NEOS Investment Management LLC increased its stake in shares of Nucor Corporation (NYSE:NUE – Free Report) by 12.5% in the 2nd quarter, HoldingsChannel reports. The firm owned 36,952 shares of the basic materials company’s stock after purchasing an additional 4,101 shares during the period. NEOS Investment Management LLC’s holdings in Nucor were worth $8,231,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. increased its stake in shares of Nucor by 745.2% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 83,463 shares of the basic materials company’s stock worth $13,614,000 after buying an additional 73,588 shares during the period. California Public Employees Retirement System raised its holdings in Nucor by 19.3% in the first quarter. California Public Employees Retirement System now owns 510,331 shares of the basic materials company’s stock valued at $86,297,000 after acquiring an additional 82,668 shares in the last quarter. Pacific Heights Asset Management LLC lifted its stake in Nucor by 12.9% in the fourth quarter. Pacific Heights Asset Management LLC now owns 175,000 shares of the basic materials company’s stock worth $28,544,000 after acquiring an additional 20,000 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in Nucor during the 4th quarter worth approximately $23,804,000. Finally, Bank of New York Mellon Corp grew its holdings in Nucor by 1.7% during the 1st quarter. Bank of New York Mellon Corp now owns 1,809,899 shares of the basic materials company’s stock worth $306,054,000 after acquiring an additional 29,476 shares in the last quarter. Hedge funds and other institutional investors own 76.48% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities research analysts have recently weighed in on the stock. Morgan Stanley set a $270.00 price objective on shares of Nucor in a report on Wednesday, July 29th. Barclays boosted their target price on shares of Nucor from $272.00 to $295.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. CICC Research assumed coverage on Nucor in a report on Monday, May 25th. They issued an “outperform” rating on the stock. Wall Street Zen upgraded Nucor from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 16th. Finally, Weiss Ratings raised Nucor from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, August 25th. Thirteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $272.38.
Nucor Price Performance
Shares of NYSE:NUE opened at $260.98 on Friday. Nucor Corporation has a 12 month low of $131.32 and a 12 month high of $280.11. The firm has a market capitalization of $59.21 billion, a P/E ratio of 20.81, a P/E/G ratio of 0.97 and a beta of 1.87. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.51 and a quick ratio of 1.36. The company’s fifty day moving average price is $248.16 and its 200 day moving average price is $221.33.
Nucor (NYSE:NUE – Get Free Report) last released its quarterly earnings data on Monday, July 27th. The basic materials company reported $4.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.46 by $0.38. The company had revenue of $10.40 billion during the quarter, compared to the consensus estimate of $10.15 billion. Nucor had a net margin of 7.99% and a return on equity of 12.73%. Nucor’s revenue for the quarter was up 23.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.60 earnings per share. As a group, sell-side analysts predict that Nucor Corporation will post 17.95 earnings per share for the current fiscal year.
Nucor Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 11th. Investors of record on Tuesday, June 30th were given a $0.56 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 0.9%. Nucor’s dividend payout ratio is 17.86%.
Insider Transactions at Nucor
In related news, COO Stephen Laxton sold 3,968 shares of the firm’s stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $256.96, for a total transaction of $1,019,617.28. Following the transaction, the chief operating officer owned 77,867 shares in the company, valued at $20,008,704.32. This trade represents a 4.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Thomas Batterbee sold 4,000 shares of Nucor stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $261.02, for a total value of $1,044,080.00. Following the transaction, the executive vice president directly owned 16,138 shares in the company, valued at approximately $4,212,340.76. This trade represents a 19.86% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.62% of the stock is owned by corporate insiders.
About Nucor
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.
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