Pictet Asset Management Holding SA Decreases Position in Nucor Corporation $NUE

Pictet Asset Management Holding SA lowered its stake in Nucor Corporation (NYSE:NUE) by 4.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 103,370 shares of the basic materials company’s stock after selling 4,535 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Nucor were worth $17,480,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its position in Nucor by 0.5% during 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 in the last quarter. Morgan Stanley grew its position in Nucor by 1.1% in the fourth quarter. Morgan Stanley now owns 3,853,205 shares of the basic materials company’s stock valued at $628,497,000 after acquiring an additional 41,728 shares in the last quarter. Norges Bank purchased a new stake in shares of Nucor during the fourth quarter valued at approximately $609,002,000. Capital World Investors raised its stake in shares of 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 during the period. Finally, Nordea Investment Management AB lifted its position in shares of 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 worth $342,642,000 after purchasing an additional 210,577 shares in the last quarter. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Nucor Stock Performance

NUE stock opened at $220.61 on Friday. The stock’s 50 day simple moving average is $237.71 and its 200 day simple moving average is $196.72. Nucor Corporation has a 12-month low of $131.32 and a 12-month high of $270.90. The firm has a market cap of $50.24 billion, a P/E ratio of 21.84, a P/E/G ratio of 0.50 and a beta of 1.91. The company has a current ratio of 2.90, a quick ratio of 1.55 and a debt-to-equity ratio of 0.30.

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

Nucor Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 11th. Stockholders of record on Tuesday, June 30th will be given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Tuesday, June 30th. Nucor’s dividend payout ratio (DPR) is presently 22.18%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on NUE. Wall Street Zen upgraded shares of Nucor from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 16th. Morgan Stanley boosted their price objective on shares of Nucor from $227.00 to $258.00 and gave the stock an “equal weight” rating in a report on Monday, June 22nd. Bank of America raised their target price on Nucor from $265.00 to $290.00 in a research note on Friday, June 12th. Barclays started coverage on Nucor in a research report on Thursday, May 21st. They set an “overweight” rating and a $270.00 target price on the stock. Finally, Jefferies Financial Group increased their price target on Nucor from $225.00 to $250.00 and gave the company a “buy” rating in a report on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Nucor currently has a consensus rating of “Moderate Buy” and a consensus price target of $266.92.

Insiders Place Their Bets

In other Nucor news, EVP John J. Hollatz sold 10,560 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president owned 97,865 shares of the company’s stock, valued at $25,294,187.90. This trade represents a 9.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP David A. Sumoski sold 33,068 shares of Nucor stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $225.67, for a total value of $7,462,455.56. Following the completion of the transaction, the executive vice president owned 243,339 shares of the company’s stock, valued at approximately $54,914,312.13. The trade was a 11.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 82,378 shares of company stock worth $18,963,930. Corporate insiders own 0.62% of the company’s stock.

Nucor Company 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.