Korea Investment CORP Lowers Stock Position in Nucor Corporation $NUE

Korea Investment CORP cut its stake in shares of Nucor Corporation (NYSE:NUE) by 41.4% in the third quarter, HoldingsChannel reports. The fund owned 155,950 shares of the basic materials company’s stock after selling 110,057 shares during the period. Korea Investment CORP’s holdings in Nucor were worth $21,120,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fox Run Management L.L.C. purchased a new position in Nucor during the third quarter valued at $1,528,000. Fidelis Capital Partners LLC purchased a new stake in Nucor in the 2nd quarter worth $236,000. Penserra Capital Management LLC lifted its stake in Nucor by 15,814.3% in the 3rd quarter. Penserra Capital Management LLC now owns 3,342 shares of the basic materials company’s stock worth $452,000 after purchasing an additional 3,321 shares in the last quarter. Allstate Corp bought a new position in shares of Nucor during the 3rd quarter valued at about $1,085,000. Finally, Peterson Wealth Services grew its position in shares of Nucor by 587,032.0% during the third 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 in the last quarter. 76.48% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Morgan Stanley reaffirmed an “equal weight” rating and issued a $180.00 target price (up from $165.00) on shares of Nucor in a report on Friday, January 9th. UBS Group lowered Nucor from a “buy” rating to a “neutral” rating and set a $183.00 price target for the company. in a research note on Wednesday, January 28th. Jefferies Financial Group raised their price target on Nucor from $190.00 to $200.00 and gave the company a “buy” rating in a report on Monday, January 12th. Wall Street Zen downgraded Nucor from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, BNP Paribas Exane upped their price objective on Nucor from $165.00 to $185.00 and gave the stock an “outperform” rating in a report on Friday, January 2nd. Eight research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $187.90.

Nucor Stock Up 0.7%

Shares of NYSE NUE opened at $170.70 on Wednesday. The firm’s 50-day moving average price is $177.09 and its 200-day moving average price is $158.21. The company has a current ratio of 2.94, a quick ratio of 1.57 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $38.88 billion, a price-to-earnings ratio of 22.64, a P/E/G ratio of 0.61 and a beta of 1.83. Nucor Corporation has a 12-month low of $97.59 and a 12-month high of $196.90.

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

Nucor Dividend Announcement

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

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

Insider Buying and Selling

In related news, EVP Kenneth Rex Query sold 7,452 shares of the firm’s stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $196.02, for a total value of $1,460,741.04. Following the completion of the sale, the executive vice president directly owned 76,628 shares in the company, valued at $15,020,620.56. This trade represents a 8.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Thomas J. Batterbee sold 2,000 shares of Nucor stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $165.28, for a total transaction of $330,560.00. Following the transaction, the executive vice president directly owned 17,952 shares of the company’s stock, valued at $2,967,106.56. The trade was a 10.02% 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 worth $6,206,158 in the last 90 days. Company insiders own 0.71% of the company’s stock.

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.