Huntington National Bank Cuts Stock Position in Nucor Corporation $NUE

Huntington National Bank lessened its holdings in Nucor Corporation (NYSE:NUE) by 14.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 45,473 shares of the basic materials company’s stock after selling 7,913 shares during the quarter. Huntington National Bank’s holdings in Nucor were worth $6,158,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the business. Berkshire Hathaway Inc bought a new position in Nucor during the second quarter valued at about $856,792,000. Norges Bank purchased a new position in Nucor in the second quarter valued at about $479,858,000. Greenwich Wealth Management LLC bought a new position in shares of Nucor during the 2nd quarter valued at approximately $123,145,000. Massachusetts Financial Services Co. MA purchased a new stake in shares of Nucor during the 2nd quarter worth approximately $105,435,000. Finally, AQR Capital Management LLC increased its stake in shares of Nucor by 580.9% during the 2nd quarter. AQR Capital Management LLC now owns 653,845 shares of the basic materials company’s stock worth $84,699,000 after purchasing an additional 557,819 shares during the last quarter. 76.48% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

NUE has been the subject of several research reports. Morgan Stanley reissued an “equal weight” rating and set a $180.00 price objective (up from $165.00) on shares of Nucor in a report on Friday, January 9th. Wells Fargo & Company increased their price target on Nucor from $176.00 to $184.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 28th. Jefferies Financial Group lifted their price objective on Nucor from $190.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, January 12th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nucor in a report on Monday, December 29th. Finally, UBS Group lowered shares of Nucor from a “buy” rating to a “neutral” rating and set a $183.00 target price for the company. in a research report on Wednesday, January 28th. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $179.36.

Nucor Stock Up 0.6%

NUE opened at $176.64 on Friday. The firm has a market capitalization of $40.23 billion, a P/E ratio of 23.43, a price-to-earnings-growth ratio of 0.64 and a beta of 1.86. Nucor Corporation has a one year low of $97.59 and a one year high of $196.90. The company has a fifty day moving average price of $175.86 and a 200-day moving average price of $156.72. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.94 and a quick ratio of 1.57.

Nucor (NYSE:NUE) last posted its quarterly earnings data on Monday, January 26th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.91 by ($0.18). The business had revenue of $7.69 billion for the quarter, compared to the consensus estimate of $7.93 billion. Nucor had a net margin of 5.37% and a return on equity of 8.26%. Nucor’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.22 EPS. Equities research analysts expect that Nucor Corporation will post 7.64 earnings per share for the current fiscal year.

Nucor Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 11th. Investors of record on Tuesday, March 31st will be given a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Tuesday, March 31st. Nucor’s dividend payout ratio is 29.71%.

Nucor declared that its Board of Directors has approved a stock repurchase plan on Friday, February 20th that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the basic materials company to repurchase up to 9.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its shares are undervalued.

Insider Activity at Nucor

In other news, EVP Thomas J. Batterbee sold 2,000 shares of Nucor stock in a transaction on Tuesday, December 23rd. The shares were sold at an average price of $165.28, for a total transaction of $330,560.00. Following the completion of the sale, the executive vice president directly owned 17,952 shares of the company’s stock, valued at approximately $2,967,106.56. The trade was a 10.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Daniel R. Needham sold 3,881 shares of the stock in a transaction on Friday, January 30th. The shares were sold at an average price of $178.00, for a total value of $690,818.00. Following the completion of the transaction, the executive vice president directly owned 88,298 shares in the company, valued at approximately $15,717,044. This represents a 4.21% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 34,351 shares of company stock valued at $6,206,158. Company insiders own 0.46% of the company’s stock.

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.