Insider Selling: Nucor (NYSE:NUE) EVP Sells $7,462,455.56 in Stock

Nucor Corporation (NYSE:NUE) EVP David Sumoski sold 33,068 shares of Nucor stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $225.67, for a total transaction of $7,462,455.56. Following the sale, the executive vice president owned 243,339 shares in the company, valued at approximately $54,914,312.13. This trade represents a 11.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Nucor Price Performance

Shares of Nucor stock traded down $0.64 during trading on Monday, hitting $225.40. 429,123 shares of the company’s stock traded hands, compared to its average volume of 1,672,824. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.90 and a quick ratio of 1.55. The firm’s fifty day moving average price is $180.91 and its 200 day moving average price is $169.22. Nucor Corporation has a twelve month low of $106.21 and a twelve month high of $227.96. The company has a market cap of $51.31 billion, a PE ratio of 22.32, a PEG ratio of 0.65 and a beta of 1.87.

Nucor (NYSE:NUE) last issued its earnings results on Monday, April 27th. The basic materials company reported $3.23 earnings per share for the quarter, beating the consensus estimate of $2.82 by $0.41. Nucor had a net margin of 6.82% and a return on equity of 10.68%. The business had revenue of $9.50 billion for the quarter, compared to analyst estimates of $8.88 billion. During the same period in the previous year, the business earned $0.77 EPS. The firm’s revenue was up 21.3% on a year-over-year basis. Analysts forecast that Nucor Corporation will post 13.64 earnings per share for the current year.

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

Nucor Dividend Announcement

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

Hedge Funds Weigh In On Nucor

Institutional investors have recently added to or reduced their stakes in the company. Fox Run Management L.L.C. bought a new position in Nucor during the 3rd quarter valued at about $1,528,000. Penserra Capital Management LLC raised its stake 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 acquiring an additional 3,321 shares during the last quarter. Allstate Corp bought a new position in shares of Nucor in the third quarter worth about $1,085,000. Peterson Wealth Services raised its stake in shares of Nucor by 587,032.0% in the third quarter. Peterson Wealth Services now owns 146,783 shares of the basic materials company’s stock worth $19,879,000 after acquiring an additional 146,758 shares during the last quarter. Finally, Nordea Investment Management AB raised its stake in shares of Nucor by 11.1% in 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 acquiring an additional 210,577 shares during the last quarter. 76.48% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

NUE has been the topic of several recent research reports. Citigroup lifted their target price on shares of Nucor from $180.00 to $260.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. The Goldman Sachs Group lifted their target price on shares of Nucor from $240.00 to $260.00 in a research report on Friday. KeyCorp assumed coverage on shares of Nucor in a research report on Wednesday, March 25th. They set a “sector weight” rating on the stock. UBS Group downgraded shares of Nucor from a “buy” rating to a “neutral” rating and lifted their price target for the company from $190.00 to $224.00 in a report on Tuesday, April 28th. Finally, 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. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Nucor currently has a consensus rating of “Moderate Buy” and an average target price of $240.00.

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.