Laurel Wealth Advisors Expands Nucor Holdings by Over 12,000%

Laurel Wealth Advisors LLC significantly increased its investment in Nucor Corporation (NYSE:NUE) by an astonishing 12,850.6% during the second quarter of 2023. According to the latest 13F filing with the Securities and Exchange Commission (SEC), the institutional investor acquired an additional 59,627 shares, bringing its total holdings to 60,091 shares, valued at approximately $7,784,000.

Other institutional investors have also made notable adjustments to their positions in Nucor. Vanguard Group Inc. raised its stake by 0.7%, acquiring an additional 211,741 shares to reach a total of 29,171,068 shares, worth $3.78 billion. Similarly, Price T Rowe Associates Inc. increased its holdings by 18.2% in the first quarter, now owning 2,309,452 shares valued at $277.9 million.

Nordea Investment Management AB boosted its position by 10.6% during the second quarter, acquiring 177,420 shares for a total of 1,856,100 shares, valued at $244.1 million. Charles Schwab Investment Management Inc. also increased its holdings by 3.2%, while MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. expanded its position by 16.3% in the first quarter. Together, hedge funds and institutional investors own approximately 76.48% of Nucor’s stock.

Nucor’s Stock Performance and Financial Health

On Thursday, shares of Nucor opened at $159.08. The company maintains a debt-to-equity ratio of 0.30, with a quick ratio of 1.51 and a current ratio of 2.77. Over the past year, Nucor’s stock has fluctuated between a low of $97.59 and a high of $159.42. The firm’s 50-day simple moving average stands at $141.95, while the 200-day moving average is $136.56. Nucor Corporation has a market capitalization of $36.41 billion, a price-to-earnings (PE) ratio of 22.34, and a price-to-earnings-growth (PEG) ratio of 1.14, with a beta of 1.80.

Recently, Nucor declared a quarterly dividend of $0.55 per share, which was paid on November 10, 2023. Investors of record on September 30 received this dividend, translating to an annualized dividend of $2.20 and a yield of 1.4%. The company’s dividend payout ratio currently stands at 30.90%.

Recent Insider Transactions and Analyst Ratings

In related news, Chief Financial Officer Stephen D. Laxton sold 2,003 shares of Nucor stock on October 30, at an average price of $151.57, totaling approximately $303,594.71. Following this transaction, Laxton retains 88,174 shares, valued at about $13.36 million, reflecting a 2.22% decrease in his ownership. Executive Vice President Allen C. Behr also sold 9,042 shares on the same day for around $1.37 million, reducing his position by 10.93%.

Analysts have offered a variety of ratings on Nucor stock recently. JPMorgan Chase & Co. raised its target price from $172.00 to $175.00, maintaining an “overweight” rating. BMO Capital Markets reiterated an “outperform” rating, while Weiss Ratings issued a “hold (c-)” rating. Notably, Wall Street Zen upgraded Nucor from a “hold” to a “buy” rating, and Jefferies Financial Group also upgraded the stock, raising its price target to $170.00.

In summary, nine investment analysts currently rate Nucor with a “buy” recommendation, while one has issued a “hold” rating. MarketBeat reports a consensus rating of “Moderate Buy” and a consensus price target of $167.20.

Nucor Corporation, a leader in the manufacture and sale of steel and steel products, operates through three primary segments: steel mills, steel products, and raw materials. The company’s robust performance and strategic moves by institutional investors signal a strong outlook in the basic materials sector.