Nucor Corporation $NUE Shares Acquired by Aberdeen Group plc

Key Points

• Aberdeen Group dramatically increased its Nucor stake in the third quarter, adding about 14.7 million shares and bringing its holdings to nearly 15 million shares, worth approximately $3.42 billion.
• Nucor reported $11.25 billion in quarterly revenue, up 32% year over year and above forecasts, but EPS of $5.80 narrowly missed expectations. Management expects fourth-quarter earnings to be roughly in line with or modestly higher than Q3, though seasonal volume declines and higher costs could pressure margins.
• Analyst sentiment remains broadly positive: Nucor has a “Moderate Buy” consensus rating and an average price target of $288.94. The article also notes recent insider share sales.

Aberdeen Group plc increased its stake in Nucor Corporation (NYSE:NUE - Free Report) by 5,993.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,971,918 shares of the basic materials company's stock after purchasing an additional 14,726,217 shares during the period. Nucor accounts for 3.6% of Aberdeen Group plc's portfolio, making the stock its 5th largest holding. Aberdeen Group plc owned about 6.60% of Nucor worth $3,419,287,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Nucor in the 2nd quarter valued at about $4,452,563,000. Dimensional Fund Advisors LP raised its stake in shares of Nucor by 0.9% during the first quarter. Dimensional Fund Advisors LP now owns 2,539,044 shares of the basic materials company's stock worth $429,298,000 after buying an additional 22,718 shares during the last quarter. Bank of America Corp DE bought a new stake in shares of Nucor during the second quarter worth approximately $462,886,000. Berkshire Hathaway Inc acquired a new position in Nucor in the second quarter valued at approximately $413,814,000. Finally, Bank of New York Mellon Corp lifted its holdings in Nucor by 1.7% in the first quarter. Bank of New York Mellon Corp now owns 1,809,899 shares of the basic materials company's stock valued at $306,054,000 after buying an additional 29,476 shares during the period. Institutional investors and hedge funds own 76.48% of the company's stock.

Key Headlines Impacting Nucor

These are some of the NUE headlines that stood out recently:

• Positive Sentiment: Nucor’s third-quarter results benefited from record steel-mills shipments, higher selling prices and increased volumes. Its reported sales were $11.25 billion, and management expects fourth-quarter earnings to be generally in line with or modestly above Q3. Nucor’s Steel Mills Shipments Climb: Can Margins Hold in Q4?
• Negative Sentiment: Investors may be weighing potential fourth-quarter pressure: seasonal shipment declines and higher costs could squeeze margins, despite management’s broadly steady earnings outlook. Nucor’s Steel Mills Shipments Climb: Can Margins Hold in Q4?
• Negative Sentiment: Recent insider selling may have added to caution. The report says Nucor insiders made 23 open-market sales and no purchases over the past six months; such activity can weigh on sentiment but does not by itself establish a change in company prospects. Nucor Slides as Investors Appear to Take Profits After Rally

Nucor Stock Performance

Shares of NUE opened at $252.04 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.43 and a current ratio of 2.46. Nucor Corporation has a twelve month low of $143.41 and a twelve month high of $287.70. The firm's 50 day moving average price is $255.20 and its two-hundred day moving average price is $227.58. The firm has a market cap of $56.70 billion, a P/E ratio of 16.72, a PEG ratio of 0.64 and a beta of 1.81.

Nucor (NYSE:NUE - Get Free Report) last issued its quarterly earnings data on Monday, October 26th. The basic materials company reported $5.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.84 by ($0.04). The company had revenue of $11.25 billion for the quarter, compared to the consensus estimate of $10.84 billion. Nucor had a return on equity of 15.53% and a net margin of 9.26%. The firm's revenue was up 32.0% on a year-over-year basis. During the same period in the prior year, the company earned $2.63 EPS. On average, analysts forecast that Nucor Corporation will post 19.63 EPS for the current fiscal year.

Nucor Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 10th. Shareholders of record on Wednesday, September 30th were paid a $0.56 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $2.24 annualized dividend and a yield of 0.9%. Nucor's payout ratio is presently 14.26%.

Insider Transactions at Nucor

In other news, EVP Allen C. Behr sold 11,846 shares of the firm's stock in a transaction that occurred on Thursday, October 29th. The shares were sold at an average price of $272.90, for a total transaction of $3,232,773.40. Following the completion of the transaction, the executive vice president directly owned 58,022 shares of the company's stock, valued at $15,834,203.80. This trade represents a 16.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Stephen Laxton sold 10,560 shares of the firm's stock in a transaction that occurred on Tuesday, November 3rd. The stock was sold at an average price of $274.98, for a total transaction of $2,903,788.80. Following the transaction, the chief operating officer directly owned 77,867 shares of the company's stock, valued at $21,411,867.66. This represents a 11.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 28,732 shares of company stock worth $7,881,287. Insiders own 0.62% of the company's stock.

Analyst Ratings Changes

A number of brokerages have issued reports on NUE. Weiss Ratings raised shares of Nucor from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, October 15th. Barclays upped their target price on shares of Nucor from $320.00 to $345.00 and gave the company an "overweight" rating in a research report on Thursday. KeyCorp increased their price target on Nucor from $286.00 to $301.00 and gave the company an "overweight" rating in a research note on Wednesday, November 4th. Freedom Broker upgraded Nucor from a "hold" rating to a "buy" rating and raised their price target for the stock from $285.00 to $304.00 in a research report on Friday, October 30th. Finally, Wells Fargo & Company lifted their price objective on Nucor from $280.00 to $305.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $288.94.

Nucor Company Profile

Nucor Corporation is a U.S.-based steel and steel products manufacturer. Its steel mills produce sheet, plate, bar, structural steel and reinforcing bar used in construction, manufacturing, transportation and other industries. The company also makes downstream products such as steel joists, decking, fasteners, wire products and metal building components. Its operations include recycling ferrous scrap and producing direct reduced iron, materials used in steelmaking. Nucor traces its roots to 1905 and developed into a steel producer during the mid-20th century.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.