Tidal Investments LLC Grows Stock Holdings in Nucor Co. (NYSE:NUE)

Tidal Investments LLC increased its stake in shares of Nucor Co. (NYSE:NUE) by 26.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 46,160 shares of the basic materials company’s stock after buying an additional 9,667 shares during the quarter. Tidal Investments LLC’s holdings in Nucor were worth $5,387,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Geode Capital Management LLC boosted its holdings in Nucor by 1.8% in the 4th quarter. Geode Capital Management LLC now owns 5,967,254 shares of the basic materials company’s stock valued at $701,255,000 after purchasing an additional 105,309 shares in the last quarter. Norges Bank purchased a new stake in Nucor in the 4th quarter valued at approximately $398,077,000. Invesco Ltd. boosted its holdings in Nucor by 18.7% in the 4th quarter. Invesco Ltd. now owns 2,435,265 shares of the basic materials company’s stock valued at $284,220,000 after purchasing an additional 384,205 shares in the last quarter. First Trust Advisors LP boosted its holdings in Nucor by 24.6% in the 4th quarter. First Trust Advisors LP now owns 2,404,477 shares of the basic materials company’s stock valued at $280,627,000 after purchasing an additional 474,274 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Nucor by 4.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,680,468 shares of the basic materials company’s stock valued at $196,127,000 after purchasing an additional 68,252 shares in the last quarter. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Nucor Price Performance

NUE stock opened at $115.03 on Wednesday. The firm has a 50 day moving average of $117.09 and a 200-day moving average of $128.11. Nucor Co. has a 12-month low of $97.59 and a 12-month high of $173.00. The company has a current ratio of 2.51, a quick ratio of 1.48 and a debt-to-equity ratio of 0.27. The company has a market cap of $26.54 billion, a price-to-earnings ratio of 13.68, a PEG ratio of 0.96 and a beta of 1.73.

Nucor (NYSE:NUE) last posted its quarterly earnings results on Monday, April 28th. The basic materials company reported $0.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.15). Nucor had a net margin of 6.60% and a return on equity of 9.85%. The company had revenue of $7.83 billion for the quarter, compared to analyst estimates of $7.25 billion. During the same quarter in the previous year, the business posted $3.46 earnings per share. Nucor’s revenue was down 3.8% on a year-over-year basis. As a group, equities analysts expect that Nucor Co. will post 7.64 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Leon J. Topalian sold 34,238 shares of Nucor stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $120.19, for a total transaction of $4,115,065.22. Following the completion of the transaction, the chief executive officer now directly owns 162,993 shares in the company, valued at $19,590,128.67. The trade was a 17.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.71% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on NUE shares. Jefferies Financial Group lifted their price objective on Nucor from $125.00 to $135.00 and gave the company a “hold” rating in a report on Wednesday, January 29th. UBS Group raised Nucor from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $156.00 to $160.00 in a report on Monday, March 24th. Argus set a $155.00 price objective on Nucor in a report on Wednesday, March 5th. JPMorgan Chase & Co. lowered their price objective on Nucor from $156.00 to $140.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Finally, StockNews.com downgraded shares of Nucor from a “hold” rating to a “sell” rating in a research report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Nucor currently has a consensus rating of “Moderate Buy” and an average price target of $160.33.

Nucor Company Profile

Nucor Corporation engages in manufacture and sale of steel and steel products. It operates in 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 structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products; and engages in the steel trading and rebar distribution businesses.