Nucor Corporation $NUE Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its Nucor stake by 5.3% in the first quarter, selling 69,583 shares and retaining 1.23 million shares valued at approximately $208.4 million. Institutional investors collectively own 76.48% of Nucor.
• Nucor exceeded quarterly earnings expectations, reporting $4.84 in EPS versus the $4.46 consensus and $10.4 billion in revenue, up 23% year over year.
• Analysts maintain a positive outlook, with 12 Buy ratings and four Holds and a consensus price target of $273.31. Nucor also declared a quarterly dividend of $0.56 per share, representing a 0.8% yield.

Bank of America Corp DE decreased its stake in Nucor Corporation (NYSE:NUE - Free Report) by 5.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,232,382 shares of the basic materials company's stock after selling 69,583 shares during the period. Bank of America Corp DE owned 0.54% of Nucor worth $208,396,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in NUE. Strive Financial Group LLC bought a new position in shares of Nucor during the fourth quarter worth about $27,000. Stance Capital LLC acquired a new stake in shares of Nucor in the third quarter valued at approximately $25,000. Bartlett & CO. Wealth Management LLC raised its holdings in shares of Nucor by 49.2% during the first quarter. Bartlett & CO. Wealth Management LLC now owns 191 shares of the basic materials company's stock valued at $32,000 after buying an additional 63 shares during the last quarter. Mcguire Capital Advisors Inc. bought a new stake in shares of Nucor during the fourth quarter valued at approximately $32,000. Finally, Motiv8 Investments LLC acquired a new position in shares of Nucor during the fourth quarter worth approximately $32,000. Institutional investors and hedge funds own 76.48% of the company's stock.

Insider Activity at Nucor

In other Nucor news, EVP John J. Hollatz sold 10,560 shares of Nucor stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $258.46, for a total transaction of $2,729,337.60. Following the transaction, the executive vice president directly owned 97,865 shares in the company, valued at approximately $25,294,187.90. The trade was a 9.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Stephen D. Laxton sold 3,968 shares of the business's stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $256.96, for a total transaction of $1,019,617.28. Following the sale, the chief operating officer directly owned 77,867 shares in the company, valued at approximately $20,008,704.32. This trade represents a 4.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 17,028 shares of company stock worth $4,311,455 in the last quarter. 0.62% of the stock is owned by company insiders.

Nucor Stock Performance

Shares of NUE opened at $273.94 on Wednesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.51 and a quick ratio of 1.36. The firm's 50 day moving average is $244.19 and its 200-day moving average is $208.98. Nucor Corporation has a 12-month low of $131.32 and a 12-month high of $274.42. The stock has a market capitalization of $62.39 billion, a P/E ratio of 21.85, a P/E/G ratio of 0.58 and a beta of 1.89.

Nucor (NYSE:NUE - Get Free Report) last released its earnings results on Monday, July 27th. The basic materials company reported $4.84 EPS for the quarter, beating the consensus estimate of $4.46 by $0.38. The business had revenue of $10.40 billion during the quarter, compared to analyst estimates of $10.15 billion. Nucor had a net margin of 7.99% and a return on equity of 12.73%. The business's quarterly revenue was up 23.0% on a year-over-year basis. During the same period in the prior year, the business earned $2.60 earnings per share. Equities research analysts anticipate that Nucor Corporation will post 17.84 EPS for the current fiscal year.

Nucor Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 11th. Stockholders of record on Tuesday, June 30th will be issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Tuesday, June 30th. Nucor's dividend payout ratio is currently 17.86%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on NUE shares. JPMorgan Chase & Co. increased their price objective on Nucor from $240.00 to $282.00 and gave the stock an "overweight" rating in a report on Wednesday, June 10th. Wells Fargo & Company lifted their target price on Nucor from $283.00 to $297.00 and gave the company an "overweight" rating in a research note on Wednesday, July 29th. Wall Street Zen raised Nucor from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 16th. BNP Paribas Exane lifted their price objective on shares of Nucor from $210.00 to $248.00 and gave the company an "outperform" rating in a research note on Monday, May 4th. Finally, Barclays upped their price objective on shares of Nucor from $272.00 to $295.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Twelve investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Nucor currently has an average rating of "Moderate Buy" and a consensus target price of $273.31.

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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