Legacy CG LLC Purchases New Holdings in Nucor Corporation $NUE

Key Points

• Legacy CG LLC purchased a new stake of 27,083 shares in Nucor (NYSE:NUE) in Q4, valued at approximately $4.42 million according to its Form 13F filing.
• Nucor's Board approved a $4.0 billion share repurchase (authorizing up to about 9.7% of outstanding shares) and declared a quarterly dividend of $0.56 ($2.24 annualized, ~1.1% yield).
• Analysts hold a consensus rating of "Moderate Buy" with a $195.60 average price target, and several firms have recently raised targets or upgraded coverage (e.g., UBS to buy, target $190; Seaport to $185).

Legacy CG LLC purchased a new stake in shares of Nucor Corporation (NYSE:NUE - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 27,083 shares of the basic materials company's stock, valued at approximately $4,418,000.

A number of other large investors also recently bought and sold shares of the business. Capital World Investors lifted its position in Nucor by 20.1% during the 3rd quarter. Capital World Investors now owns 3,042,761 shares of the basic materials company's stock valued at $412,081,000 after acquiring an additional 509,019 shares during the period. Nordea Investment Management AB lifted its position in Nucor by 11.1% during the 4th quarter. Nordea Investment Management AB now owns 2,103,000 shares of the basic materials company's stock valued at $342,642,000 after acquiring an additional 210,577 shares during the period. Diamond Hill Capital Management Inc. lifted its position in Nucor by 2.4% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 1,685,250 shares of the basic materials company's stock valued at $228,233,000 after acquiring an additional 38,990 shares during the period. Legal & General Group Plc lifted its position in Nucor by 11.2% during the 3rd quarter. Legal & General Group Plc now owns 1,630,986 shares of the basic materials company's stock valued at $220,884,000 after acquiring an additional 164,021 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Nucor by 0.7% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,600,045 shares of the basic materials company's stock valued at $216,695,000 after acquiring an additional 11,618 shares during the period. 76.48% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Nucor

In other news, EVP Daniel R. Needham sold 3,881 shares of Nucor stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $178.00, for a total value of $690,818.00. Following the completion of the sale, the executive vice president directly owned 88,298 shares in the company, valued at $15,717,044. The trade was a 4.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Kenneth Rex Query sold 7,452 shares of Nucor stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $196.02, for a total transaction of $1,460,741.04. Following the completion of the sale, the executive vice president owned 76,628 shares of the company's stock, valued at $15,020,620.56. This represents a 8.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 26,401 shares of company stock worth $4,936,152 over the last three months. 0.62% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on NUE. KeyCorp began coverage on shares of Nucor in a research report on Wednesday, March 25th. They set a "sector weight" rating for the company. 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 report on Friday, January 30th. Wall Street Zen cut shares of Nucor from a "buy" rating to a "hold" rating in a report on Saturday, April 11th. UBS Group raised shares of Nucor from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $184.00 to $190.00 in a report on Thursday, March 26th. Finally, Morgan Stanley reaffirmed an "equal weight" rating and issued a $180.00 target price (up from $165.00) on shares of Nucor in a report on Friday, January 9th. Nine analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, Nucor has a consensus rating of "Moderate Buy" and a consensus price target of $195.60.

Nucor Stock Up 2.0%

Shares of Nucor stock opened at $195.67 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.57 and a current ratio of 2.94. The stock has a market capitalization of $44.54 billion, a PE ratio of 25.95, a price-to-earnings-growth ratio of 0.68 and a beta of 1.73. Nucor Corporation has a 52-week low of $105.92 and a 52-week high of $197.13. The company has a 50-day simple moving average of $175.76 and a two-hundred day simple moving average of $163.84.

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

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

Nucor Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, May 11th. Stockholders of record on Tuesday, March 31st will be paid a $0.56 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 1.1%. Nucor's payout ratio is currently 29.71%.

Nucor 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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