Monetta Financial Services Inc. Takes $1.42 Million Position in Nucor Corporation $NUE

Monetta Financial Services Inc. purchased a new position in shares of Nucor Corporation (NYSE:NUE) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 10,500 shares of the basic materials company’s stock, valued at approximately $1,422,000.

Other hedge funds also recently added to or reduced their stakes in the company. Berkshire Hathaway Inc bought a new stake in Nucor in the second quarter worth about $856,792,000. Norges Bank bought a new stake in shares of Nucor during the 2nd quarter worth approximately $479,858,000. Greenwich Wealth Management LLC purchased a new position in Nucor during the 2nd quarter valued at $123,145,000. Massachusetts Financial Services Co. MA bought a new position in Nucor in the 2nd quarter valued at $105,435,000. Finally, AQR Capital Management LLC grew its position in Nucor by 580.9% in the 2nd quarter. AQR Capital Management LLC now owns 653,845 shares of the basic materials company’s stock valued at $84,699,000 after acquiring an additional 557,819 shares during the last quarter. 76.48% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Daniel R. Needham sold 3,881 shares of the firm’s stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $178.00, for a total value of $690,818.00. Following the sale, the executive vice president directly owned 88,298 shares in the company, valued at approximately $15,717,044. This trade represents a 4.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Kenneth Rex Query sold 7,452 shares of the business’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $196.02, for a total transaction of $1,460,741.04. Following the transaction, the executive vice president owned 76,628 shares of the company’s stock, valued at approximately $15,020,620.56. This trade represents a 8.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 34,351 shares of company stock valued at $6,206,158. Corporate insiders own 0.71% of the company’s stock.

Nucor Price Performance

Shares of NUE opened at $178.70 on Tuesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.57 and a current ratio of 2.94. The company has a 50 day moving average price of $174.59 and a 200-day moving average price of $155.82. Nucor Corporation has a fifty-two week low of $97.59 and a fifty-two week high of $196.90. The stock has a market capitalization of $40.90 billion, a PE ratio of 23.70, a PEG ratio of 0.65 and a beta of 1.86.

Nucor (NYSE:NUE) last issued its quarterly earnings data on Monday, January 26th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.91 by ($0.18). The business had revenue of $7.69 billion for 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 business’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.22 earnings per share. Equities analysts predict that Nucor Corporation will post 7.64 earnings per share for the current fiscal year.

Nucor declared that its Board of Directors has authorized a stock buyback program on Friday, February 20th that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the basic materials company to purchase up to 9.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Nucor Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 11th. Investors of record on Tuesday, March 31st will be given a dividend of $0.56 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $2.24 dividend on an annualized basis and a yield of 1.3%. Nucor’s dividend payout ratio (DPR) is presently 29.71%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on NUE. Wall Street Zen raised shares of Nucor from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. Weiss Ratings reissued a “hold (c)” rating on shares of Nucor in a research report on Monday, December 29th. Seaport Research Partners upped their target price on shares of Nucor from $170.00 to $185.00 and gave the stock a “buy” rating in a research note on Friday, January 30th. Citigroup raised their target price on shares of Nucor from $150.00 to $180.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. Finally, UBS Group lowered Nucor from a “buy” rating to a “neutral” rating and set a $183.00 price target for the company. in a report on Wednesday, January 28th. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Nucor presently has an average rating of “Moderate Buy” and an average target price of $179.36.

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.