Harbour Investments Inc. Boosts Holdings in Nucor Corporation $NUE

Harbour Investments Inc. grew its holdings in Nucor Corporation (NYSE:NUE) by 149.1% in the 4th quarter, HoldingsChannel reports. The firm owned 5,079 shares of the basic materials company’s stock after purchasing an additional 3,040 shares during the quarter. Harbour Investments Inc.’s holdings in Nucor were worth $828,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Stance Capital LLC purchased a new position in shares of Nucor in the third quarter valued at approximately $25,000. AXS Investments LLC purchased a new position in shares of Nucor in the third quarter valued at approximately $37,000. Vision Financial Markets LLC boosted its stake in shares of Nucor by 281.7% in the third 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 period. Ares Financial Consulting LLC purchased a new position in shares of Nucor in the fourth quarter valued at approximately $45,000. Finally, Caitlin John LLC purchased a new position in shares of Nucor in the third quarter valued at approximately $41,000. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Nucor Stock Up 0.3%

Shares of NYSE:NUE opened at $250.06 on Friday. The firm’s 50 day moving average price is $204.13 and its 200 day moving average price is $181.02. The stock has a market cap of $56.95 billion, a price-to-earnings ratio of 24.76, a price-to-earnings-growth ratio of 0.66 and a beta of 1.87. Nucor Corporation has a fifty-two week low of $106.21 and a fifty-two week high of $251.39. The company has a quick ratio of 1.55, a current ratio of 2.90 and a debt-to-equity ratio of 0.30.

Nucor (NYSE:NUE) last issued its earnings results on Monday, April 27th. The basic materials company reported $3.23 earnings per share for the quarter, beating the consensus estimate of $2.82 by $0.41. The firm had revenue of $9.50 billion for the quarter, compared to analysts’ expectations of $8.88 billion. Nucor had a net margin of 6.82% and a return on equity of 10.68%. The firm’s revenue was up 21.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.77 earnings per share. As a group, equities research analysts predict that Nucor Corporation will post 14.84 earnings per share for the current fiscal year.

Nucor announced that its board has authorized a share repurchase program on Friday, February 20th that authorizes the company to buyback $4.00 billion in outstanding shares. This buyback authorization authorizes the basic materials company to buy up to 9.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Transactions at Nucor

In other Nucor news, EVP Allen C. Behr sold 10,096 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $226.08, for a total transaction of $2,282,503.68. Following the sale, the executive vice president owned 62,871 shares of the company’s stock, valued at approximately $14,213,875.68. This trade represents a 13.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael D. Keller sold 4,554 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $225.86, for a total transaction of $1,028,566.44. Following the sale, the insider directly owned 16,834 shares in the company, valued at approximately $3,802,127.24. The trade was a 21.29% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 71,818 shares of company stock valued at $16,234,593 over the last quarter. Insiders own 0.62% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on NUE. Zacks Research raised shares of Nucor from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 12th. Seaport Research Partners reaffirmed a “buy” rating and issued a $245.00 target price on shares of Nucor in a report on Thursday, April 30th. Weiss Ratings raised shares of Nucor from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, May 14th. Wall Street Zen raised shares of Nucor from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 16th. Finally, The Goldman Sachs Group raised their target price on shares of Nucor from $240.00 to $260.00 in a report on Friday, May 1st. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, Nucor currently has an average rating of “Moderate Buy” and a consensus price target of $247.50.

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.