ProShare Advisors LLC Decreases Stock Position in Nucor Corporation $NUE

Key Points

• ProShare Advisors LLC trimmed its Nucor stake by 1.7% in the fourth quarter, though it still held about 1.21 million shares valued at roughly $197.1 million.
• Analysts remain constructive on Nucor, with an average “Moderate Buy” rating and a consensus price target of $245.45 after several firms raised their targets.
• Nucor posted strong results in its latest quarter, beating EPS and revenue estimates, while also continuing shareholder returns through a quarterly dividend and a $4 billion share repurchase authorization.

ProShare Advisors LLC lowered its stake in Nucor Corporation (NYSE:NUE - Free Report) by 1.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,208,487 shares of the basic materials company's stock after selling 21,352 shares during the quarter. ProShare Advisors LLC owned about 0.53% of Nucor worth $197,116,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of NUE. Integrated Wealth Concepts LLC lifted its stake in Nucor by 21.1% in the 1st quarter. Integrated Wealth Concepts LLC now owns 3,266 shares of the basic materials company's stock worth $393,000 after purchasing an additional 568 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Nucor in the 1st quarter worth $259,000. Geneos Wealth Management Inc. lifted its stake in Nucor by 81.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 340 shares of the basic materials company's stock worth $41,000 after purchasing an additional 153 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in Nucor in the 2nd quarter worth $390,000. Finally, Cerity Partners LLC lifted its stake 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. Hedge funds and other institutional investors own 76.48% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on NUE. KeyCorp began coverage on shares of Nucor in a research report on Wednesday, March 25th. They set a "sector weight" rating on the stock. Morgan Stanley upped their target price on shares of Nucor from $180.00 to $227.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 29th. The Goldman Sachs Group upped their target price on shares of Nucor from $240.00 to $260.00 in a research report on Friday, May 1st. BMO Capital Markets upped their target price on shares of Nucor from $196.00 to $235.00 and gave the company an "outperform" rating in a research report on Tuesday, April 28th. Finally, Wells Fargo & Company upped their target price on shares of Nucor from $213.00 to $244.00 and gave the company an "overweight" rating in a research report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $245.45.

Insider Activity at Nucor

In related news, EVP David A. Sumoski sold 33,068 shares of the company's stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $225.67, for a total transaction of $7,462,455.56. Following the transaction, the executive vice president directly owned 243,339 shares in the company, valued at approximately $54,914,312.13. This represents a 11.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Michael D. Keller sold 4,554 shares of the company's stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $225.86, for a total transaction of $1,028,566.44. Following the transaction, the insider owned 16,834 shares in the company, valued at $3,802,127.24. The trade was a 21.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 69,318 shares of company stock worth $15,672,093 in the last three months. 0.62% of the stock is owned by insiders.

Nucor Stock Performance

Shares of NYSE:NUE opened at $226.23 on Tuesday. The company has a market capitalization of $51.52 billion, a price-to-earnings ratio of 22.40, a PEG ratio of 0.61 and a beta of 1.87. Nucor Corporation has a 12 month low of $106.21 and a 12 month high of $235.45. The firm's 50-day moving average is $191.56 and its 200 day moving average is $175.65. The company has a current ratio of 2.90, a quick ratio of 1.55 and a debt-to-equity ratio of 0.30.

Nucor (NYSE:NUE - Get Free Report) last issued its quarterly earnings results on Monday, April 27th. The basic materials company reported $3.23 EPS for the quarter, beating the consensus estimate of $2.82 by $0.41. The company had revenue of $9.50 billion for the quarter, compared to the consensus estimate of $8.88 billion. Nucor had a net margin of 6.82% and a return on equity of 10.68%. The firm's revenue was up 21.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.77 EPS. Research analysts predict that Nucor Corporation will post 14.66 EPS for the current year.

Nucor Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Tuesday, March 31st were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 1.0%. The ex-dividend date was Tuesday, March 31st. Nucor's dividend payout ratio is presently 22.18%.

Nucor declared that its Board of Directors has approved a stock repurchase plan on Friday, February 20th that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the basic materials company to purchase up to 9.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is 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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