Swedbank AB Has $39.70 Million Stock Position in Nucor Corporation $NUE

Key Points

• Swedbank AB reduced its Nucor stake by 4.7% in the fourth quarter, but still held 243,391 shares valued at about $39.7 million.
• Nucor posted strong quarterly results, reporting EPS of $3.23 versus the $2.82 estimate and revenue of $9.50 billion, with sales up 21.3% year over year.
• The company’s board approved a $4 billion share buyback program, while analysts remain broadly positive with a consensus rating of Moderate Buy and an average price target of $247.50.

Swedbank AB trimmed its stake in shares of Nucor Corporation (NYSE:NUE - Free Report) by 4.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 243,391 shares of the basic materials company's stock after selling 11,874 shares during the quarter. Swedbank AB owned 0.11% of Nucor worth $39,700,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Nucor by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 28,407,540 shares of the basic materials company's stock valued at $4,633,554,000 after purchasing an additional 144,038 shares in the last quarter. Capital World Investors boosted its holdings in Nucor by 20.1% during the third quarter. Capital World Investors now owns 3,042,761 shares of the basic materials company's stock valued at $412,081,000 after purchasing an additional 509,019 shares in the last quarter. Nordea Investment Management AB boosted its holdings in Nucor by 11.1% during the fourth quarter. Nordea Investment Management AB now owns 2,103,000 shares of the basic materials company's stock valued at $342,642,000 after purchasing an additional 210,577 shares in the last quarter. Diamond Hill Capital Management Inc. boosted its holdings in Nucor by 2.4% during the third quarter. Diamond Hill Capital Management Inc. now owns 1,685,250 shares of the basic materials company's stock valued at $228,233,000 after purchasing an additional 38,990 shares in the last quarter. Finally, Legal & General Group Plc boosted its holdings in Nucor by 11.2% during the third quarter. Legal & General Group Plc now owns 1,630,986 shares of the basic materials company's stock valued at $220,884,000 after purchasing an additional 164,021 shares in the last quarter. 76.48% of the stock is owned by institutional investors and hedge funds.

Nucor Stock Performance

NUE stock opened at $231.99 on Monday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.90 and a quick ratio of 1.55. The company has a 50 day moving average price of $196.07 and a 200 day moving average price of $177.78. Nucor Corporation has a fifty-two week low of $106.21 and a fifty-two week high of $235.45. The stock has a market capitalization of $52.83 billion, a PE ratio of 22.97, a price-to-earnings-growth ratio of 0.62 and a beta of 1.87.

Nucor (NYSE:NUE - Get Free Report) last posted its quarterly earnings data on Monday, April 27th. The basic materials company reported $3.23 earnings per share for the quarter, topping the consensus estimate of $2.82 by $0.41. Nucor had a net margin of 6.82% and a return on equity of 10.68%. The firm had revenue of $9.50 billion during the quarter, compared to analysts' expectations of $8.88 billion. During the same quarter in the previous year, the company posted $0.77 EPS. Nucor's revenue was up 21.3% on a year-over-year basis. Analysts forecast that Nucor Corporation will post 14.58 EPS for the current year.

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

Insider Transactions at Nucor

In other Nucor news, EVP Noah C. Hanners sold 6,472 shares of Nucor stock in a transaction on Friday, May 1st. The shares were sold at an average price of $226.50, for a total transaction of $1,465,908.00. Following the completion of the sale, the executive vice president owned 50,377 shares of the company's stock, valued at approximately $11,410,390.50. The trade was a 11.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael D. Keller sold 4,554 shares of Nucor stock in a transaction on Monday, May 4th. The stock was sold at an average price of $225.86, for a total transaction 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. This represents a 21.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 71,818 shares of company stock worth $16,234,593 over the last ninety days. 0.62% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

NUE has been the subject of a number of research analyst reports. Weiss Ratings upgraded shares of Nucor from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, May 14th. Wall Street Zen upgraded shares of Nucor from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 16th. Barclays initiated coverage on shares of Nucor in a research note on Thursday. They issued an "overweight" rating and a $270.00 target price for the company. Seaport Research Partners reiterated a "buy" rating and issued a $245.00 target price on shares of Nucor in a research note on Thursday, April 30th. Finally, Morgan Stanley lifted their target price on shares of Nucor from $180.00 to $227.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Nucor presently has an average rating of "Moderate Buy" and a consensus price target of $247.50.

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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