Pictet Asset Management Holding SA Trims Holdings in Nucor Corporation $NUE

Pictet Asset Management Holding SA cut its position in shares of Nucor Corporation (NYSE:NUE) by 4.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 103,370 shares of the basic materials company’s stock after selling 4,535 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Nucor were worth $17,480,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of NUE. Vanguard Group Inc. boosted its position in Nucor by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 28,407,540 shares of the basic materials company’s stock worth $4,633,554,000 after acquiring an additional 144,038 shares during the last quarter. Morgan Stanley lifted its stake in shares of Nucor by 1.1% during the 4th quarter. Morgan Stanley now owns 3,853,205 shares of the basic materials company’s stock worth $628,497,000 after purchasing an additional 41,728 shares during the period. Norges Bank acquired a new stake in shares of Nucor during the fourth quarter worth $609,002,000. Capital World Investors grew its position in shares of Nucor by 20.1% in the third quarter. Capital World Investors now owns 3,042,761 shares of the basic materials company’s stock valued at $412,081,000 after purchasing an additional 509,019 shares during the period. Finally, Nordea Investment Management AB grew its position in shares of Nucor by 11.1% in the fourth quarter. Nordea Investment Management AB now owns 2,103,000 shares of the basic materials company’s stock valued at $342,642,000 after purchasing an additional 210,577 shares during the period. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Nucor Price Performance

Shares of Nucor stock opened at $220.61 on Friday. The business’s fifty day moving average price is $237.71 and its 200 day moving average price is $196.72. Nucor Corporation has a twelve month low of $131.32 and a twelve month high of $270.90. The company has a current ratio of 2.90, a quick ratio of 1.55 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $50.24 billion, a P/E ratio of 21.84, a PEG ratio of 0.50 and a beta of 1.91.

Nucor (NYSE:NUE) last announced its quarterly earnings results on Monday, April 27th. The basic materials company reported $3.23 EPS for the quarter, topping the consensus estimate of $2.82 by $0.41. The company had revenue of $9.50 billion during the quarter, compared to analyst estimates of $8.88 billion. Nucor had a return on equity of 10.68% and a net margin of 6.82%.The firm’s revenue was up 21.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.77 earnings per share. As a group, research analysts anticipate that Nucor Corporation will post 17.68 earnings per share for the current year.

Nucor Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 11th. Investors of record on Tuesday, June 30th will be given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Tuesday, June 30th. Nucor’s dividend payout ratio is 22.18%.

Insider Transactions at Nucor

In other Nucor news, EVP John J. Hollatz sold 10,560 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $258.46, for a total transaction of $2,729,337.60. Following the completion of the sale, the executive vice president directly owned 97,865 shares in the company, valued at $25,294,187.90. The trade was a 9.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP David A. Sumoski sold 33,068 shares of the stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $225.67, for a total transaction of $7,462,455.56. Following the completion of the sale, the executive vice president directly owned 243,339 shares of the company’s stock, valued at $54,914,312.13. The trade was a 11.96% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 82,378 shares of company stock valued at $18,963,930 in the last three months. 0.62% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Zacks Research downgraded Nucor from a “strong-buy” rating to a “hold” rating in a research report on Monday. BNP Paribas Exane lifted their price target on Nucor from $210.00 to $248.00 and gave the company an “outperform” rating in a report on Monday, May 4th. KeyCorp raised shares of Nucor from a “sector weight” rating to an “overweight” rating and set a $274.00 price objective for the company in a research note on Wednesday, June 24th. BMO Capital Markets raised their target price on shares of Nucor from $250.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 3rd. Finally, Seaport Research Partners boosted their target price on shares of Nucor from $245.00 to $285.00 and gave the company a “buy” rating in a report on Wednesday, June 10th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $266.92.

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.