Nucor Corporation $NUE Shares Sold by Geode Capital Management LLC

Key Points

• Geode Capital Management trimmed its Nucor stake by 2.1% in the fourth quarter, selling 125,901 shares and ending with 5.9 million shares valued at about $959 million.
• Nucor reported a strong quarter, with EPS of $3.23 and revenue of $9.50 billion, both beating analyst estimates; revenue also rose 21.3% from a year earlier.
• The company’s board approved a $4 billion share buyback plan, while analysts remain broadly positive with a Moderate Buy consensus and an average price target of $247.50.

Geode Capital Management LLC lessened its holdings in shares of Nucor Corporation (NYSE:NUE - Free Report) by 2.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,902,758 shares of the basic materials company's stock after selling 125,901 shares during the period. Geode Capital Management LLC owned approximately 2.58% of Nucor worth $959,004,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC lifted its holdings in shares of Nucor by 21.1% in the 1st quarter. Integrated Wealth Concepts LLC now owns 3,266 shares of the basic materials company's stock valued at $393,000 after buying an additional 568 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in Nucor during the first quarter valued at approximately $259,000. Geneos Wealth Management Inc. raised its position 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 in the last quarter. Sivia Capital Partners LLC acquired a new position in Nucor in the second quarter valued at approximately $390,000. Finally, Cerity Partners LLC boosted its position in Nucor by 51.9% in the 2nd quarter. Cerity Partners LLC now owns 40,629 shares of the basic materials company's stock worth $5,263,000 after purchasing an additional 13,877 shares in the last quarter. 76.48% of the stock is owned by hedge funds and other institutional investors.

Nucor Price Performance

Nucor stock opened at $250.06 on Friday. The stock has a market capitalization of $56.95 billion, a P/E ratio of 24.76, a P/E/G ratio of 0.66 and a beta of 1.87. The company's fifty day moving average price is $204.13 and its 200 day moving average price is $181.02. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.55 and a current ratio of 2.90. Nucor Corporation has a 1 year low of $106.21 and a 1 year high of $251.39.

Nucor (NYSE:NUE - Get Free Report) last announced its earnings results on Monday, April 27th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating 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 net margin of 6.82% and a return on equity of 10.68%. The company's revenue for the quarter was up 21.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.77 earnings per share. As a group, equities research analysts anticipate that Nucor Corporation will post 14.84 earnings per share for the current fiscal year.

Nucor announced that its board 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 stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.

Insider Activity at Nucor

In other news, insider Michael D. Keller sold 4,554 shares of Nucor stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $225.86, for a total value of $1,028,566.44. Following the sale, the insider directly owned 16,834 shares of the company's stock, valued at $3,802,127.24. The trade was a 21.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Randy J. Spicer sold 2,500 shares of the company's stock in a transaction on Monday, May 18th. The stock was sold at an average price of $225.00, for a total transaction of $562,500.00. Following the sale, the executive vice president directly owned 20,510 shares of the company's stock, valued at $4,614,750. The trade was a 10.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 71,818 shares of company stock worth $16,234,593 in the last quarter. Corporate insiders own 0.62% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Argus lifted their target price on shares of Nucor from $200.00 to $262.00 and gave the company a "buy" rating in a report on Friday, May 15th. The Goldman Sachs Group raised their price target on shares of Nucor from $240.00 to $260.00 in a research report on Friday, May 1st. Morgan Stanley lifted their price objective on shares of Nucor from $180.00 to $227.00 and gave the company an "equal weight" rating in a report on Wednesday, April 29th. Jefferies Financial Group upped their price objective on shares of Nucor from $225.00 to $250.00 and gave the stock a "buy" rating in a research report on Tuesday, April 28th. Finally, CICC Research began coverage on Nucor in a research report on Monday. They set an "outperform" rating on the stock. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Nucor currently has an average rating of "Moderate Buy" and an average price target of $247.50.

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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