Great Lakes Advisors LLC Cuts Stock Position in Nucor Co. (NYSE:NUE)

Posted by Defense World Staff on Aug 21st, 2023

Great Lakes Advisors LLC lowered its stake in Nucor Co. (NYSE:NUE – Free Report) by 72.9% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,743 shares of the basic materials company’s stock after selling 20,817 shares during the period. Great Lakes Advisors LLC’s holdings in Nucor were worth $1,196,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in NUE. Moneta Group Investment Advisors LLC lifted its position in Nucor by 127,059.1% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 155,232,061 shares of the basic materials company’s stock valued at $20,461,138,000 after acquiring an additional 155,109,984 shares in the last quarter. Morgan Stanley lifted its holdings in shares of Nucor by 30.0% during the 4th quarter. Morgan Stanley now owns 4,247,626 shares of the basic materials company’s stock valued at $559,880,000 after buying an additional 979,824 shares during the period. Capital Wealth Planning LLC lifted its holdings in shares of Nucor by 90.1% during the 1st quarter. Capital Wealth Planning LLC now owns 1,863,335 shares of the basic materials company’s stock valued at $287,829,000 after buying an additional 883,121 shares during the period. Norges Bank bought a new position in Nucor in the 4th quarter worth $111,725,000. Finally, Marshall Wace LLP increased its stake in Nucor by 152.1% in the 4th quarter. Marshall Wace LLP now owns 1,111,646 shares of the basic materials company’s stock worth $146,526,000 after buying an additional 670,778 shares in the last quarter. 79.53% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

NUE has been the subject of a number of analyst reports. StockNews.com began coverage on Nucor in a research note on Thursday. They issued a “buy” rating for the company. Citigroup boosted their price target on Nucor from $160.00 to $180.00 and gave the company a “neutral” rating in a report on Thursday, July 27th. BNP Paribas upgraded Nucor from a “neutral” rating to an “outperform” rating and set a $191.00 price target for the company in a report on Wednesday, July 5th. Credit Suisse Group upped their target price on Nucor from $156.00 to $167.00 in a report on Tuesday, July 11th. Finally, UBS Group cut their target price on Nucor from $145.00 to $140.00 in a research report on Friday, May 5th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $160.33.

View Our Latest Stock Analysis on NUE

Nucor Trading Up 0.2 %

NUE stock opened at $168.34 on Monday. The company’s 50-day simple moving average is $163.92 and its 200-day simple moving average is $156.05. The company has a quick ratio of 2.41, a current ratio of 3.82 and a debt-to-equity ratio of 0.32. Nucor Co. has a 52-week low of $102.86 and a 52-week high of $182.68. The firm has a market cap of $41.87 billion, a P/E ratio of 7.78 and a beta of 1.60.

Nucor (NYSE:NUE – Get Free Report) last posted its earnings results on Monday, July 24th. The basic materials company reported $5.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.59 by $0.22. The business had revenue of $9.52 billion for the quarter, compared to analyst estimates of $9.62 billion. Nucor had a net margin of 14.81% and a return on equity of 28.00%. The company’s revenue for the quarter was down 19.3% on a year-over-year basis. During the same period in the prior year, the company posted $9.67 EPS. As a group, equities analysts forecast that Nucor Co. will post 18.76 EPS for the current fiscal year.

Nucor Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 11th. Investors of record on Friday, June 30th were paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date was Thursday, June 29th. Nucor’s dividend payout ratio is presently 9.42%.

Nucor announced that its board has approved a share buyback plan on Thursday, May 11th that allows the company to repurchase $4.00 billion in shares. This repurchase authorization allows the basic materials company to buy up to 11.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Insider Activity at Nucor

In related news, CEO Leon J. Topalian sold 27,359 shares of the firm’s stock in a transaction dated Thursday, July 27th. The shares were sold at an average price of $168.19, for a total value of $4,601,510.21. Following the transaction, the chief executive officer now directly owns 155,558 shares of the company’s stock, valued at approximately $26,163,300.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Nucor news, CEO Leon J. Topalian sold 27,359 shares of the stock in a transaction dated Thursday, July 27th. The shares were sold at an average price of $168.19, for a total value of $4,601,510.21. Following the completion of the sale, the chief executive officer now owns 155,558 shares in the company, valued at approximately $26,163,300.02. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Allen C. Behr sold 10,000 shares of the stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $170.54, for a total transaction of $1,705,400.00. Following the completion of the sale, the executive vice president now owns 84,273 shares of the company’s stock, valued at approximately $14,371,917.42. The disclosure for this sale can be found here. In the last three months, insiders have sold 62,320 shares of company stock valued at $10,584,084. 0.46% of the stock is owned by corporate insiders.

About Nucor

(Free Report)

Nucor Corporation engages in manufacture and sale of steel and steel products. The company's Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling products; and bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products.