Legal & General Group Plc Purchases 19,319 Shares of Nucor Corporation $NUE

Key Points

• Legal & General Group Plc increased its stake in Nucor by 1.2% in the fourth quarter, buying 19,319 additional shares and bringing its total holding to 1,650,305 shares worth about $269.2 million.
• Nucor reported strong quarterly results, posting $3.23 EPS and $9.50 billion in revenue, both above analyst expectations. Revenue rose 21.3% year over year.
• Sentiment around the stock remains constructive, with Nucor’s board authorizing a $4.0 billion share buyback and several analysts raising price targets; the consensus rating is “Moderate Buy” with an average target of $247.50.

Legal & General Group Plc lifted its position in shares of Nucor Corporation (NYSE:NUE - Free Report) by 1.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,650,305 shares of the basic materials company's stock after acquiring an additional 19,319 shares during the quarter. Legal & General Group Plc owned approximately 0.72% of Nucor worth $269,181,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in NUE. AQR Capital Management LLC increased its holdings in Nucor by 580.9% in the second quarter. AQR Capital Management LLC now owns 653,845 shares of the basic materials company's stock valued at $84,699,000 after purchasing an additional 557,819 shares during the last quarter. Capital World Investors increased its holdings in Nucor by 20.1% in the third quarter. Capital World Investors now owns 3,042,761 shares of the basic materials company's stock valued at $412,081,000 after purchasing an additional 509,019 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its holdings in Nucor by 169.0% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 779,940 shares of the basic materials company's stock valued at $127,216,000 after purchasing an additional 489,950 shares during the last quarter. M&T Bank Corp increased its holdings in Nucor by 494.5% in the fourth quarter. M&T Bank Corp now owns 434,511 shares of the basic materials company's stock valued at $70,873,000 after purchasing an additional 361,417 shares during the last quarter. Finally, Holocene Advisors LP increased its holdings in Nucor by 146.9% in the third quarter. Holocene Advisors LP now owns 548,911 shares of the basic materials company's stock valued at $74,339,000 after purchasing an additional 326,572 shares during the last quarter. Institutional investors own 76.48% of the company's stock.

Insider Activity at Nucor

In other news, insider Michael D. Keller sold 4,554 shares of the company'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 of the company's stock, valued at $3,802,127.24. This represents a 21.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Daniel R. Needham sold 12,888 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $20,277,624. This represents a 12.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 71,818 shares of company stock valued at $16,234,593 over the last ninety days. Company insiders own 0.62% of the company's stock.

Nucor Stock Up 3.5%

NUE stock opened at $240.21 on Wednesday. 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 stock has a market capitalization of $54.71 billion, a P/E ratio of 23.78, a P/E/G 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 Corporation has a fifty-two week low of $106.21 and a fifty-two week high of $240.43.

Nucor (NYSE:NUE - Get Free Report) last posted its quarterly earnings data on Monday, April 27th. The basic materials company reported $3.23 earnings per share for the quarter, topping the consensus estimate of $2.82 by $0.41. The company had revenue of $9.50 billion during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.77 earnings per share. On average, sell-side analysts anticipate that Nucor Corporation will post 14.58 earnings per share for the current fiscal year.

Nucor declared that its Board of Directors has approved a stock repurchase plan 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 shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Barclays assumed coverage on Nucor in a report on Thursday, May 21st. They issued an "overweight" rating and a $270.00 price objective for the company. Zacks Research upgraded Nucor from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 12th. Citigroup upped their price objective on Nucor from $180.00 to $260.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. The Goldman Sachs Group increased their price target on Nucor from $240.00 to $260.00 in a report on Friday, May 1st. Finally, JPMorgan Chase & Co. increased their price target on Nucor from $212.00 to $240.00 and gave the stock an "overweight" rating in a report on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $247.50.

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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