CIBC Bancorp USA Inc. Invests $18.98 Million in Nucor Corporation $NUE

CIBC Bancorp USA Inc. acquired a new stake in Nucor Corporation (NYSE:NUE) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 140,160 shares of the basic materials company’s stock, valued at approximately $18,982,000. CIBC Bancorp USA Inc. owned about 0.06% of Nucor as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Nucor by 0.7% during the second quarter. Vanguard Group Inc. now owns 29,171,068 shares of the basic materials company’s stock worth $3,778,820,000 after purchasing an additional 211,741 shares during the last quarter. State Street Corp increased its stake in Nucor by 3.1% in the second quarter. State Street Corp now owns 12,501,779 shares of the basic materials company’s stock valued at $1,626,321,000 after purchasing an additional 371,911 shares during the last quarter. Berkshire Hathaway Inc acquired a new stake in Nucor during the second quarter worth approximately $856,792,000. Norges Bank acquired a new stake in Nucor during the second quarter worth approximately $479,858,000. Finally, Capital World Investors lifted its position in shares of Nucor by 20.1% during the 3rd quarter. Capital World Investors now owns 3,042,761 shares of the basic materials company’s stock worth $412,081,000 after buying an additional 509,019 shares during the last quarter. Institutional investors and hedge funds own 76.48% of the company’s stock.

Insider Buying and Selling at Nucor

In other news, EVP Daniel R. Needham sold 3,881 shares of the stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $178.00, for a total transaction of $690,818.00. Following the completion of the sale, the executive vice president owned 88,298 shares in the company, valued at approximately $15,717,044. This represents a 4.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Thomas J. Batterbee sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $165.28, for a total value of $330,560.00. Following the transaction, the executive vice president directly owned 17,952 shares in the company, valued at approximately $2,967,106.56. This represents a 10.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 28,401 shares of company stock valued at $5,266,712 over the last ninety days. 0.46% of the stock is currently owned by corporate insiders.

Nucor Stock Performance

Shares of NUE opened at $161.77 on Friday. The company’s 50 day simple moving average is $176.74 and its 200-day simple moving average is $158.80. The firm has a market cap of $36.85 billion, a PE ratio of 21.46, a price-to-earnings-growth ratio of 0.58 and a beta of 1.83. Nucor Corporation has a 12-month low of $97.59 and a 12-month high of $196.90. The company has a current ratio of 2.94, a quick ratio of 1.57 and a debt-to-equity ratio of 0.31.

Nucor (NYSE:NUE) last released its quarterly earnings results on Monday, January 26th. The basic materials company reported $1.73 EPS for the quarter, missing the consensus estimate of $1.91 by ($0.18). The business had revenue of $7.69 billion during the quarter, compared to analysts’ expectations of $7.93 billion. Nucor had a net margin of 5.37% and a return on equity of 8.26%. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.22 EPS. As a group, equities analysts predict that Nucor Corporation will post 7.64 EPS for the current year.

Nucor declared that its board has initiated a share buyback plan 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 reacquire up to 9.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Nucor Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 11th. Stockholders of record on Tuesday, March 31st will be issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Tuesday, March 31st. Nucor’s dividend payout ratio is presently 29.71%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Wall Street Zen cut shares of Nucor from a “buy” rating to a “hold” rating in a report on Saturday, March 7th. UBS Group lifted their price target on shares of Nucor from $183.00 to $184.00 and gave the stock a “neutral” rating in a research note on Monday. JPMorgan Chase & Co. upped their price objective on shares of Nucor from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Friday, December 5th. Morgan Stanley reaffirmed 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. Finally, Jefferies Financial Group lifted their target price on Nucor from $190.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, January 12th. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Nucor currently has an average rating of “Moderate Buy” and an average target price of $188.00.

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.