.00 target price for the company. Bank of America increased their target price on Nucor from $190.00 to $250.00 and gave the company a "buy" rating in a research report on Tuesday, April 28th. Finally, Seaport Research Partners reiterated a "buy" rating and issued a $245.00 target price on shares of Nucor in a research report on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $247.50.

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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