Nucor Corporation $NUE Shares Bought by New York State Teachers Retirement System

Key Points

• New York State Teachers Retirement System increased its Nucor stake by 5.4% in the first quarter, buying 9,400 more shares and bringing its holdings to 182,432 shares worth about $30.8 million.
• Nucor reported strong quarterly results, posting $3.23 EPS versus the $2.82 consensus estimate and revenue of $9.50 billion, up 21.3% year over year.
• Analysts remain upbeat on the stock, with multiple firms raising price targets; Nucor now carries a Moderate Buy consensus and an average target price of $266.92.

New York State Teachers Retirement System boosted its position in shares of Nucor Corporation (NYSE:NUE - Free Report) by 5.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 182,432 shares of the basic materials company's stock after buying an additional 9,400 shares during the period. New York State Teachers Retirement System owned 0.08% of Nucor worth $30,849,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in NUE. Sierra Summit Advisors LLC increased its position in shares of Nucor by 4.8% during the first quarter. Sierra Summit Advisors LLC now owns 9,336 shares of the basic materials company's stock worth $1,579,000 after purchasing an additional 424 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its holdings in Nucor by 26.6% in the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 94,686 shares of the basic materials company's stock valued at $16,011,000 after purchasing an additional 19,900 shares in the last quarter. Elevation Point Wealth Partners LLC purchased a new position in Nucor in the 1st quarter valued at $460,000. Platform Technology Partners purchased a new position in Nucor in the 1st quarter valued at $245,000. Finally, Keybank National Association OH boosted its stake in Nucor by 29.1% during the 1st quarter. Keybank National Association OH now owns 16,917 shares of the basic materials company's stock worth $2,861,000 after purchasing an additional 3,815 shares during the last quarter. Institutional investors and hedge funds own 76.48% of the company's stock.

Nucor Stock Down 0.1%

Shares of NYSE:NUE opened at $220.61 on Friday. Nucor Corporation has a 52-week low of $131.32 and a 52-week high of $270.90. The stock has a market cap of $50.24 billion, a P/E ratio of 21.84, a PEG ratio of 0.50 and a beta of 1.91. The business has a fifty day moving average of $237.84 and a two-hundred day moving average of $196.89. The company has a quick ratio of 1.55, a current ratio of 2.90 and a debt-to-equity ratio of 0.30.

Nucor (NYSE:NUE - Get Free Report) last posted its quarterly earnings results on Monday, April 27th. The basic materials company reported $3.23 EPS for the quarter, topping the consensus estimate of $2.82 by $0.41. The business had revenue of $9.50 billion for the quarter, compared to analyst estimates of $8.88 billion. Nucor had a return on equity of 10.68% and a net margin of 6.82%.The company's quarterly revenue was up 21.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.77 EPS. On average, research analysts expect that Nucor Corporation will post 17.68 earnings per share for the current year.

Nucor Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 11th. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.56 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $2.24 dividend on an annualized basis and a yield of 1.0%. Nucor's payout ratio is 22.18%.

Analysts Set New Price Targets

NUE has been the subject of a number of research reports. JPMorgan Chase & Co. upped their target price on shares of Nucor from $240.00 to $282.00 and gave the stock an "overweight" rating in a report on Wednesday, June 10th. Bank of America raised their price target on shares of Nucor from $265.00 to $290.00 in a research note on Friday, June 12th. BMO Capital Markets boosted their price target on shares of Nucor from $250.00 to $285.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 3rd. Jefferies Financial Group upped their price objective on shares of Nucor from $225.00 to $250.00 and gave the company a "buy" rating in a research note on Tuesday, April 28th. Finally, Argus increased their price objective on shares of Nucor from $200.00 to $262.00 and gave the company a "buy" rating in a report on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $266.92.

Insider Activity at Nucor

In other news, EVP Daniel R. Needham sold 12,888 shares of the stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $226.00, for a total value of $2,912,688.00. Following the completion of the sale, the executive vice president owned 89,724 shares of the company's stock, valued at $20,277,624. This represents a 12.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Allen C. Behr sold 10,096 shares of the firm's stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $226.08, for a total transaction of $2,282,503.68. Following the sale, the executive vice president owned 62,871 shares of the company's stock, valued at $14,213,875.68. This represents a 13.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 82,378 shares of company stock valued at $18,963,930 over the last ninety days. Corporate insiders own 0.62% of the company's stock.

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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