Icon Wealth Advisors LLC Makes New Investment in Nucor Corporation $NUE

Icon Wealth Advisors LLC acquired a new position in shares of Nucor Corporation (NYSE:NUE) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 3,822 shares of the basic materials company’s stock, valued at approximately $623,000.

Other hedge funds have also recently bought and sold shares of the company. Fox Run Management L.L.C. acquired a new stake in Nucor during the third quarter worth approximately $1,528,000. Nordea Investment Management AB raised its position 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 valued at $342,642,000 after buying an additional 210,577 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Nucor by 745.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 83,463 shares of the basic materials company’s stock valued at $13,614,000 after buying an additional 73,588 shares in the last quarter. FNY Investment Advisers LLC acquired a new stake in shares of Nucor in the fourth quarter valued at approximately $1,989,000. Finally, Oak Harvest Investment Services acquired a new stake in shares of Nucor in the fourth quarter valued at approximately $6,329,000. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on NUE shares. 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 research report on Tuesday, April 28th. Wall Street Zen upgraded shares of Nucor from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 16th. BMO Capital Markets lifted their price target on shares of Nucor from $250.00 to $285.00 and gave the company an “outperform” rating in a research report on Wednesday, June 3rd. CICC Research began coverage on shares of Nucor in a research note on Monday, May 25th. They issued an “outperform” rating on the stock. Finally, Argus lifted their price objective on shares of Nucor from $200.00 to $262.00 and gave the company a “buy” rating in a research note on Friday, May 15th. 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $261.54.

Insider Activity

In other Nucor news, EVP Allen C. Behr sold 10,096 shares of the business’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $226.08, for a total transaction of $2,282,503.68. Following the sale, the executive vice president owned 62,871 shares of the company’s stock, valued at approximately $14,213,875.68. The trade was a 13.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Bradley Ford sold 2,240 shares of the business’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $232.13, for a total transaction of $519,971.20. Following the sale, the executive vice president directly owned 43,649 shares in the company, valued at approximately $10,132,242.37. The trade was a 4.88% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 82,378 shares of company stock valued at $18,963,930. 0.62% of the stock is currently owned by insiders.

Nucor Stock Performance

Shares of NYSE:NUE opened at $266.06 on Monday. The company’s 50 day simple moving average is $222.60 and its 200 day simple moving average is $188.92. The stock has a market capitalization of $60.59 billion, a price-to-earnings ratio of 26.34, a price-to-earnings-growth ratio of 0.67 and a beta of 1.88. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.90 and a quick ratio of 1.55. Nucor Corporation has a 1 year low of $117.21 and a 1 year high of $268.80.

Nucor (NYSE:NUE) last announced its quarterly earnings data 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. The business had revenue of $9.50 billion for the quarter, compared to analysts’ expectations of $8.88 billion. Nucor had a net margin of 6.82% and a return on equity of 10.68%. The firm’s quarterly revenue was up 21.3% compared to the same quarter last year. During the same period last year, the firm posted $0.77 earnings per share. As a group, research analysts predict that Nucor Corporation will post 15.71 EPS for the current fiscal year.

Nucor Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 11th. Investors of record on Tuesday, June 30th will be paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Tuesday, June 30th. Nucor’s dividend payout ratio (DPR) is 22.18%.

Nucor announced that its board has authorized a share repurchase program on Friday, February 20th that authorizes the company to buyback $4.00 billion in outstanding 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 typically an indication that the company’s board believes its stock is undervalued.

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.