HUB Investment Partners LLC Grows Stake in Nucor Corporation $NUE

Key Points

• HUB Investment Partners boosted its stake in Nucor by 172%, buying an additional 7,051 shares to own 11,150 shares worth about $1.51 million as of the latest 13F filing.
• Nucor authorized a $4.0 billion buyback (up to 9.7% of outstanding shares) and declared a quarterly dividend of $0.56 ($2.24 annualized, ~1.3% yield) to be paid May 11th.
• The company missed quarterly expectations (EPS $1.73 vs. $1.91; revenue $7.69B vs. $7.93B), yet analysts maintain a Moderate Buy consensus with an average price target of $187.90.

HUB Investment Partners LLC boosted its holdings in shares of Nucor Corporation (NYSE:NUE - Free Report) by 172.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,150 shares of the basic materials company's stock after buying an additional 7,051 shares during the quarter. HUB Investment Partners LLC's holdings in Nucor were worth $1,510,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. IMA Advisory Services Inc. raised its position in shares of Nucor by 51.4% in the 2nd quarter. IMA Advisory Services Inc. now owns 221 shares of the basic materials company's stock valued at $29,000 after purchasing an additional 75 shares during the last quarter. AXS Investments LLC purchased a new position in shares of Nucor during the 3rd quarter valued at about $37,000. Vision Financial Markets LLC boosted its position in Nucor by 281.7% in the 3rd quarter. Vision Financial Markets LLC now owns 271 shares of the basic materials company's stock worth $37,000 after purchasing an additional 200 shares in the last quarter. Elevation Point Wealth Partners LLC acquired a new stake in Nucor during the second quarter valued at $39,000. Finally, Caitlin John LLC acquired a new stake in shares of Nucor during the 3rd quarter valued at about $41,000. 76.48% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Weiss Ratings restated a "hold (c)" rating on shares of Nucor in a research report on Monday, December 29th. Seaport Research Partners lifted their target price on shares of Nucor from $170.00 to $185.00 and gave the stock a "buy" rating in a research note on Friday, January 30th. BMO Capital Markets increased their price target on Nucor from $190.00 to $196.00 and gave the stock an "outperform" rating in a report on Tuesday, March 3rd. Morgan Stanley reissued an "equal weight" rating and issued a $180.00 price target (up from $165.00) on shares of Nucor in a research note on Friday, January 9th. Finally, Jefferies Financial Group lifted their target price on shares of Nucor from $190.00 to $200.00 and gave the company a "buy" rating in a report on Monday, January 12th. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, Nucor has a consensus rating of "Moderate Buy" and an average price target of $187.90.

Nucor Stock Down 2.0%

Shares of NYSE:NUE opened at $168.58 on Friday. The company has a quick ratio of 1.57, a current ratio of 2.94 and a debt-to-equity ratio of 0.31. The firm's 50 day moving average price is $176.90 and its 200 day moving average price is $157.76. The stock has a market cap of $38.40 billion, a price-to-earnings ratio of 22.36, a price-to-earnings-growth ratio of 0.61 and a beta of 1.83. Nucor Corporation has a fifty-two week low of $97.59 and a fifty-two week high of $196.90.

Nucor (NYSE:NUE - Get Free Report) last announced its quarterly earnings results on Monday, January 26th. The basic materials company reported $1.73 EPS for the quarter, missing the consensus estimate of $1.91 by ($0.18). The company had revenue of $7.69 billion during the quarter, compared to analysts' expectations of $7.93 billion. Nucor had a net margin of 5.37% and a return on equity of 8.26%. The business's revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.22 earnings per share. As a group, equities research analysts predict that Nucor Corporation will post 7.64 earnings per share for the current fiscal year.

Nucor Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 11th. Shareholders of record on Tuesday, March 31st will be paid a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Tuesday, March 31st. Nucor's payout ratio is currently 29.71%.

Nucor declared that its Board of Directors has authorized a share buyback plan on Friday, February 20th that authorizes the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization authorizes the basic materials company to buy up to 9.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Insider Activity

In related news, EVP Kenneth Rex Query sold 7,452 shares of the firm's stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $196.02, for a total value of $1,460,741.04. Following the completion of the sale, the executive vice president owned 76,628 shares in the company, valued at $15,020,620.56. This trade represents a 8.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Allen C. Behr sold 7,568 shares of the business's stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $188.50, for a total value of $1,426,568.00. Following the transaction, the executive vice president owned 67,711 shares in the company, valued at $12,763,523.50. The trade was a 10.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 34,351 shares of company stock worth $6,206,158 in the last 90 days. Corporate insiders own 0.46% 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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