US Bancorp DE Reduces Holdings in Nucor Corporation $NUE

Key Points

• US Bancorp DE reduced its stake in Nucor by 9.7% in Q4, selling 6,667 shares and leaving it with 62,028 shares valued at about $10.12 million.
• Nucor posted strong results (Q EPS $3.23 vs. $2.82 expected, revenue up 21.3% YoY) and its board authorized a $4.0 billion buyback (up to ~9.7% of shares); analysts have raised price targets and the stock’s consensus rating is a "Moderate Buy" with an average target of $240.00.
• Company insiders sold 22,520 shares worth $4.25 million over the past three months, including sizable sales by EVPs Kenneth Rex Query and Allen C. Behr.

US Bancorp DE reduced its position in Nucor Corporation (NYSE:NUE - Free Report) by 9.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 62,028 shares of the basic materials company's stock after selling 6,667 shares during the period. US Bancorp DE's holdings in Nucor were worth $10,117,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Canandaigua National Bank & Trust Co. grew its stake in Nucor by 9.6% in the 4th quarter. Canandaigua National Bank & Trust Co. now owns 2,221 shares of the basic materials company's stock worth $362,000 after acquiring an additional 194 shares during the period. Strategic Blueprint LLC acquired a new position in shares of Nucor in the 4th quarter valued at $253,000. Wealthfront Advisers LLC boosted its holdings in shares of Nucor by 8.6% in the 4th quarter. Wealthfront Advisers LLC now owns 32,187 shares of the basic materials company's stock valued at $5,250,000 after purchasing an additional 2,552 shares during the last quarter. Samalin Investment Counsel LLC acquired a new position in shares of Nucor in the 4th quarter valued at $218,000. Finally, Torren Management LLC acquired a new position in shares of Nucor in the 4th quarter valued at $140,000. 76.48% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Kenneth Rex Query sold 7,452 shares of the business's stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $196.02, for a total value of $1,460,741.04. Following the completion of the sale, the executive vice president owned 76,628 shares of the company's stock, valued at approximately $15,020,620.56. The trade was a 8.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Allen C. Behr sold 7,568 shares of the business's stock in a transaction dated 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 completion of the sale, the executive vice president directly owned 67,711 shares of the company's stock, valued at $12,763,523.50. The trade was a 10.05% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 22,520 shares of company stock valued at $4,245,334 in the last three months. Insiders own 0.62% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Wall Street Zen upgraded shares of Nucor from a "hold" rating to a "buy" rating in a report on Saturday. Morgan Stanley lifted their price target on shares of Nucor from $180.00 to $227.00 and gave the company an "equal weight" rating in a report on Wednesday. Jefferies Financial Group upped their price target on shares of Nucor from $225.00 to $250.00 and gave the stock a "buy" rating in a research report on Tuesday, April 28th. Bank of America upped their price target on shares of Nucor from $190.00 to $250.00 and gave the stock a "buy" rating in a research report on Tuesday, April 28th. Finally, Seaport Research Partners reaffirmed a "buy" rating and set a $245.00 price target on shares of Nucor in a research report on Thursday. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $240.00.

Nucor Stock Performance

Shares of NUE stock opened at $225.93 on Friday. Nucor Corporation has a 12 month low of $106.21 and a 12 month high of $227.96. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.90 and a quick ratio of 1.57. The firm has a market capitalization of $51.43 billion, a P/E ratio of 22.37, a P/E/G ratio of 0.76 and a beta of 1.87. The company's fifty day moving average price is $180.91 and its two-hundred day moving average price is $169.01.

Nucor (NYSE:NUE - Get Free Report) last released its 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. The company had revenue of $9.50 billion during 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 company's revenue was up 21.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.77 EPS. On average, research analysts anticipate that Nucor Corporation will post 13.64 earnings per share for the current fiscal year.

Nucor declared that its Board of Directors has initiated a stock repurchase plan on Friday, February 20th that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the basic materials company to buy up to 9.7% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's board believes its stock is undervalued.

Nucor Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, May 11th. Stockholders of record on Tuesday, March 31st will be given a $0.56 dividend. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $2.24 annualized dividend and a dividend yield of 1.0%. Nucor's payout ratio is presently 22.18%.

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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