DNB Asset Management AS Has $8.27 Million Position in Nucor Corporation $NUE

DNB Asset Management AS grew its position in Nucor Corporation (NYSE:NUE) by 5.1% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 50,697 shares of the basic materials company’s stock after purchasing an additional 2,483 shares during the quarter. DNB Asset Management AS’s holdings in Nucor were worth $8,269,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in NUE. Fox Run Management L.L.C. bought a new stake in shares of Nucor during the 3rd quarter valued at approximately $1,528,000. Penserra Capital Management LLC grew its holdings in shares of Nucor by 15,814.3% during the 3rd quarter. Penserra Capital Management LLC now owns 3,342 shares of the basic materials company’s stock valued at $452,000 after purchasing an additional 3,321 shares during the last quarter. Allstate Corp bought a new stake in shares of Nucor during the 3rd quarter valued at approximately $1,085,000. Peterson Wealth Services grew its holdings in shares of Nucor by 587,032.0% during the 3rd quarter. Peterson Wealth Services now owns 146,783 shares of the basic materials company’s stock valued at $19,879,000 after purchasing an additional 146,758 shares during the last quarter. Finally, Nordea Investment Management AB grew its holdings in shares of Nucor by 11.1% during the 4th quarter. Nordea Investment Management AB now owns 2,103,000 shares of the basic materials company’s stock valued at $342,642,000 after purchasing an additional 210,577 shares during the last quarter. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Nucor

In other news, EVP Bradley Ford sold 2,240 shares of the company’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $232.13, for a total value of $519,971.20. Following the completion of the sale, the executive vice president owned 43,649 shares in the company, valued at $10,132,242.37. This represents a 4.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Noah C. Hanners sold 6,472 shares of the company’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $226.50, for a total transaction of $1,465,908.00. Following the completion of the sale, the executive vice president owned 50,377 shares of the company’s stock, valued at approximately $11,410,390.50. The trade was a 11.38% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 69,318 shares of company stock worth $15,672,093. 0.62% of the stock is owned by insiders.

Nucor Stock Down 0.3%

Nucor stock opened at $226.23 on Tuesday. The company has a quick ratio of 1.55, a current ratio of 2.90 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 $235.45. The firm’s fifty day moving average is $191.56 and its 200 day moving average is $175.65. The company has a market capitalization of $51.52 billion, a PE ratio of 22.40, a PEG ratio of 0.61 and a beta of 1.87.

Nucor (NYSE:NUE) last released its earnings results on Monday, April 27th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating 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 company had revenue of $9.50 billion for the quarter, compared to the consensus estimate of $8.88 billion. During the same quarter in the previous year, the company earned $0.77 EPS. Nucor’s quarterly revenue was up 21.3% compared to the same quarter last year. As a group, sell-side analysts predict that Nucor Corporation will post 14.66 EPS for the current fiscal year.

Nucor announced that its board has initiated a stock buyback program on Friday, February 20th that permits the company to repurchase $4.00 billion in shares. This repurchase authorization permits the basic materials company to buy up to 9.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Nucor Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on NUE shares. Jefferies Financial Group lifted their price target on shares of Nucor from $225.00 to $250.00 and gave the company a “buy” rating in a report on Tuesday, April 28th. Argus lifted their price target on shares of Nucor from $200.00 to $262.00 and gave the company a “buy” rating in a report on Friday. Zacks Research raised shares of Nucor from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 12th. Bank of America lifted their price target on shares of Nucor from $190.00 to $250.00 and gave the company a “buy” rating in a report on Tuesday, April 28th. Finally, The Goldman Sachs Group boosted their target price on shares of Nucor from $240.00 to $260.00 in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $245.45.

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.