Swedbank AB Sells 5,785 Shares of Nucor Corporation $NUE

Key Points

• Swedbank AB trimmed its Nucor stake by 2.4% in the first quarter, selling 5,785 shares and leaving it with 237,606 shares valued at about $40.2 million.
• Nucor reported better-than-expected quarterly results, with earnings of $3.23 per share versus $2.82 expected and revenue of $9.50 billion, up 21.3% year over year.
• The company announced a quarterly dividend of $0.56 per share, payable Aug. 11, while analysts remain constructive with a consensus rating of “Moderate Buy” and an average price target of $266.92.

Swedbank AB reduced its position in shares of Nucor Corporation (NYSE:NUE - Free Report) by 2.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 237,606 shares of the basic materials company's stock after selling 5,785 shares during the period. Swedbank AB owned approximately 0.10% of Nucor worth $40,179,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Integrated Wealth Concepts LLC increased 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 acquiring an additional 568 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Nucor during the 1st quarter valued at about $259,000. Geneos Wealth Management Inc. grew its holdings in shares of Nucor by 81.8% during the first 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 bought a new position in shares of Nucor in the second quarter worth approximately $390,000. Finally, Cerity Partners LLC raised its stake in Nucor by 51.9% in the second quarter. Cerity Partners LLC now owns 40,629 shares of the basic materials company's stock valued at $5,263,000 after purchasing an additional 13,877 shares in the last quarter. Institutional investors own 76.48% of the company's stock.

Insider Buying and Selling

In other Nucor news, EVP Randy J. Spicer sold 2,500 shares of Nucor stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $225.00, for a total value of $562,500.00. Following the transaction, 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. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John J. Hollatz sold 10,560 shares of the business's stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $258.46, for a total value of $2,729,337.60. Following the completion of the sale, the executive vice president owned 97,865 shares of the company's stock, valued at $25,294,187.90. The trade was a 9.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 82,378 shares of company stock worth $18,963,930 in the last 90 days. 0.62% of the stock is currently owned by company insiders.

Nucor Price Performance

NUE stock opened at $226.84 on Thursday. 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 52 week low of $131.32 and a 52 week high of $270.90. The firm's fifty day moving average is $238.56 and its 200 day moving average is $198.53. The firm has a market cap of $51.66 billion, a P/E ratio of 22.46, a P/E/G ratio of 0.52 and a beta of 1.91.

Nucor (NYSE:NUE - Get Free Report) last posted its quarterly earnings results 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 business had revenue of $9.50 billion during the quarter, compared to the consensus estimate of $8.88 billion. During the same period in the previous year, the firm posted $0.77 earnings per share. The firm's revenue for the quarter was up 21.3% on a year-over-year basis. Research analysts predict that Nucor Corporation will post 17.68 earnings per share for the current year.

Nucor Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 11th. Stockholders of record on Tuesday, June 30th will be issued a $0.56 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $2.24 annualized dividend and a dividend yield of 1.0%. Nucor's payout ratio is currently 22.18%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Argus boosted their price target on shares of Nucor from $200.00 to $262.00 and gave the stock a "buy" rating in a research note on Friday, May 15th. BNP Paribas Exane lifted their price objective on shares of Nucor from $210.00 to $248.00 and gave the stock an "outperform" rating in a report on Monday, May 4th. Jefferies Financial Group increased their target price on Nucor from $225.00 to $250.00 and gave the company a "buy" rating in a research note on Tuesday, April 28th. Bank of America raised their price target on Nucor from $265.00 to $290.00 in a research report on Friday, June 12th. Finally, Morgan Stanley lifted their price target on Nucor from $227.00 to $258.00 and gave the stock an "equal weight" rating in a research note on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $266.92.

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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