Nucor Corporation $NUE Position Lifted by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System dramatically increased its Nucor stake by 61.16 million shares in the second quarter, bringing its holdings to 61.42 million shares valued at approximately $13.68 billion. Institutional investors collectively own 76.48% of Nucor.
• Nucor exceeded quarterly expectations, reporting $4.84 in earnings per share versus the $4.46 consensus estimate and $10.40 billion in revenue, up 23% year over year.
• Analysts remain generally positive, with 13 Buy ratings and three Holds producing a “Moderate Buy” consensus and an average price target of $272.38, while two executives recently sold shares.

California State Teachers Retirement System grew its stake in shares of Nucor Corporation (NYSE:NUE - Free Report) by 23,029.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 61,424,649 shares of the basic materials company's stock after acquiring an additional 61,159,082 shares during the period. California State Teachers Retirement System owned about 27.07% of Nucor worth $13,682,341,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Transamerica Financial Advisors LLC bought a new position in shares of Nucor during the second quarter worth about $25,000. Manning & Napier Advisors LLC bought a new stake in Nucor in the second quarter valued at about $27,000. Bell Investment Advisors Inc bought a new stake in Nucor in the second quarter valued at about $28,000. Markowski Investments acquired a new stake in Nucor during the second quarter valued at approximately $29,000. Finally, Strive Financial Group LLC acquired a new stake in Nucor during the fourth quarter valued at approximately $27,000. Institutional investors own 76.48% of the company's stock.

Nucor Stock Performance

Shares of NUE stock opened at $256.49 on Wednesday. The company has a quick ratio of 1.36, a current ratio of 2.51 and a debt-to-equity ratio of 0.27. The business has a 50 day moving average of $249.48 and a two-hundred day moving average of $222.65. Nucor Corporation has a 52 week low of $131.32 and a 52 week high of $280.11. The company has a market cap of $58.19 billion, a P/E ratio of 20.45, a PEG ratio of 0.97 and a beta of 1.87.

Nucor (NYSE:NUE - Get Free Report) last announced its quarterly earnings results on Monday, July 27th. The basic materials company reported $4.84 earnings per share for the quarter, topping analysts' consensus estimates of $4.46 by $0.38. The business had revenue of $10.40 billion for the quarter, compared to analysts' expectations of $10.15 billion. Nucor had a return on equity of 12.73% and a net margin of 7.99%.The business's quarterly revenue was up 23.0% on a year-over-year basis. During the same period in the prior year, the firm earned $2.60 EPS. As a group, analysts anticipate that Nucor Corporation will post 17.95 EPS for the current year.

Insiders Place Their Bets

In related news, COO Stephen Laxton sold 3,968 shares of the company's stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $256.96, for a total transaction of $1,019,617.28. Following the completion of the transaction, the chief operating officer directly owned 77,867 shares in the company, valued at $20,008,704.32. This represents a 4.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Thomas Batterbee sold 4,000 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $261.02, for a total value of $1,044,080.00. Following the completion of the sale, the executive vice president directly owned 16,138 shares in the company, valued at $4,212,340.76. This represents a 19.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.62% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

NUE has been the subject of a number of research analyst reports. CICC Research assumed coverage on Nucor in a report on Monday, May 25th. They issued an "outperform" rating for the company. Wells Fargo & Company reduced their price objective on Nucor from $297.00 to $285.00 and set an "overweight" rating on the stock in a research note on Monday, August 24th. BMO Capital Markets lifted their price objective on shares of Nucor from $285.00 to $295.00 and gave the stock an "outperform" rating in a report on Wednesday, July 29th. Seaport Research Partners boosted their target price on shares of Nucor from $245.00 to $285.00 and gave the company a "buy" rating in a research note on Wednesday, June 10th. Finally, Morgan Stanley set a $270.00 target price on shares of Nucor in a report on Wednesday, July 29th. Thirteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $272.38.

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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