Nucor Corporation Sees Significant Stake Increase from Laurel Wealth Advisors

Laurel Wealth Advisors LLC has dramatically increased its holdings in Nucor Corporation (NYSE: NUE) by an astonishing 12,850.6% during the second quarter of 2023. According to its latest 13F filing with the Securities and Exchange Commission, Laurel now owns 60,091 shares of the steel manufacturing company after acquiring an additional 59,627 shares in the quarter, bringing the total value of its investment to $7,784,000.

The surge in Laurel’s investment reflects a broader trend among institutional investors. Other firms have also adjusted their stakes in Nucor, contributing to a dynamic investment landscape. For instance, Vanguard Group Inc. increased its stake in Nucor by 0.7%, now holding 29,171,068 shares valued at approximately $3.78 billion after purchasing 211,741 shares in the last quarter. Similarly, Price T Rowe Associates Inc. MD raised its holdings by 18.2%, increasing its ownership to 2,309,452 shares worth around $277.92 million.

Nordea Investment Management AB also expanded its position, acquiring an additional 177,420 shares to reach a total of 1,856,100 shares, valued at $244.06 million. Meanwhile, Charles Schwab Investment Management Inc. boosted its holdings by 3.2%, now owning 1,830,200 shares worth $237.08 million. Insider activity has also been notable; CFO Stephen D. Laxton sold 2,003 shares on October 30, 2023, at an average price of $151.57, totaling approximately $303,594.

Nucor’s Stock Performance and Analyst Insights

As of Thursday, Nucor shares opened at $159.08. The company boasts a debt-to-equity ratio of 0.30, a quick ratio of 1.51, and a current ratio of 2.77. Over the past year, Nucor’s stock has seen a low of $97.59 and a high of $159.42. The firm has a market capitalization of approximately $36.41 billion and a price-to-earnings ratio of 22.34.

Nucor recently declared a quarterly dividend of $0.55 per share, which was paid on November 10, 2023. This dividend represents an annualized total of $2.20, yielding 1.4%. The company’s dividend payout ratio stands at 30.90%.

Analysts have been active in their assessments of Nucor’s stock. On October 29, 2023, JPMorgan Chase & Co. raised its target price from $172.00 to $175.00, rating the stock as “overweight.” Weiss Ratings maintained a “hold” rating, while BMO Capital Markets reaffirmed an “outperform” rating on the same day. Wall Street Zen upgraded Nucor from “hold” to “buy,” while Jefferies Financial Group also elevated its rating and adjusted its price target from $135.00 to $170.00.

The consensus among analysts indicates a strong confidence in Nucor, with nine investment analysts rating the stock as a “buy” and one assigning a “hold” rating. According to MarketBeat, Nucor currently holds a “Moderate Buy” consensus rating with an average price target of $167.20.

Company Overview

Nucor Corporation specializes in the manufacture and sale of steel and steel products, operating in three primary segments: steel mills, steel products, and raw materials. The Steel Mills segment produces a variety of products, including hot-rolled, cold-rolled, and galvanized sheet steel, as well as plates and structural steel products.

This latest activity within Nucor’s stock reflects not only the confidence of institutional investors but also the company’s strong market position in the steel industry. As Nucor continues to adapt and grow, its performance will be closely monitored by both investors and analysts alike.