Point72 Hong Kong Ltd Has $14.03 Million Stock Position in Nucor Co. (NYSE:NUE)

Point72 Hong Kong Ltd grew its position in Nucor Co. (NYSE:NUE) by 362.0% in the fourth quarter, Holdings Channel reports. The fund owned 120,201 shares of the basic materials company’s stock after acquiring an additional 94,186 shares during the quarter. Nucor accounts for 0.9% of Point72 Hong Kong Ltd’s portfolio, making the stock its 28th largest holding. Point72 Hong Kong Ltd’s holdings in Nucor were worth $14,029,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in NUE. Norges Bank acquired a new position in Nucor in the fourth quarter valued at $398,077,000. First Trust Advisors LP lifted its stake in shares of Nucor by 24.6% in the fourth quarter. First Trust Advisors LP now owns 2,404,477 shares of the basic materials company’s stock valued at $280,627,000 after buying an additional 474,274 shares in the last quarter. Voya Investment Management LLC raised its stake in shares of Nucor by 528.6% in the fourth quarter. Voya Investment Management LLC now owns 507,715 shares of the basic materials company’s stock worth $59,235,000 after purchasing an additional 426,949 shares during the last quarter. Invesco Ltd. lifted its stake in Nucor by 18.7% during the 4th quarter. Invesco Ltd. now owns 2,435,265 shares of the basic materials company’s stock valued at $284,220,000 after acquiring an additional 384,205 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Nucor in the 4th quarter worth about $38,714,000. 76.48% of the stock is owned by institutional investors and hedge funds.

Nucor Stock Down 1.5%

NYSE:NUE opened at $117.13 on Thursday. Nucor Co. has a twelve month low of $97.59 and a twelve month high of $176.59. The company has a market cap of $27.00 billion, a price-to-earnings ratio of 13.93, a price-to-earnings-growth ratio of 0.96 and a beta of 1.73. The stock has a fifty day simple moving average of $118.20 and a 200-day simple moving average of $129.03. The company has a current ratio of 2.51, a quick ratio of 1.48 and a debt-to-equity ratio of 0.27.

Nucor (NYSE:NUE) last issued its quarterly earnings results on Monday, April 28th. The basic materials company reported $0.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.15). The business had revenue of $7.83 billion for the quarter, compared to analyst estimates of $7.25 billion. Nucor had a return on equity of 9.85% and a net margin of 6.60%. The business’s revenue for the quarter was down 3.8% on a year-over-year basis. During the same period in the previous year, the company posted $3.46 earnings per share. Analysts anticipate that Nucor Co. will post 7.64 EPS for the current year.

Nucor Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, May 12th. Stockholders of record on Monday, March 31st were given a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date of this dividend was Monday, March 31st. Nucor’s dividend payout ratio (DPR) is 39.15%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on NUE. The Goldman Sachs Group decreased their price target on shares of Nucor from $175.00 to $169.00 and set a “buy” rating for the company in a research note on Monday, April 7th. StockNews.com cut shares of Nucor from a “hold” rating to a “sell” rating in a report on Wednesday, April 30th. Argus set a $155.00 target price on shares of Nucor in a research report on Wednesday, March 5th. Jefferies Financial Group upped their price objective on Nucor from $125.00 to $135.00 and gave the stock a “hold” rating in a report on Wednesday, January 29th. Finally, Morgan Stanley set a $164.00 target price on shares of Nucor in a research report on Monday, March 24th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Nucor has an average rating of “Moderate Buy” and a consensus target price of $160.33.

Insiders Place Their Bets

In other news, CEO Leon J. Topalian sold 34,238 shares of the stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $120.19, for a total transaction of $4,115,065.22. Following the completion of the transaction, the chief executive officer now directly owns 162,993 shares in the company, valued at approximately $19,590,128.67. This represents a 17.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.46% of the company’s stock.

About Nucor

Nucor Corporation engages in manufacture and sale of steel and steel products. It operates in three segments: steel mills, steel products, and raw materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products; and engages in the steel trading and rebar distribution businesses.