Security National Bank of Sioux City Iowa IA boosted its stake in shares of Nucor Co. (NYSE:NUE) by 7.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,740 shares of the basic materials company’s stock after purchasing an additional 1,515 shares during the quarter. Security National Bank of Sioux City Iowa IA’s holdings in Nucor were worth $1,665,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. boosted its position in Nucor by 29.2% during the 1st quarter. Russell Investments Group Ltd. now owns 306,465 shares of the basic materials company’s stock worth $24,605,000 after acquiring an additional 69,222 shares during the period. Fisher Asset Management LLC boosted its position in Nucor by 2.6% during the 1st quarter. Fisher Asset Management LLC now owns 208,287 shares of the basic materials company’s stock worth $16,719,000 after acquiring an additional 5,213 shares during the period. Wells Fargo & Company MN boosted its position in Nucor by 4.6% during the 4th quarter. Wells Fargo & Company MN now owns 1,789,014 shares of the basic materials company’s stock worth $95,157,000 after acquiring an additional 79,061 shares during the period. Truist Financial Corp boosted its position in Nucor by 29.3% during the 4th quarter. Truist Financial Corp now owns 190,524 shares of the basic materials company’s stock worth $10,135,000 after acquiring an additional 43,162 shares during the period. Finally, First Trust Advisors LP boosted its position in Nucor by 1.5% during the 4th quarter. First Trust Advisors LP now owns 344,033 shares of the basic materials company’s stock worth $18,299,000 after acquiring an additional 5,243 shares during the period. Institutional investors and hedge funds own 75.12% of the company’s stock.
Shares of Nucor stock traded down $0.04 on Friday, reaching $106.27. 40,065 shares of the company were exchanged, compared to its average volume of 3,325,009. The business has a fifty day simple moving average of $92.41. The stock has a market cap of $31.80 billion, a price-to-earnings ratio of 19.72, a price-to-earnings-growth ratio of 0.74 and a beta of 1.38. The company has a debt-to-equity ratio of 0.44, a current ratio of 3.50 and a quick ratio of 2.04. Nucor Co. has a fifty-two week low of $38.51 and a fifty-two week high of $110.96.
Nucor declared that its Board of Directors has approved a share repurchase plan on Thursday, May 13th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the basic materials company to reacquire up to 9.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 11th. Stockholders of record on Wednesday, June 30th will be issued a dividend of $0.405 per share. The ex-dividend date is Tuesday, June 29th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.52%. Nucor’s dividend payout ratio is 48.50%.
In other Nucor news, EVP Douglas J. Jellison sold 4,055 shares of the business’s stock in a transaction dated Thursday, March 18th. The stock was sold at an average price of $72.00, for a total value of $291,960.00. Following the transaction, the executive vice president now owns 88,788 shares in the company, valued at $6,392,736. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO David A. Sumoski sold 65,789 shares of the business’s stock in a transaction dated Tuesday, April 27th. The shares were sold at an average price of $80.56, for a total value of $5,299,961.84. Following the completion of the transaction, the chief operating officer now owns 220,021 shares in the company, valued at approximately $17,724,891.76. The disclosure for this sale can be found here. Insiders have sold 288,865 shares of company stock worth $24,093,738 in the last quarter. 0.71% of the stock is currently owned by corporate insiders.
NUE has been the subject of a number of analyst reports. Zacks Investment Research upgraded Nucor from a “hold” rating to a “strong-buy” rating and set a $76.00 price target for the company in a research report on Wednesday, March 10th. Morgan Stanley boosted their price objective on Nucor from $71.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 11th. Bank of America raised Nucor from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $56.00 to $80.00 in a research note on Tuesday, April 20th. BMO Capital Markets boosted their price objective on Nucor from $86.00 to $110.00 and gave the stock a “market perform” rating in a research note on Friday, May 14th. Finally, The Goldman Sachs Group initiated coverage on Nucor in a research note on Friday, April 9th. They issued a “buy” rating and a $86.00 price objective on the stock. Six investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $71.36.
Nucor Corporation manufactures and sells steel and steel products. It operates through three segments: Steel Mills, Steel Products, and Raw Materials. The 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; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and special bar quality products.
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