Nucor Corporation $NUE Shares Sold by Swiss National Bank

Key Points

• Swiss National Bank trimmed its Nucor stake by 4.8%, selling 33,200 shares to hold 665,200 shares worth about $90.1 million (≈0.29% of the company) at quarter-end.
• Nucor approved a $4.0 billion share repurchase program (up to 9.7% of shares) and declared a quarterly dividend of $0.56 ($2.24 annual, ~1.3% yield).
• The company missed quarterly estimates (EPS $1.73 vs. $1.91 consensus; revenue slightly below expectations) even as several analysts raised price targets and the stock carries a consensus rating of Moderate Buy (average target $187.90).

Swiss National Bank lowered its holdings in Nucor Corporation (NYSE:NUE - Free Report) by 4.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 665,200 shares of the basic materials company's stock after selling 33,200 shares during the period. Swiss National Bank owned about 0.29% of Nucor worth $90,088,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in shares of Nucor by 0.7% in the second quarter. Vanguard Group Inc. now owns 29,171,068 shares of the basic materials company's stock worth $3,778,820,000 after buying an additional 211,741 shares during the last quarter. State Street Corp boosted its stake in Nucor by 3.1% during the 2nd quarter. State Street Corp now owns 12,501,779 shares of the basic materials company's stock valued at $1,626,321,000 after acquiring an additional 371,911 shares during the last quarter. Berkshire Hathaway Inc acquired a new position in Nucor during the 2nd quarter worth $856,792,000. Norges Bank bought a new stake in shares of Nucor in the 2nd quarter worth about $479,858,000. Finally, Nordea Investment Management AB raised its stake in shares of Nucor by 2.0% in the 3rd quarter. Nordea Investment Management AB now owns 1,892,423 shares of the basic materials company's stock valued at $255,155,000 after purchasing an additional 36,323 shares in the last quarter. 76.48% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently commented on NUE. BMO Capital Markets increased their price target on shares of Nucor from $190.00 to $196.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 3rd. Jefferies Financial Group lifted their target price on Nucor from $190.00 to $200.00 and gave the stock a "buy" rating in a research report on Monday, January 12th. Weiss Ratings reiterated a "hold (c)" rating on shares of Nucor in a report on Monday, December 29th. Wells Fargo & Company raised their price objective on Nucor from $184.00 to $194.00 and gave the stock an "overweight" rating in a research note on Monday, March 2nd. Finally, Seaport Research Partners boosted their target price on shares of Nucor from $170.00 to $185.00 and gave the company a "buy" rating in a research note on Friday, January 30th. Eight equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $187.90.

Insiders Place Their Bets

In other news, EVP Allen C. Behr sold 7,568 shares of the firm's stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $188.50, for a total transaction of $1,426,568.00. Following the transaction, the executive vice president directly owned 67,711 shares of the company's stock, valued at approximately $12,763,523.50. This trade represents a 10.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kenneth Rex Query sold 7,452 shares of the company's stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $196.02, for a total transaction of $1,460,741.04. Following the completion of the sale, the executive vice president directly owned 76,628 shares of the company's stock, valued at $15,020,620.56. The trade was a 8.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 34,351 shares of company stock valued at $6,206,158 in the last quarter. 0.71% of the stock is owned by insiders.

Nucor Stock Performance

Shares of NUE opened at $170.70 on Wednesday. The firm has a fifty day moving average of $177.09 and a 200-day moving average of $158.21. The company has a market cap of $38.88 billion, a price-to-earnings ratio of 22.64, a price-to-earnings-growth ratio of 0.61 and a beta of 1.83. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.57 and a current ratio of 2.94. Nucor Corporation has a 1 year low of $97.59 and a 1 year high of $196.90.

Nucor (NYSE:NUE - Get Free Report) last issued its quarterly earnings data on Monday, January 26th. The basic materials company reported $1.73 earnings per share for the quarter, missing the consensus estimate of $1.91 by ($0.18). Nucor had a net margin of 5.37% and a return on equity of 8.26%. The firm had revenue of $7.69 billion during the quarter, compared to the consensus estimate of $7.93 billion. During the same quarter in the prior year, the business earned $1.22 earnings per share. The company's revenue for the quarter was up 8.6% compared to the same quarter last year. As a group, equities analysts anticipate that Nucor Corporation will post 7.64 earnings per share for the current year.

Nucor Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 11th. Investors of record on Tuesday, March 31st will be issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Tuesday, March 31st. Nucor's dividend payout ratio is 29.71%.

Nucor announced that its board has approved a share repurchase program on Friday, February 20th that authorizes the company to buyback $4.00 billion in outstanding shares. This buyback authorization authorizes the basic materials company to repurchase up to 9.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its shares are undervalued.

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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