Short Interest in Nucor Corporation (NYSE:NUE) Decreases By 17.9%

Nucor Corporation (NYSE:NUE) was the target of a large drop in short interest in the month of February. As of February 13th, there was short interest totaling 4,087,548 shares, a drop of 17.9% from the January 29th total of 4,976,797 shares. Approximately 1.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 2,005,094 shares, the days-to-cover ratio is currently 2.0 days. Based on an average daily trading volume, of 2,005,094 shares, the days-to-cover ratio is currently 2.0 days. Approximately 1.8% of the shares of the stock are short sold.

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 value of $330,560.00. Following the sale, the executive vice president owned 17,952 shares in the company, valued at approximately $2,967,106.56. The trade was a 10.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Daniel R. Needham sold 3,881 shares of the company’s stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $178.00, for a total transaction of $690,818.00. Following the completion of the sale, the executive vice president directly owned 88,298 shares in the company, valued at approximately $15,717,044. The trade was a 4.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 34,351 shares of company stock worth $6,206,158 in the last quarter. Corporate insiders own 0.71% of the company’s stock.

Hedge Funds Weigh In On Nucor

Hedge funds and other institutional investors have recently modified their holdings of the business. Strive Financial Group LLC bought a new position in Nucor in the fourth quarter valued at about $27,000. Stance Capital LLC acquired a new stake in shares of Nucor in the 3rd quarter valued at approximately $25,000. Mcguire Capital Advisors Inc. bought a new stake in shares of Nucor during the 4th quarter valued at approximately $32,000. Motiv8 Investments LLC acquired a new position in Nucor during the 4th quarter worth approximately $32,000. Finally, IMA Advisory Services Inc. increased its position in Nucor by 51.4% during the 2nd quarter. IMA Advisory Services Inc. now owns 221 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 75 shares in the last quarter. Institutional investors own 76.48% of the company’s stock.

Nucor Price Performance

Shares of NYSE NUE traded down $3.03 during mid-day trading on Tuesday, reaching $177.54. The company had a trading volume of 1,515,818 shares, compared to its average volume of 1,737,703. The firm has a market cap of $40.44 billion, a price-to-earnings ratio of 23.55, a PEG ratio of 0.65 and a beta of 1.83. The business’s 50-day simple moving average is $176.46 and its 200 day simple moving average is $157.28. Nucor has a one year low of $97.59 and a one year high of $196.90. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.57 and a current ratio of 2.94.

Nucor (NYSE:NUE) last announced its quarterly earnings data on Monday, January 26th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.91 by ($0.18). The firm had revenue of $7.69 billion for the quarter, compared to analyst estimates of $7.93 billion. Nucor had a return on equity of 8.26% and a net margin of 5.37%.The company’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.22 earnings per share. On average, research analysts predict that Nucor will post 7.64 earnings per share for the current fiscal year.

Nucor announced that its board has authorized a stock repurchase program on Friday, February 20th that allows the company to buyback $4.00 billion in shares. This buyback authorization allows the basic materials company to repurchase up to 9.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Nucor Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 11th. Shareholders 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 yield of 1.3%. The ex-dividend date is Tuesday, March 31st. Nucor’s payout ratio is currently 29.71%.

Analyst Ratings Changes

Several analysts have recently commented on the company. JPMorgan Chase & Co. increased 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. Jefferies Financial Group increased their price objective on shares of Nucor from $190.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, January 12th. Wall Street Zen raised shares of Nucor from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. BNP Paribas Exane upped their target price on shares of Nucor from $165.00 to $185.00 and gave the stock an “outperform” rating in a research report on Friday, January 2nd. Finally, Wells Fargo & Company raised their price target on shares of Nucor from $184.00 to $194.00 and gave the company an “overweight” rating in a report on Monday. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus 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.