Cambridge Trust Co. Lowers Stock Position in Nucor Co. (NYSE:NUE)

Posted by Defense World Staff on Mar 19th, 2023

Cambridge Trust Co. cut its holdings in shares of Nucor Co. (NYSE:NUE – Get Rating) by 15.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,296 shares of the basic materials company’s stock after selling 228 shares during the period. Cambridge Trust Co.’s holdings in Nucor were worth $171,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Nelson Van Denburg & Campbell Wealth Management Group LLC purchased a new position in shares of Nucor during the first quarter worth approximately $32,000. MinichMacGregor Wealth Management LLC purchased a new position in shares of Nucor during the fourth quarter worth approximately $32,000. Ronald Blue Trust Inc. purchased a new position in Nucor in the 2nd quarter valued at $42,000. Guardian Wealth Advisors LLC acquired a new position in Nucor in the 3rd quarter valued at $31,000. Finally, Coston McIsaac & Partners acquired a new position in Nucor in the 3rd quarter valued at $34,000. 78.33% of the stock is currently owned by hedge funds and other institutional investors.

Nucor Trading Down 0.9 %

Shares of NUE opened at $144.12 on Friday. The company has a current ratio of 3.39, a quick ratio of 2.13 and a debt-to-equity ratio of 0.34. The firm’s 50-day moving average is $162.85 and its two-hundred day moving average is $143.13. Nucor Co. has a twelve month low of $100.13 and a twelve month high of $187.90. The firm has a market capitalization of $36.31 billion, a P/E ratio of 5.02 and a beta of 1.59.

Nucor (NYSE:NUE – Get Rating) last issued its earnings results on Thursday, January 26th. The basic materials company reported $4.89 earnings per share for the quarter, topping the consensus estimate of $4.18 by $0.71. The company had revenue of $8.72 billion for the quarter, compared to analyst estimates of $8.54 billion. Nucor had a net margin of 18.33% and a return on equity of 42.03%. The firm’s revenue for the quarter was down 15.8% compared to the same quarter last year. During the same period in the prior year, the business posted $7.97 earnings per share. On average, research analysts predict that Nucor Co. will post 14.35 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 11th. Stockholders of record on Friday, March 31st will be given a $0.51 dividend. The ex-dividend date is Thursday, March 30th. This represents a $2.04 annualized dividend and a dividend yield of 1.42%. Nucor’s dividend payout ratio is presently 7.10%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NUE. UBS Group boosted their price target on shares of Nucor from $120.00 to $145.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 6th. BMO Capital Markets boosted their price target on shares of Nucor from $155.00 to $165.00 and gave the stock a “market perform” rating in a research note on Friday, January 27th. Bank of America initiated coverage on shares of Nucor in a research note on Wednesday, January 4th. They set a “buy” rating and a $172.00 price target on the stock. StockNews.com initiated coverage on shares of Nucor in a research note on Thursday. They set a “hold” rating on the stock. Finally, Morgan Stanley boosted their price target on shares of Nucor from $113.00 to $122.00 and gave the stock an “equal weight” rating in a research note on Monday, January 30th. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $153.44.

Insider Activity

In other news, CEO Leon J. Topalian sold 3,000 shares of the stock in a transaction that occurred on Tuesday, December 20th. The shares were sold at an average price of $134.71, for a total value of $404,130.00. Following the sale, the chief executive officer now directly owns 126,809 shares in the company, valued at $17,082,440.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Leon J. Topalian sold 3,000 shares of the stock in a transaction that occurred on Tuesday, December 20th. The shares were sold at an average price of $134.71, for a total value of $404,130.00. Following the sale, the chief executive officer now directly owns 126,809 shares in the company, valued at $17,082,440.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Daniel R. Needham sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, January 30th. The shares were sold at an average price of $168.36, for a total transaction of $841,800.00. Following the transaction, the executive vice president now directly owns 61,137 shares in the company, valued at approximately $10,293,025.32. The disclosure for this sale can be found here. Insiders have sold 12,575 shares of company stock worth $2,034,130 over the last ninety days. 0.46% of the stock is currently owned by insiders.

Nucor Profile

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Nucor Corp. engages in the manufacturing of steel and steel products. It operates through the following segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment consists of carbon and alloy steel in sheet, bars, structural and plate, steel trading businesses, rebar distribution businesses, and Nucor’s equity method investments.