Norges Bank Makes New $609 Million Investment in Nucor Corporation $NUE

Norges Bank bought a new position in Nucor Corporation (NYSE:NUE) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 3,733,688 shares of the basic materials company’s stock, valued at approximately $609,002,000.

A number of other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in 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 last quarter. Capital World Investors increased its stake in 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 last quarter. Nordea Investment Management AB increased its stake in 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 last quarter. Diamond Hill Capital Management Inc. lifted its stake in Nucor by 2.4% during the third quarter. Diamond Hill Capital Management Inc. now owns 1,685,250 shares of the basic materials company’s stock worth $228,233,000 after purchasing an additional 38,990 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in Nucor by 1.2% during the fourth quarter. Legal & General Group Plc now owns 1,650,305 shares of the basic materials company’s stock worth $269,181,000 after purchasing an additional 19,319 shares during the last quarter. 76.48% of the stock is currently owned by institutional investors.

Nucor Price Performance

Shares of Nucor stock opened at $250.06 on Monday. The business’s 50-day moving average price is $204.13 and its 200-day moving average price is $181.29. 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 Corporation has a 12 month low of $106.21 and a 12 month high of $251.39. The firm has a market capitalization of $56.95 billion, a PE ratio of 24.76, a price-to-earnings-growth ratio of 0.66 and a beta of 1.88.

Nucor (NYSE:NUE) last announced its quarterly earnings results 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. The business had revenue of $9.50 billion for the quarter, compared to analysts’ expectations of $8.88 billion. Nucor had a return on equity of 10.68% and a net margin of 6.82%.The business’s quarterly revenue was up 21.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.77 EPS. Sell-side analysts forecast that Nucor Corporation will post 14.84 EPS for the current fiscal year.

Nucor declared that its Board of Directors has approved a share buyback program on Friday, February 20th that authorizes the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization authorizes the basic materials company to purchase up to 9.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Jefferies Financial Group increased their price objective on Nucor from $225.00 to $250.00 and gave the company a “buy” rating in a research report on Tuesday, April 28th. BNP Paribas Exane increased their price objective on Nucor from $210.00 to $248.00 and gave the company an “outperform” rating in a research report on Monday, May 4th. Barclays started coverage on Nucor in a research report on Thursday, May 21st. They set an “overweight” rating and a $270.00 price objective on the stock. Citigroup increased their price objective on Nucor from $180.00 to $260.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Finally, UBS Group lowered Nucor from a “buy” rating to a “neutral” rating and increased their price objective for the company from $190.00 to $224.00 in a research report on Tuesday, April 28th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $247.50.

Insiders Place Their Bets

In other Nucor news, insider Michael D. Keller sold 4,554 shares of Nucor stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $225.86, for a total value of $1,028,566.44. Following the transaction, the insider directly owned 16,834 shares of the company’s stock, valued at $3,802,127.24. The trade was a 21.29% 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 Daniel R. Needham sold 12,888 shares of Nucor stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $226.00, for a total value of $2,912,688.00. Following the completion of the transaction, the executive vice president directly owned 89,724 shares in the company, valued at $20,277,624. This trade represents a 12.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 71,818 shares of company stock worth $16,234,593. 0.62% of the stock is currently owned by corporate insiders.

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.