Nucor Corporation $NUE Stock Holdings Boosted by Saudi Central Bank

Key Points

• Saudi Central Bank increased its Nucor stake by 84% in the second quarter, bringing its holdings to 15,546 shares valued at approximately $3.46 million. Institutional investors collectively own 76.48% of Nucor.
• Nucor exceeded quarterly expectations, reporting $4.84 in earnings per share versus the $4.46 consensus and revenue of $10.40 billion, up 23% year over year.
• Analysts maintain a favorable outlook, with 13 Buy ratings and three Holds producing a “Moderate Buy” consensus and an average price target of $272.38; Nucor also pays a $0.56 quarterly dividend.

Saudi Central Bank lifted its position in Nucor Corporation (NYSE:NUE - Free Report) by 84.0% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 15,546 shares of the basic materials company's stock after buying an additional 7,099 shares during the period. Saudi Central Bank's holdings in Nucor were worth $3,463,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Transamerica Financial Advisors LLC bought a new stake in Nucor in the second quarter worth about $25,000. Manning & Napier Advisors LLC acquired a new position in shares of Nucor in the 2nd quarter worth approximately $27,000. Bell Investment Advisors Inc bought a new stake in shares of Nucor in the 2nd quarter worth approximately $28,000. Markowski Investments acquired a new stake in Nucor during the second quarter valued at approximately $29,000. Finally, Strive Financial Group LLC acquired a new stake in Nucor during the fourth quarter valued at approximately $27,000. Institutional investors and hedge funds own 76.48% of the company's stock.

Nucor Stock Performance

Shares of Nucor stock opened at $260.98 on Monday. The stock has a market cap of $59.21 billion, a PE ratio of 20.81, a price-to-earnings-growth ratio of 0.97 and a beta of 1.87. The business has a fifty day simple moving average of $248.16 and a 200-day simple moving average of $221.60. The company has a quick ratio of 1.36, a current ratio of 2.51 and a debt-to-equity ratio of 0.27. Nucor Corporation has a 12 month low of $131.32 and a 12 month high of $280.11.

Nucor (NYSE:NUE - Get Free Report) last posted its quarterly earnings results on Monday, July 27th. The basic materials company reported $4.84 earnings per share for the quarter, beating the consensus estimate of $4.46 by $0.38. The firm had revenue of $10.40 billion for the quarter, compared to analyst estimates of $10.15 billion. Nucor had a return on equity of 12.73% and a net margin of 7.99%.Nucor's quarterly revenue was up 23.0% on a year-over-year basis. During the same period in the previous year, the firm earned $2.60 earnings per share. On average, sell-side analysts anticipate that Nucor Corporation will post 17.95 EPS for the current fiscal year.

Nucor Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 11th. Stockholders of record on Tuesday, June 30th were issued a $0.56 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 0.9%. Nucor's dividend payout ratio is currently 17.86%.

Insider Transactions at Nucor

In other news, EVP Thomas Batterbee sold 4,000 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $261.02, for a total value of $1,044,080.00. Following the completion of the sale, the executive vice president directly owned 16,138 shares of the company's stock, valued at $4,212,340.76. This represents a 19.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Stephen Laxton sold 3,968 shares of the firm's stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $256.96, for a total transaction of $1,019,617.28. Following the sale, the chief operating officer owned 77,867 shares of the company's stock, valued at approximately $20,008,704.32. This represents a 4.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.62% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on NUE. Argus lifted their price target on shares of Nucor from $200.00 to $262.00 and gave the stock a "buy" rating in a research report on Friday, May 15th. Morgan Stanley set a $270.00 target price on Nucor in a report on Wednesday, July 29th. BMO Capital Markets upped their target price on Nucor from $285.00 to $295.00 and gave the company an "outperform" rating in a report on Wednesday, July 29th. The Goldman Sachs Group increased their price target on Nucor from $260.00 to $284.00 and gave the company a "buy" rating in a research report on Tuesday, June 16th. Finally, Weiss Ratings raised Nucor from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, August 25th. Thirteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $272.38.

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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