Covea Finance Acquires 81,100 Shares of Nucor Corporation $NUE

Covea Finance grew its holdings in shares of Nucor Corporation (NYSE:NUE) by 86.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 175,300 shares of the basic materials company’s stock after acquiring an additional 81,100 shares during the quarter. Covea Finance owned 0.08% of Nucor worth $28,593,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Stance Capital LLC acquired a new stake in shares of Nucor in the 3rd quarter valued at approximately $25,000. AXS Investments LLC acquired a new position in Nucor during the 3rd quarter worth approximately $37,000. Vision Financial Markets LLC lifted its stake in Nucor by 281.7% in the 3rd quarter. Vision Financial Markets LLC now owns 271 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 200 shares during the last quarter. Elevation Point Wealth Partners LLC bought a new position in Nucor in the 2nd quarter valued at approximately $39,000. Finally, Caitlin John LLC acquired a new stake in Nucor in the third quarter valued at approximately $41,000. Institutional investors own 76.48% of the company’s stock.

Nucor Stock Down 1.9%

Shares of NYSE:NUE opened at $158.84 on Friday. The firm has a market cap of $36.18 billion, a P/E ratio of 21.07, a P/E/G ratio of 0.58 and a beta of 1.83. Nucor Corporation has a 12-month low of $97.59 and a 12-month high of $196.90. The business has a fifty day simple moving average of $176.65 and a 200 day simple moving average of $158.87. The company has a quick ratio of 1.57, a current ratio of 2.94 and a debt-to-equity ratio of 0.31.

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

Nucor announced that its Board of Directors has approved a share buyback plan on Friday, February 20th that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the basic materials company to buy up to 9.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Nucor Announces Dividend

The company also recently announced 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 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Tuesday, March 31st. Nucor’s dividend payout ratio is currently 29.71%.

Insider Activity

In other Nucor news, EVP Thomas J. Batterbee sold 2,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive vice president owned 17,952 shares in the company, valued at approximately $2,967,106.56. This trade represents a 10.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Daniel R. Needham sold 3,881 shares of the business’s stock in a transaction that occurred on 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 transaction, the executive vice president owned 88,298 shares in the company, valued at $15,717,044. This trade represents a 4.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 28,401 shares of company stock worth $5,266,712. 0.46% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on NUE. Jefferies Financial Group boosted their target price on shares of Nucor from $190.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, January 12th. UBS Group increased their price target on Nucor from $183.00 to $184.00 and gave the company a “neutral” rating in a research note on Monday, March 16th. Morgan Stanley reissued an “equal weight” rating and set a $180.00 price objective (up from $165.00) on shares of Nucor in a report on Friday, January 9th. The Goldman Sachs Group boosted their price objective on Nucor from $182.00 to $196.00 and gave the stock a “buy” rating in a research report on Friday, January 16th. Finally, JPMorgan Chase & Co. increased their target price on Nucor from $175.00 to $200.00 and gave the company an “overweight” rating in a research report on Friday, December 5th. Eight investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Nucor currently has an average rating of “Moderate Buy” and an average target price of $188.30.

Nucor 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.