Nucor Corporation (NYSE:NUE) Short Interest Update

Nucor Corporation (NYSE:NUE) was the recipient of a significant decline in short interest during the month of February. As of February 13th, there was short interest totaling 4,087,548 shares, a decline of 17.9% from the January 29th total of 4,976,797 shares. Currently, 1.8% of the shares of the stock are short sold. Based on an average daily volume of 2,005,094 shares, the days-to-cover ratio is currently 2.0 days. Based on an average daily volume of 2,005,094 shares, the days-to-cover ratio is currently 2.0 days. Currently, 1.8% of the shares of the stock are short sold.

Insider Transactions at Nucor

In related news, EVP Allen C. Behr sold 7,568 shares of the stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $188.50, for a total value of $1,426,568.00. Following the sale, the executive vice president directly owned 67,711 shares of the company’s stock, valued at approximately $12,763,523.50. This represents a 10.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Daniel R. Needham sold 3,881 shares of the firm’s stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $178.00, for a total transaction of $690,818.00. Following the transaction, the executive vice president owned 88,298 shares of the company’s stock, valued at $15,717,044. This trade represents a 4.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 34,351 shares of company stock valued at $6,206,158 in the last three months. 0.46% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nucor

A number of hedge funds have recently made changes to their positions in the stock. Fox Run Management L.L.C. acquired a new stake in Nucor in the 3rd quarter valued at $1,528,000. Fidelis Capital Partners LLC purchased a new stake in shares of Nucor in the second quarter worth about $236,000. Penserra Capital Management LLC boosted its position in shares of Nucor by 15,814.3% in the third quarter. Penserra Capital Management LLC now owns 3,342 shares of the basic materials company’s stock worth $452,000 after buying an additional 3,321 shares during the period. Allstate Corp acquired a new stake in shares of Nucor in the third quarter valued at about $1,085,000. Finally, Peterson Wealth Services raised 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 buying an additional 146,758 shares during the period. Institutional investors and hedge funds own 76.48% of the company’s stock.

Nucor Trading Down 0.7%

Shares of NYSE:NUE traded down $1.33 during midday trading on Wednesday, reaching $176.07. The company’s stock had a trading volume of 1,041,428 shares, compared to its average volume of 1,693,873. The firm has a market cap of $40.10 billion, a price-to-earnings ratio of 23.35, a price-to-earnings-growth ratio of 0.64 and a beta of 1.83. The business has a 50 day moving average price of $176.70 and a 200 day moving average price of $157.41. Nucor has a 1 year low of $97.59 and a 1 year high of $196.90. The company has a quick ratio of 1.57, a current ratio of 2.94 and a debt-to-equity ratio of 0.31.

Nucor (NYSE:NUE) last released its earnings results on Monday, January 26th. The basic materials company reported $1.73 earnings per share for the quarter, missing the consensus estimate of $1.91 by ($0.18). The business had revenue of $7.69 billion for the quarter, compared to analysts’ expectations of $7.93 billion. Nucor had a return on equity of 8.26% and a net margin of 5.37%.The business’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the company posted $1.22 earnings per share. Research analysts forecast that Nucor will post 7.64 EPS for the current year.

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

Nucor Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, May 11th. Investors of record on Tuesday, March 31st will be issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Tuesday, March 31st. Nucor’s payout ratio is presently 29.71%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Wall Street Zen upgraded shares of Nucor from a “hold” rating to a “buy” rating in a research report on Saturday, January 31st. Seaport Research Partners increased their target price on Nucor from $170.00 to $185.00 and gave the company a “buy” rating in a report on Friday, January 30th. JPMorgan Chase & Co. raised their price target on Nucor from $175.00 to $200.00 and gave the stock an “overweight” rating in a research report on Friday, December 5th. Morgan Stanley restated an “equal weight” rating and issued a $180.00 price objective (up from $165.00) on shares of Nucor in a research report on Friday, January 9th. Finally, The Goldman Sachs Group increased their price objective on Nucor from $182.00 to $196.00 and gave the company a “buy” rating in a research note on Friday, January 16th. Eight equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $180.27.

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.