Handelsbanken Fonder AB Trims Holdings in Nucor Corporation $NUE

Handelsbanken Fonder AB lowered its stake in Nucor Corporation (NYSE:NUE) by 47.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,482 shares of the basic materials company’s stock after selling 15,936 shares during the quarter. Handelsbanken Fonder AB’s holdings in Nucor were worth $2,368,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Banco Santander S.A. increased its stake in shares of Nucor by 9.1% during the third quarter. Banco Santander S.A. now owns 25,346 shares of the basic materials company’s stock valued at $3,433,000 after buying an additional 2,105 shares during the period. Xponance Inc. grew its holdings in Nucor by 7.8% during the third quarter. Xponance Inc. now owns 56,271 shares of the basic materials company’s stock worth $7,621,000 after acquiring an additional 4,093 shares during the period. DNB Asset Management AS boosted its stake in shares of Nucor by 3.4% during the 3rd quarter. DNB Asset Management AS now owns 48,214 shares of the basic materials company’s stock worth $6,530,000 after acquiring an additional 1,588 shares in the last quarter. Choreo LLC increased its stake in shares of Nucor by 2.7% during the third quarter. Choreo LLC now owns 10,875 shares of the basic materials company’s stock worth $1,473,000 after purchasing an additional 286 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Nucor by 2.9% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 496,541 shares of the basic materials company’s stock valued at $67,247,000 after purchasing an additional 14,122 shares during the last quarter. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Nucor Trading Down 1.7%

Shares of NUE stock opened at $177.54 on Wednesday. Nucor Corporation has a twelve month low of $97.59 and a twelve month high of $196.90. 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 business’s 50 day moving average is $176.46 and its two-hundred day moving average is $157.28. The company has a market capitalization of $40.44 billion, a P/E ratio of 23.55, a price-to-earnings-growth ratio of 0.65 and a beta of 1.83.

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

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

Nucor Announces Dividend

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

Insider Buying and Selling

In other news, EVP Thomas J. Batterbee sold 2,000 shares of the business’s stock in a transaction on Tuesday, December 23rd. The shares were sold at an average price of $165.28, for a total transaction of $330,560.00. Following the completion of the sale, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Daniel R. Needham sold 3,881 shares of the firm’s stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $178.00, for a total value of $690,818.00. Following the completion of the transaction, the executive vice president owned 88,298 shares in the company, valued at approximately $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 worth $6,206,158 in the last 90 days. Corporate insiders own 0.71% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on NUE. JPMorgan Chase & Co. boosted their target price on Nucor from $175.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, December 5th. Morgan Stanley restated an “equal weight” rating and set a $180.00 price objective (up from $165.00) on shares of Nucor in a research report on Friday, January 9th. Wall Street Zen raised shares of Nucor from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. The Goldman Sachs Group increased their target price on Nucor from $182.00 to $196.00 and gave the stock a “buy” rating in a research note on Friday, January 16th. Finally, Jefferies Financial Group increased their target price on Nucor from $190.00 to $200.00 and gave the company a “buy” rating in a report on Monday, January 12th. Eight investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus 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.