Y Intercept Hong Kong Ltd Cuts Holdings in Nucor Corporation $NUE

Key Points

• Y Intercept Hong Kong Ltd slashed its Nucor stake by 94.9% in the first quarter, selling 29,667 shares and leaving it with 1,590 shares worth about $269,000.
• Nucor reported strong quarterly results, including EPS of $3.23 versus the $2.82 consensus and revenue of $9.50 billion, up 21.3% year over year.
• The company also announced a quarterly dividend of $0.56 per share, while analysts remain generally positive with a Moderate Buy consensus and an average price target of $266.31.

Y Intercept Hong Kong Ltd lowered its stake in shares of Nucor Corporation (NYSE:NUE - Free Report) by 94.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,590 shares of the basic materials company's stock after selling 29,667 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in Nucor were worth $269,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in NUE. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in Nucor by 26.6% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 94,686 shares of the basic materials company's stock valued at $16,011,000 after acquiring an additional 19,900 shares during the last quarter. Elevation Point Wealth Partners LLC purchased a new stake in shares of Nucor in the 1st quarter valued at $460,000. Platform Technology Partners bought a new position in shares of Nucor during the 1st quarter valued at $245,000. Keybank National Association OH grew its holdings in shares of Nucor by 29.1% during the 1st quarter. Keybank National Association OH now owns 16,917 shares of the basic materials company's stock valued at $2,861,000 after purchasing an additional 3,815 shares during the last quarter. Finally, KPP Advisory Services LLC purchased a new position in Nucor in the 1st quarter worth $204,000. Institutional investors own 76.48% of the company's stock.

Insider Buying and Selling

In other news, EVP John J. Hollatz sold 10,560 shares of the firm's stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $258.46, for a total value of $2,729,337.60. Following the transaction, the executive vice president directly owned 97,865 shares in the company, valued at $25,294,187.90. This trade represents a 9.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Allen C. Behr sold 10,096 shares of the stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $226.08, for a total value of $2,282,503.68. Following the completion of the transaction, the executive vice president directly owned 62,871 shares in the company, valued at approximately $14,213,875.68. This represents a 13.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 82,378 shares of company stock valued at $18,963,930 in the last ninety days. Corporate insiders own 0.62% of the company's stock.

Nucor Stock Up 1.1%

Shares of NYSE:NUE opened at $236.80 on Thursday. The firm has a market capitalization of $53.93 billion, a P/E ratio of 23.45, a P/E/G ratio of 0.53 and a beta of 1.91. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.55 and a current ratio of 2.90. The stock has a 50 day moving average price of $238.84 and a 200-day moving average price of $200.91. Nucor Corporation has a 52-week low of $131.32 and a 52-week high of $270.90.

Nucor (NYSE:NUE - Get Free Report) last posted its quarterly earnings data on Monday, April 27th. The basic materials company reported $3.23 EPS 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 for the quarter, compared to analyst estimates of $8.88 billion. During the same quarter in the previous year, the firm posted $0.77 earnings per share. Nucor's quarterly revenue was up 21.3% on a year-over-year basis. As a group, equities research analysts anticipate that Nucor Corporation will post 17.68 EPS for the current fiscal year.

Nucor Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 11th. Investors 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 yield of 0.9%. Nucor's dividend payout ratio (DPR) is currently 22.18%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Wall Street Zen upgraded shares of Nucor from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 16th. KeyCorp upgraded Nucor from a "sector weight" rating to an "overweight" rating and set a $274.00 price objective on the stock in a report on Wednesday, June 24th. Jefferies Financial Group boosted 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. The Goldman Sachs Group increased their target price on Nucor from $260.00 to $284.00 and gave the company a "buy" rating in a report on Tuesday, June 16th. Finally, Seaport Research Partners lifted their price target on Nucor from $245.00 to $285.00 and gave the stock a "buy" rating in a research note on Wednesday, June 10th. Twelve investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $266.31.

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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