Hudson Edge Investment Partners Inc. Reduces Holdings in Nucor Corporation $NUE

Key Points

• Hudson Edge Investment Partners cut its Nucor stake by 10.6% in the first quarter, selling 5,014 shares and leaving it with 42,383 shares valued at about $7.17 million.
• Insider selling has also been notable, with executives Allen C. Behr and John J. Hollatz recently selling shares; insiders have sold 82,378 shares worth nearly $19 million over the past 90 days.
• Nucor reported strong quarterly results, beating EPS and revenue estimates, and the company also announced a quarterly dividend of $0.56 per share, while analysts currently have a consensus Moderate Buy rating with a $266.92 price target.

Hudson Edge Investment Partners Inc. lowered its stake in shares of Nucor Corporation (NYSE:NUE - Free Report) by 10.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,383 shares of the basic materials company's stock after selling 5,014 shares during the quarter. Hudson Edge Investment Partners Inc.'s holdings in Nucor were worth $7,167,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. V Square Quantitative Management LLC raised its holdings in shares of Nucor by 3.7% in the first quarter. V Square Quantitative Management LLC now owns 6,271 shares of the basic materials company's stock worth $1,060,000 after buying an additional 225 shares during the last quarter. Beacon Financial Advisory LLC acquired a new position in shares of Nucor in the 1st quarter valued at $1,182,000. PFG Investments LLC purchased a new position in Nucor in the 1st quarter worth $282,000. Counterweight Ventures LLC lifted its position in Nucor by 10.8% during the 1st quarter. Counterweight Ventures LLC now owns 14,666 shares of the basic materials company's stock worth $2,480,000 after acquiring an additional 1,426 shares during the period. Finally, New York State Teachers Retirement System grew its stake in Nucor by 5.4% during the 1st quarter. New York State Teachers Retirement System now owns 182,432 shares of the basic materials company's stock valued at $30,849,000 after purchasing an additional 9,400 shares during the last quarter. 76.48% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Nucor

In other Nucor news, EVP Allen C. Behr sold 10,096 shares of the firm's stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $226.08, for a total value of $2,282,503.68. Following the sale, the executive vice president directly owned 62,871 shares of the company's stock, valued at approximately $14,213,875.68. This trade represents a 13.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John J. Hollatz sold 10,560 shares of the business's stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $258.46, for a total value of $2,729,337.60. Following the completion of the sale, the executive vice president owned 97,865 shares of the company's stock, valued at $25,294,187.90. This trade represents a 9.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 82,378 shares of company stock valued at $18,963,930 in the last ninety days. 0.62% of the stock is currently owned by company insiders.

Nucor Stock Down 0.1%

Nucor stock opened at $220.61 on Friday. The firm has a market cap of $50.24 billion, a price-to-earnings ratio of 21.84, a price-to-earnings-growth ratio of 0.50 and a beta of 1.91. 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 price is $237.84 and its 200 day moving average price is $196.89. 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 (NYSE:NUE - Get Free Report) last announced its quarterly earnings results on Monday, April 27th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.82 by $0.41. The company 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%.Nucor's revenue for the quarter was up 21.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.77 earnings per share. As a group, sell-side analysts anticipate that Nucor Corporation will post 17.68 earnings per share for the current year.

Nucor Dividend Announcement

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 $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Tuesday, June 30th. Nucor's payout ratio is currently 22.18%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. The Goldman Sachs Group raised their price objective on Nucor from $260.00 to $284.00 and gave the stock a "buy" rating in a research note on Tuesday, June 16th. BNP Paribas Exane upped their target price on Nucor from $210.00 to $248.00 and gave the company an "outperform" rating in a research report on Monday, May 4th. Weiss Ratings upgraded shares of Nucor from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, May 14th. Barclays initiated coverage on shares of Nucor in a research report on Thursday, May 21st. They set an "overweight" rating and a $270.00 price target for the company. Finally, Zacks Research cut shares of Nucor from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $266.92.

About Nucor

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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