Means Investment CO. Inc. Increases Holdings in Nucor Corporation $NUE

Means Investment CO. Inc. raised its holdings in shares of Nucor Corporation (NYSE:NUE) by 2.1% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,646 shares of the basic materials company’s stock after acquiring an additional 202 shares during the quarter. Means Investment CO. Inc.’s holdings in Nucor were worth $1,250,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Nucor by 17.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,595 shares of the basic materials company’s stock valued at $3,853,000 after purchasing an additional 4,763 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Nucor by 21.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 101,459 shares of the basic materials company’s stock worth $12,210,000 after buying an additional 17,861 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Nucor by 20.5% in the 1st quarter. Assenagon Asset Management S.A. now owns 28,886 shares of the basic materials company’s stock valued at $3,476,000 after buying an additional 4,914 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its position in shares of Nucor by 138.5% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 121,543 shares of the basic materials company’s stock valued at $15,745,000 after buying an additional 70,581 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its position in shares of Nucor by 12.4% in the 1st quarter. Envestnet Asset Management Inc. now owns 305,006 shares of the basic materials company’s stock valued at $36,704,000 after buying an additional 33,700 shares during the last quarter. Institutional investors and hedge funds own 76.48% of the company’s stock.

Nucor Stock Down 3.2%

NUE opened at $133.68 on Friday. Nucor Corporation has a 52 week low of $97.59 and a 52 week high of $170.52. The business has a 50 day moving average price of $141.25 and a two-hundred day moving average price of $129.32. The company has a quick ratio of 1.51, a current ratio of 2.83 and a debt-to-equity ratio of 0.31. The company has a market cap of $30.68 billion, a PE ratio of 24.13, a P/E/G ratio of 0.92 and a beta of 1.75.

Nucor (NYSE:NUE) last released its earnings results on Monday, July 28th. The basic materials company reported $2.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.54 by $0.06. Nucor had a return on equity of 6.65% and a net margin of 4.21%.The business had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.47 billion. During the same quarter in the previous year, the company posted $2.68 earnings per share. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. As a group, research analysts anticipate that Nucor Corporation will post 7.64 EPS for the current year.

Nucor Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.55 per share. The ex-dividend date is Tuesday, September 30th. This represents a $2.20 dividend on an annualized basis and a yield of 1.6%. Nucor’s dividend payout ratio is presently 39.71%.

Insider Activity

In other news, EVP Allen C. Behr sold 8,021 shares of Nucor stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $143.38, for a total value of $1,150,050.98. Following the sale, the executive vice president owned 82,703 shares of the company’s stock, valued at $11,857,956.14. The trade was a 8.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael D. Keller sold 6,088 shares of the business’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $148.41, for a total transaction of $903,520.08. Following the transaction, the insider owned 22,464 shares in the company, valued at approximately $3,333,882.24. This trade represents a 21.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 31,309 shares of company stock worth $4,553,771 over the last quarter. Insiders own 0.46% of the company’s stock.

Wall Street Analysts Forecast Growth

NUE has been the subject of several research analyst reports. The Goldman Sachs Group decreased their price objective on shares of Nucor from $182.00 to $173.00 and set a “buy” rating for the company in a research note on Monday, September 22nd. Morgan Stanley upped their target price on Nucor from $134.00 to $149.00 and gave the company an “overweight” rating in a research report on Friday, June 20th. Weiss Ratings restated a “hold (c)” rating on shares of Nucor in a research note on Wednesday. Jefferies Financial Group upgraded Nucor from a “hold” rating to a “buy” rating and boosted their price objective for the company from $135.00 to $170.00 in a research note on Thursday, July 31st. Finally, Bank of America increased their price objective on Nucor from $150.00 to $165.00 and gave the company a “buy” rating in a report on Monday, September 15th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $156.60.

About Nucor

Nucor Corporation engages in manufacture and sale of steel and steel products. It operates in three segments: steel mills, steel products, and raw materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products; and engages in the steel trading and rebar distribution businesses.