News

Jul 05, 2023

Geode Capital Management LLC Sells 145,950 Shares of Nucor Co. (NYSE:NUE)

Geode Capital Management LLC lowered its stake in shares of Nucor Co. (NYSE:NUE

Geode Capital Management LLC lowered its stake in shares of Nucor Co. (NYSE:NUE - Get Rating) by 2.6% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,414,987 shares of the basic materials company's stock after selling 145,950 shares during the quarter. Geode Capital Management LLC owned approximately 2.11% of Nucor worth $713,784,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in NUE. Delta Asset Management LLC TN purchased a new stake in shares of Nucor in the fourth quarter worth about $26,000. Nelson Van Denburg & Campbell Wealth Management Group LLC purchased a new stake in Nucor in the first quarter valued at approximately $32,000. MinichMacGregor Wealth Management LLC purchased a new stake in Nucor in the fourth quarter valued at approximately $32,000. Accurate Wealth Management LLC purchased a new stake in Nucor in the fourth quarter valued at approximately $39,000. Finally, Fiduciary Alliance LLC purchased a new stake in Nucor in the fourth quarter valued at approximately $36,000. Institutional investors own 78.33% of the company's stock.

Shares of Nucor stock traded up $6.12 during trading hours on Friday, reaching $139.15. 372,595 shares of the stock traded hands, compared to its average volume of 1,781,864. The company has a 50 day moving average price of $144.01 and a 200 day moving average price of $150.29. The firm has a market capitalization of $34.96 billion, a price-to-earnings ratio of 5.22 and a beta of 1.56. Nucor Co. has a one year low of $100.13 and a one year high of $182.68. The company has a quick ratio of 2.28, a current ratio of 3.74 and a debt-to-equity ratio of 0.33.

Nucor (NYSE:NUE - Get Rating) last announced its quarterly earnings data on Thursday, April 20th. The basic materials company reported $4.45 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.81 by $0.64. The company had revenue of $8.71 billion during the quarter, compared to the consensus estimate of $8.87 billion. Nucor had a return on equity of 34.91% and a net margin of 16.73%. The firm's revenue was down 17.0% on a year-over-year basis. During the same period in the previous year, the company posted $7.67 EPS. On average, equities research analysts expect that Nucor Co. will post 17 earnings per share for the current fiscal year.

Nucor declared that its board has approved a share buyback program on Thursday, May 11th that allows the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization allows the basic materials company to repurchase up to 11.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its shares are undervalued.

A number of brokerages have commented on NUE. Credit Suisse Group increased their price target on shares of Nucor from $140.00 to $156.00 and gave the company an "outperform" rating in a research report on Friday, March 17th. StockNews.com began coverage on shares of Nucor in a research report on Thursday, May 18th. They set a "hold" rating on the stock. JPMorgan Chase & Co. began coverage on shares of Nucor in a research report on Tuesday, May 23rd. They set an "underweight" rating and a $130.00 price target on the stock. UBS Group reduced their price target on shares of Nucor from $145.00 to $140.00 in a research report on Friday, May 5th. Finally, The Goldman Sachs Group raised their target price on shares of Nucor from $144.00 to $161.00 and gave the stock a "neutral" rating in a report on Friday, March 10th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $148.88.

Nucor Corp. engages in the manufacturing of steel and steel products. It operates through the following segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment consists of carbon and alloy steel in sheet, bars, structural and plate, steel trading businesses, rebar distribution businesses, and Nucor's equity method investments.

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