Nordea Investment Management AB Boosts Stock Position in Nucor Corporation $NUE

Key Points

• Nordea Investment Management AB increased its Nucor stake by 11.1% in Q4 to 2,103,000 shares (about 0.92% of the company), valued at roughly $342.6 million.
• Nucor's Board approved a $4.0 billion share buyback (up to ~9.7% of shares) and declared a quarterly dividend of $0.56 per share (annualized $2.24, yield ~1.4%).
• Nucor missed Q4 estimates with EPS of $1.73 versus $1.91 expected and revenue of $7.69B versus $7.93B, though revenue rose 8.6% YoY; analysts still rate the stock a "Moderate Buy" with an average target of $188.30.

Nordea Investment Management AB lifted its stake in shares of Nucor Corporation (NYSE:NUE - Free Report) by 11.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,103,000 shares of the basic materials company's stock after acquiring an additional 210,577 shares during the quarter. Nordea Investment Management AB owned approximately 0.92% of Nucor worth $342,642,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NUE. Stance Capital LLC bought a new stake in shares of Nucor during the 3rd quarter valued at $25,000. AXS Investments LLC bought a new position in Nucor in the 3rd quarter worth $37,000. Vision Financial Markets LLC boosted its holdings 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 buying an additional 200 shares during the period. Elevation Point Wealth Partners LLC purchased a new stake in Nucor in the 2nd quarter worth $39,000. Finally, Geneos Wealth Management Inc. raised its holdings in Nucor by 81.8% during the first quarter. Geneos Wealth Management Inc. now owns 340 shares of the basic materials company's stock valued at $41,000 after acquiring an additional 153 shares during the period. Institutional investors own 76.48% of the company's stock.

Nucor Trading Down 1.9%

Shares of Nucor stock opened at $158.84 on Friday. Nucor Corporation has a twelve month low of $97.59 and a twelve month high of $196.90. 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 business has a 50-day moving average price of $176.65 and a 200-day moving average price of $158.96. The firm has a market cap of $36.18 billion, a price-to-earnings ratio of 21.07, a PEG ratio of 0.57 and a beta of 1.83.

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 analysts' consensus estimates of $1.91 by ($0.18). The firm had revenue of $7.69 billion for the quarter, compared to the consensus estimate of $7.93 billion. Nucor had a net margin of 5.37% and a return on equity of 8.26%. Nucor's quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.22 earnings per share. Equities research analysts anticipate that Nucor Corporation will post 7.64 EPS for the current fiscal year.

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

Nucor Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, May 11th. Stockholders of record on Tuesday, March 31st will be given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Tuesday, March 31st. Nucor's dividend payout ratio is currently 29.71%.

Insider Transactions at Nucor

In related news, EVP Kenneth Rex Query sold 7,452 shares of the firm's stock in a transaction on 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 transaction, the executive vice president directly owned 76,628 shares of the company's stock, valued at approximately $15,020,620.56. This trade represents a 8.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Thomas J. Batterbee sold 2,000 shares of the business's stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $165.28, for a total transaction of $330,560.00. Following the completion of the sale, the executive vice president owned 17,952 shares in the company, valued at $2,967,106.56. This represents a 10.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 28,401 shares of company stock valued at $5,266,712 over the last quarter. 0.46% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on NUE shares. BMO Capital Markets upped their price objective on Nucor from $190.00 to $196.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 3rd. Morgan Stanley reissued an "equal weight" rating and set a $180.00 target price (up from $165.00) on shares of Nucor in a research note on Friday, January 9th. JPMorgan Chase & Co. boosted their price target on Nucor from $175.00 to $200.00 and gave the stock an "overweight" rating in a report on Friday, December 5th. Wall Street Zen downgraded Nucor from a "buy" rating to a "hold" rating in a research note on Saturday, March 7th. Finally, UBS Group increased their price objective on shares of Nucor from $183.00 to $184.00 and gave the company a "neutral" rating in a report on Monday, March 16th. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, Nucor currently has an average rating of "Moderate Buy" and an average target price of $188.30.

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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