Summit Financial LLC Boosts Stake in Nucor Co. (NYSE:NUE)

Summit Financial LLC lifted its holdings in Nucor Co. (NYSE:NUE) by 15.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,409 shares of the basic materials company’s stock after purchasing an additional 718 shares during the quarter. Summit Financial LLC’s holdings in Nucor were worth $1,073,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Keybank National Association OH raised its stake in shares of Nucor by 3.4% in the third quarter. Keybank National Association OH now owns 19,246 shares of the basic materials company’s stock worth $3,009,000 after purchasing an additional 639 shares during the last quarter. Compagnie Lombard Odier SCmA purchased a new stake in Nucor during the fourth quarter valued at $3,481,000. AIA Group Ltd increased its position in Nucor by 53.2% during the fourth quarter. AIA Group Ltd now owns 13,226 shares of the basic materials company’s stock valued at $2,302,000 after acquiring an additional 4,592 shares during the last quarter. Sapient Capital LLC purchased a new stake in Nucor during the fourth quarter valued at $1,230,000. Finally, abrdn plc increased its position in Nucor by 41.7% during the fourth quarter. abrdn plc now owns 154,745 shares of the basic materials company’s stock valued at $26,932,000 after acquiring an additional 45,521 shares during the last quarter. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Insider Transactions at Nucor

In other news, insider Michael D. Keller sold 3,145 shares of the company’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $193.67, for a total value of $609,092.15. Following the completion of the transaction, the insider now owns 24,873 shares of the company’s stock, valued at $4,817,153.91. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Michael D. Keller sold 3,145 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $193.67, for a total transaction of $609,092.15. Following the completion of the transaction, the insider now directly owns 24,873 shares of the company’s stock, valued at $4,817,153.91. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Douglas J. Jellison sold 19,506 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $193.41, for a total value of $3,772,655.46. Following the transaction, the executive vice president now directly owns 120,738 shares of the company’s stock, valued at $23,351,936.58. The disclosure for this sale can be found here. Insiders sold a total of 32,651 shares of company stock valued at $6,283,648 over the last 90 days. Company insiders own 0.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on NUE shares. StockNews.com cut Nucor from a “buy” rating to a “hold” rating in a research report on Tuesday, April 23rd. BMO Capital Markets reduced their price objective on Nucor from $210.00 to $200.00 and set a “market perform” rating for the company in a research report on Wednesday, April 24th. Citigroup upgraded Nucor from a “neutral” rating to a “buy” rating and upped their price objective for the company from $180.00 to $240.00 in a research report on Wednesday, March 13th. JPMorgan Chase & Co. reduced their price target on Nucor from $195.00 to $190.00 and set a “neutral” rating for the company in a research report on Wednesday, April 24th. Finally, Jefferies Financial Group started coverage on Nucor in a research report on Monday. They issued a “hold” rating and a $190.00 price target for the company. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $192.75.

Nucor Price Performance

Shares of NYSE NUE traded up $0.43 during mid-day trading on Thursday, reaching $171.53. The company’s stock had a trading volume of 948,094 shares, compared to its average volume of 1,403,199. The firm has a market capitalization of $41.13 billion, a PE ratio of 10.09 and a beta of 1.65. The company has a debt-to-equity ratio of 0.31, a current ratio of 4.02 and a quick ratio of 2.48. The stock has a fifty day moving average of $185.01 and a two-hundred day moving average of $177.53. Nucor Co. has a 52 week low of $129.79 and a 52 week high of $203.00.

Nucor (NYSE:NUE) last released its quarterly earnings data on Monday, April 22nd. The basic materials company reported $3.46 earnings per share for the quarter, missing analysts’ consensus estimates of $3.62 by ($0.16). The business had revenue of $8.14 billion during the quarter, compared to the consensus estimate of $8.26 billion. Nucor had a return on equity of 19.62% and a net margin of 12.40%. The business’s revenue was down 6.6% on a year-over-year basis. During the same period last year, the company earned $4.45 EPS. As a group, sell-side analysts anticipate that Nucor Co. will post 12.57 EPS for the current fiscal year.

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.