Colonial River Wealth Management LLC Purchases Shares of 1,635 Nucor Co. (NYSE:NUE)

Colonial River Wealth Management LLC acquired a new stake in Nucor Co. (NYSE:NUE – Get Rating) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 1,635 shares of the basic materials company’s stock, valued at approximately $216,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Main Street Financial Solutions LLC grew its position in Nucor by 2.7% during the fourth quarter. Main Street Financial Solutions LLC now owns 2,676 shares of the basic materials company’s stock valued at $353,000 after purchasing an additional 71 shares in the last quarter. Sky Investment Group LLC lifted its stake in Nucor by 3.7% in the fourth quarter. Sky Investment Group LLC now owns 2,018 shares of the basic materials company’s stock valued at $266,000 after acquiring an additional 72 shares during the last quarter. Lumature Wealth Partners LLC lifted its stake in Nucor by 4.0% in the third quarter. Lumature Wealth Partners LLC now owns 1,983 shares of the basic materials company’s stock valued at $212,000 after acquiring an additional 76 shares during the last quarter. Retirement Guys Formula LLC lifted its stake in Nucor by 1.9% in the third quarter. Retirement Guys Formula LLC now owns 4,135 shares of the basic materials company’s stock valued at $442,000 after acquiring an additional 79 shares during the last quarter. Finally, Equitable Holdings Inc. lifted its stake in Nucor by 4.0% in the third quarter. Equitable Holdings Inc. now owns 2,092 shares of the basic materials company’s stock valued at $224,000 after acquiring an additional 81 shares during the last quarter. 78.33% of the stock is currently owned by institutional investors and hedge funds.

Nucor Price Performance

Shares of NUE traded up $0.78 during trading hours on Friday, hitting $135.47. The stock had a trading volume of 315,771 shares, compared to its average volume of 1,793,612. The company’s fifty day moving average is $145.40 and its two-hundred day moving average is $150.34. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.74 and a quick ratio of 2.28. Nucor Co. has a 52 week low of $100.13 and a 52 week high of $182.68. The stock has a market capitalization of $34.03 billion, a price-to-earnings ratio of 5.35 and a beta of 1.56.

Nucor (NYSE:NUE – Get Rating) last issued its quarterly earnings results on Thursday, April 20th. The basic materials company reported $4.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.81 by $0.64. The business had revenue of $8.71 billion for the quarter, compared to the consensus estimate of $8.87 billion. Nucor had a net margin of 16.73% and a return on equity of 34.91%. The firm’s quarterly revenue was down 17.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $7.67 EPS. On average, analysts anticipate that Nucor Co. will post 17 EPS for the current year.

Nucor declared that its board has initiated a share repurchase plan on Thursday, May 11th that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the basic materials company to repurchase up to 11.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on NUE. UBS Group reduced their price objective on shares of Nucor from $145.00 to $140.00 in a research note on Friday, May 5th. Morgan Stanley boosted their price objective 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. Credit Suisse Group boosted their price objective on shares of Nucor from $140.00 to $156.00 and gave the stock an “outperform” rating in a research note on Friday, March 17th. The Goldman Sachs Group boosted their price objective on shares of Nucor from $144.00 to $161.00 and gave the stock a “neutral” rating in a research note on Friday, March 10th. Finally, BMO Capital Markets boosted their price objective 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. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $148.88.

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.