Cibc World Market Inc. Sells 87,681 Shares of Nucor Corporation $NUE

Cibc World Market Inc. trimmed its stake in shares of Nucor Corporation (NYSE:NUE) by 83.3% in the fourth quarter, HoldingsChannel reports. The firm owned 17,603 shares of the basic materials company’s stock after selling 87,681 shares during the quarter. Cibc World Market Inc.’s holdings in Nucor were worth $2,871,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Empirical Asset Management LLC boosted its position in Nucor by 2.6% during the fourth quarter. Empirical Asset Management LLC now owns 2,130 shares of the basic materials company’s stock worth $347,000 after purchasing an additional 54 shares during the period. Krilogy Financial LLC lifted its holdings in shares of Nucor by 4.1% during the fourth quarter. Krilogy Financial LLC now owns 1,531 shares of the basic materials company’s stock worth $272,000 after buying an additional 61 shares in the last quarter. Rosenberg Matthew Hamilton lifted its holdings in shares of Nucor by 3.6% during the fourth quarter. Rosenberg Matthew Hamilton now owns 2,011 shares of the basic materials company’s stock worth $328,000 after buying an additional 69 shares in the last quarter. HUB Investment Partners LLC lifted its holdings in shares of Nucor by 1.9% during the second quarter. HUB Investment Partners LLC now owns 4,099 shares of the basic materials company’s stock worth $531,000 after buying an additional 75 shares in the last quarter. Finally, Global Assets Advisory LLC lifted its holdings in shares of Nucor by 3.0% during the fourth quarter. Global Assets Advisory LLC now owns 2,677 shares of the basic materials company’s stock worth $437,000 after buying an additional 77 shares in the last quarter. 76.48% of the stock is owned by institutional investors.

Nucor Stock Down 0.4%

NUE stock opened at $253.38 on Tuesday. The company has a market cap of $57.70 billion, a PE ratio of 25.09, a price-to-earnings-growth ratio of 0.67 and a beta of 1.88. The business has a 50-day simple moving average of $215.40 and a 200 day simple moving average of $185.90. Nucor Corporation has a 52 week low of $115.66 and a 52 week high of $264.67. The company has a quick ratio of 1.55, a current ratio of 2.90 and a debt-to-equity ratio of 0.30.

Nucor (NYSE:NUE) last posted its quarterly earnings results on Monday, April 27th. The basic materials company reported $3.23 EPS for the quarter, beating analysts’ consensus estimates of $2.82 by $0.41. The business had revenue of $9.50 billion during the quarter, compared to the consensus estimate of $8.88 billion. Nucor had a return on equity of 10.68% and a net margin of 6.82%.Nucor’s revenue for the quarter was up 21.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.77 earnings per share. Sell-side analysts anticipate that Nucor Corporation will post 14.84 EPS for the current fiscal year.

Nucor declared that its Board of Directors has approved a stock buyback 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 reacquire up to 9.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

NUE has been the subject of a number of research reports. CICC Research initiated coverage on Nucor in a report on Monday, May 25th. They set an “outperform” rating for the company. UBS Group downgraded Nucor from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $190.00 to $224.00 in a report on Tuesday, April 28th. Jefferies Financial Group lifted their target price on Nucor from $225.00 to $250.00 and gave the stock a “buy” rating in a report on Tuesday, April 28th. Barclays initiated coverage on Nucor in a report on Thursday, May 21st. They set an “overweight” rating and a $270.00 target price for the company. Finally, Argus lifted their target price on Nucor from $200.00 to $262.00 and gave the stock a “buy” rating in a report on Friday, May 15th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $255.67.

Insiders Place Their Bets

In other Nucor news, EVP John J. Hollatz sold 10,560 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $258.46, for a total transaction of $2,729,337.60. Following the completion of the transaction, the executive vice president owned 97,865 shares of the company’s stock, valued at approximately $25,294,187.90. The trade was a 9.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Noah C. Hanners sold 6,472 shares of the business’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $226.50, for a total value of $1,465,908.00. Following the transaction, the executive vice president directly owned 50,377 shares of the company’s stock, valued at approximately $11,410,390.50. The trade was a 11.38% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 82,378 shares of company stock valued at $18,963,930 over the last 90 days. 0.62% of the stock is owned by company insiders.

Nucor Company Profile

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.