CIBC Asset Management Inc Acquires 21,617 Shares of Nucor Corporation $NUE

CIBC Asset Management Inc lifted its holdings in shares of Nucor Corporation (NYSE:NUE) by 66.3% during the fourth quarter, HoldingsChannel reports. The firm owned 54,210 shares of the basic materials company’s stock after purchasing an additional 21,617 shares during the quarter. CIBC Asset Management Inc’s holdings in Nucor were worth $8,842,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Nucor by 0.5% in the 4th 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. Norges Bank purchased a new stake in Nucor in the 4th quarter worth about $609,002,000. Capital World Investors increased its holdings in Nucor by 20.1% in the 3rd quarter. Capital World Investors now owns 3,042,761 shares of the basic materials company’s stock worth $412,081,000 after acquiring an additional 509,019 shares during the last quarter. Nordea Investment Management AB increased its holdings in Nucor by 11.1% in the 4th quarter. Nordea Investment Management AB now owns 2,103,000 shares of the basic materials company’s stock worth $342,642,000 after acquiring an additional 210,577 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Nucor by 27.5% in the 4th quarter. Bank of New York Mellon Corp now owns 1,780,423 shares of the basic materials company’s stock worth $290,405,000 after acquiring an additional 383,952 shares during the last quarter. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Insider Buying and Selling

In other news, EVP Allen C. Behr sold 10,096 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $226.08, for a total value of $2,282,503.68. Following the sale, the executive vice president directly owned 62,871 shares of the company’s stock, valued at approximately $14,213,875.68. This represents a 13.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Bradley Ford sold 2,240 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $232.13, for a total value of $519,971.20. Following the completion of the sale, the executive vice president directly owned 43,649 shares in the company, valued at approximately $10,132,242.37. This represents a 4.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 82,378 shares of company stock valued at $18,963,930 over the last 90 days. 0.62% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on NUE shares. Wall Street Zen raised Nucor from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 16th. KeyCorp initiated coverage on Nucor in a report on Wednesday, March 25th. They set a “sector weight” rating for the company. BMO Capital Markets lifted their target price on Nucor from $250.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday. Wells Fargo & Company lifted their target price on Nucor from $244.00 to $292.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Weiss Ratings raised Nucor from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, May 14th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $255.67.

Nucor Price Performance

Shares of NUE stock opened at $254.14 on Friday. The stock has a market cap of $57.88 billion, a price-to-earnings ratio of 25.16, a PEG ratio of 0.69 and a beta of 1.88. The business’s fifty day moving average is $213.65 and its 200 day moving average is $184.90. Nucor Corporation has a twelve month low of $115.66 and a twelve month high of $264.67. 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 quarterly earnings results on Monday, April 27th. The basic materials company reported $3.23 earnings per share for the quarter, topping the consensus estimate of $2.82 by $0.41. The company had revenue of $9.50 billion for the quarter, compared to analysts’ expectations of $8.88 billion. Nucor had a return on equity of 10.68% and a net margin of 6.82%.The firm’s revenue for the quarter was up 21.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.77 earnings per share. Research analysts expect that Nucor Corporation will post 14.84 EPS for the current fiscal year.

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

Nucor Company 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.