Wells Fargo & Company MN Sells 60,138 Shares of Nucor Co. (NYSE:NUE)

Wells Fargo & Company MN lowered its holdings in Nucor Co. (NYSE:NUE) by 4.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,325,988 shares of the basic materials company’s stock after selling 60,138 shares during the period. Wells Fargo & Company MN owned about 0.54% of Nucor worth $230,775,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in NUE. Keybank National Association OH lifted its stake in Nucor by 3.4% in the third quarter. Keybank National Association OH now owns 19,246 shares of the basic materials company’s stock valued at $3,009,000 after acquiring an additional 639 shares during the last quarter. Compagnie Lombard Odier SCmA acquired a new stake in Nucor in the fourth quarter valued at $3,481,000. AIA Group Ltd lifted its stake in Nucor by 53.2% in 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 acquired a new stake in Nucor in the fourth quarter valued at $1,230,000. Finally, abrdn plc lifted its stake in Nucor by 41.7% in 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. Institutional investors own 76.48% of the company’s stock.

Nucor Price Performance

Shares of Nucor stock opened at $171.50 on Wednesday. Nucor Co. has a twelve month low of $129.79 and a twelve month high of $203.00. The company has a quick ratio of 2.48, a current ratio of 4.02 and a debt-to-equity ratio of 0.31. The company has a 50-day simple moving average of $185.48 and a two-hundred day simple moving average of $177.61. The stock has a market capitalization of $41.12 billion, a price-to-earnings ratio of 10.13 and a beta of 1.65.

Nucor (NYSE:NUE) last issued its quarterly earnings data on Monday, April 22nd. The basic materials company reported $3.46 earnings per share for the quarter, missing the consensus estimate of $3.62 by ($0.16). Nucor had a return on equity of 19.62% and a net margin of 12.40%. The business had revenue of $8.14 billion during the quarter, compared to analyst estimates of $8.26 billion. During the same quarter last year, the firm earned $4.45 EPS. Nucor’s revenue for the quarter was down 6.6% compared to the same quarter last year. Analysts forecast that Nucor Co. will post 12.44 EPS for the current year.

Insiders Place Their Bets

In other Nucor news, insider Michael D. Keller sold 3,145 shares of Nucor stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $193.67, for a total value of $609,092.15. Following the completion of the sale, the insider now owns 24,873 shares in the company, valued at approximately $4,817,153.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Nucor news, EVP Douglas J. Jellison sold 19,506 shares of the firm’s stock in a transaction dated 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 approximately $23,351,936.58. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Michael D. Keller sold 3,145 shares of the firm’s stock in a transaction dated Thursday, March 21st. The shares were 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 in the company, valued at $4,817,153.91. The disclosure for this sale can be found here. Insiders sold 32,651 shares of company stock worth $6,283,648 in the last quarter. 0.64% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

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

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.