Wellington Management Group LLP trimmed its position in shares of Nucor Corporation (NYSE:NUE – Free Report) by 76.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 52,813 shares of the basic materials company’s stock after selling 172,748 shares during the period. Wellington Management Group LLP’s holdings in Nucor were worth $11,764,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in NUE. BlackRock Inc. acquired a new position in shares of Nucor during the 2nd quarter worth about $4,452,563,000. Morgan Stanley grew its holdings in Nucor by 1.1% in the 4th quarter. Morgan Stanley now owns 3,853,205 shares of the basic materials company’s stock valued at $628,497,000 after buying an additional 41,728 shares during the last quarter. Norges Bank acquired a new stake in Nucor in the 4th quarter valued at approximately $609,002,000. Dimensional Fund Advisors LP increased its position in Nucor by 0.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,539,044 shares of the basic materials company’s stock worth $429,298,000 after buying an additional 22,718 shares during the period. Finally, Bank of America Corp DE bought a new position in Nucor in the 2nd quarter worth approximately $462,886,000. 76.48% of the stock is owned by institutional investors and hedge funds.
Nucor Stock Performance
NYSE:NUE opened at $260.98 on Tuesday. The company has a quick ratio of 1.36, a current ratio of 2.51 and a debt-to-equity ratio of 0.27. The firm has a 50-day moving average price of $248.81 and a 200 day moving average price of $222.15. The firm has a market capitalization of $59.21 billion, a PE ratio of 20.81, a price-to-earnings-growth ratio of 0.97 and a beta of 1.87. Nucor Corporation has a 12-month low of $131.32 and a 12-month high of $280.11.
Wall Street Analyst Weigh In
NUE has been the subject of several research reports. Barclays increased their price objective on Nucor from $272.00 to $295.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. BMO Capital Markets upped their target price on shares of Nucor from $285.00 to $295.00 and gave the company an “outperform” rating in a research note on Wednesday, July 29th. JPMorgan Chase & Co. increased their price target on shares of Nucor from $240.00 to $282.00 and gave the company an “overweight” rating in a report on Wednesday, June 10th. UBS Group raised their price target on shares of Nucor from $224.00 to $256.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 28th. Finally, KeyCorp upgraded shares of Nucor from a “sector weight” rating to an “overweight” rating and set a $274.00 price objective on the stock in a report on Wednesday, June 24th. Thirteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $272.38.
Get Our Latest Stock Analysis on Nucor
Insider Buying and Selling at Nucor
In other Nucor news, COO Stephen Laxton sold 3,968 shares of Nucor stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $256.96, for a total transaction of $1,019,617.28. Following the completion of the transaction, the chief operating officer directly owned 77,867 shares of the company’s stock, valued at approximately $20,008,704.32. This trade represents a 4.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Thomas Batterbee sold 4,000 shares of the business’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $261.02, for a total transaction of $1,044,080.00. Following the completion of the sale, the executive vice president owned 16,138 shares in the company, valued at $4,212,340.76. This represents a 19.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.62% 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.
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