Nucor Corporation $NUE Shares Bought by L1 Capital Pty Ltd

L1 Capital Pty Ltd grew its holdings in shares of Nucor Corporation (NYSE:NUE) by 1,688.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 203,632 shares of the basic materials company’s stock after purchasing an additional 192,246 shares during the period. Nucor accounts for 1.7% of L1 Capital Pty Ltd’s portfolio, making the stock its 11th biggest position. L1 Capital Pty Ltd’s holdings in Nucor were worth $33,214,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in shares of Nucor by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 28,407,540 shares of the basic materials company’s stock worth $4,633,554,000 after acquiring an additional 144,038 shares during the period. Norges Bank acquired a new stake in shares of Nucor in the 4th quarter worth about $609,002,000. Capital World Investors increased its holdings in shares of Nucor by 20.1% in the 3rd quarter. Capital World Investors now owns 3,042,761 shares of the basic materials company’s stock worth $412,081,000 after acquiring an additional 509,019 shares during the period. Nordea Investment Management AB increased its holdings in shares of Nucor by 11.1% in the 4th quarter. Nordea Investment Management AB now owns 2,103,000 shares of the basic materials company’s stock worth $342,642,000 after acquiring an additional 210,577 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in shares of Nucor by 27.5% in the 4th quarter. Bank of New York Mellon Corp now owns 1,780,423 shares of the basic materials company’s stock worth $290,405,000 after acquiring an additional 383,952 shares during the period. 76.48% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Nucor news, EVP Daniel R. Needham sold 12,888 shares of the firm’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $226.00, for a total transaction of $2,912,688.00. Following the transaction, the executive vice president owned 89,724 shares of the company’s stock, valued at approximately $20,277,624. This trade represents a 12.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Allen C. Behr sold 10,096 shares of the firm’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $226.08, for a total transaction of $2,282,503.68. Following the transaction, the executive vice president directly owned 62,871 shares in the company, valued at approximately $14,213,875.68. The trade was a 13.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 82,378 shares of company stock worth $18,963,930 in the last 90 days. 0.62% of the stock is currently owned by corporate insiders.

Nucor Stock Up 2.0%

Nucor stock opened at $266.06 on Friday. The stock has a market cap of $60.59 billion, a price-to-earnings ratio of 26.34, a PEG ratio of 0.67 and a beta of 1.88. The company has a current ratio of 2.90, a quick ratio of 1.55 and a debt-to-equity ratio of 0.30. The company’s 50-day moving average price is $222.60 and its two-hundred day moving average price is $188.67. Nucor Corporation has a 52 week low of $117.21 and a 52 week high of $268.80.

Nucor (NYSE:NUE) last released its 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 firm had revenue of $9.50 billion for the quarter, compared to analysts’ expectations of $8.88 billion. Nucor had a net margin of 6.82% and a return on equity of 10.68%. Nucor’s quarterly revenue was up 21.3% on a year-over-year basis. During the same quarter last year, the company earned $0.77 EPS. On average, analysts expect that Nucor Corporation will post 15.29 EPS for the current fiscal year.

Nucor declared that its board has authorized a stock buyback plan on Friday, February 20th that allows the company to buyback $4.00 billion in shares. This buyback authorization allows the basic materials company to buy up to 9.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Nucor Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 11th. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.56 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $2.24 annualized dividend and a yield of 0.8%. Nucor’s dividend payout ratio (DPR) is presently 22.18%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. UBS Group cut shares of Nucor from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $190.00 to $224.00 in a report on Tuesday, April 28th. Wells Fargo & Company increased their price objective on shares of Nucor from $244.00 to $292.00 and gave the stock an “overweight” rating in a report on Thursday, June 4th. BNP Paribas Exane increased 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. JPMorgan Chase & Co. increased their price objective on shares of Nucor from $240.00 to $282.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, BofA increased their price objective on shares of Nucor from $265.00 to $290.00 in a report on Friday. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $261.54.

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.