Icon Wealth Advisors LLC Acquires New Shares in Nucor Corporation $NUE

Key Points

• Icon Wealth Advisors opened a new position in Nucor, buying 3,822 shares valued at about $623,000 in the fourth quarter.
• Nucor reported strong quarterly results, with EPS of $3.23 and revenue of $9.50 billion, both ahead of estimates and well above the year-ago period.
• The company also announced a quarterly dividend of $0.56 per share and has an authorized $4 billion share repurchase program, while analysts currently rate the stock a Moderate Buy with an average target price of $261.54.

Icon Wealth Advisors LLC acquired a new stake in Nucor Corporation (NYSE:NUE - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 3,822 shares of the basic materials company's stock, valued at approximately $623,000.

A number of other large investors have also made changes to their positions in NUE. Stance Capital LLC bought a new stake in shares of Nucor in the 3rd quarter valued at $25,000. Caitlin John LLC bought a new stake in shares of Nucor in the 3rd quarter valued at $41,000. Geneos Wealth Management Inc. increased its position in shares of Nucor by 81.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 340 shares of the basic materials company's stock valued at $41,000 after buying an additional 153 shares in the last quarter. Ares Financial Consulting LLC bought a new position in Nucor during the 4th quarter worth about $45,000. Finally, Quarry LP increased its holdings in Nucor by 142.6% during the 4th quarter. Quarry LP now owns 342 shares of the basic materials company's stock worth $56,000 after purchasing an additional 201 shares in the last quarter. Institutional investors own 76.48% of the company's stock.

Nucor Trading Down 0.1%

Nucor stock opened at $266.06 on Monday. The firm has a 50-day moving average of $222.60 and a 200-day moving average of $188.92. Nucor Corporation has a one year low of $117.21 and a one year high of $268.80. 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 cap of $60.59 billion, a price-to-earnings ratio of 26.34, a P/E/G ratio of 0.67 and a beta of 1.88.

Nucor (NYSE:NUE - Get Free Report) last issued its earnings results on Monday, April 27th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.82 by $0.41. Nucor had a net margin of 6.82% and a return on equity of 10.68%. The business 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 business posted $0.77 EPS. Nucor's revenue was up 21.3% on a year-over-year basis. On average, equities analysts expect that Nucor Corporation will post 15.71 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 11th. Stockholders of record on Tuesday, June 30th will be paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Tuesday, June 30th. Nucor's payout ratio is currently 22.18%.

Nucor declared that its board has authorized a share repurchase program on Friday, February 20th that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the basic materials company to repurchase up to 9.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on NUE. The Goldman Sachs Group increased their target price on Nucor from $240.00 to $260.00 in a report on Friday, May 1st. BMO Capital Markets increased their price objective on shares of Nucor from $250.00 to $285.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 3rd. BNP Paribas Exane increased their price objective on shares of Nucor from $210.00 to $248.00 and gave the stock an "outperform" rating in a research note on Monday, May 4th. UBS Group downgraded shares of Nucor from a "buy" rating to a "neutral" rating and increased their price objective for the stock from $190.00 to $224.00 in a research note on Tuesday, April 28th. Finally, Wall Street Zen upgraded shares of Nucor from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 16th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $261.54.

Insider Activity at Nucor

In related news, EVP Noah C. Hanners sold 6,472 shares of the business's stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $226.50, for a total transaction of $1,465,908.00. Following the transaction, the executive vice president directly owned 50,377 shares of the company's stock, valued at approximately $11,410,390.50. The trade was a 11.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Daniel R. Needham sold 12,888 shares of the business's stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $226.00, for a total value of $2,912,688.00. Following the transaction, the executive vice president directly owned 89,724 shares in the company, valued at $20,277,624. The trade was a 12.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 82,378 shares of company stock worth $18,963,930 in the last three months. 0.62% of the stock is owned by company insiders.

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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