Novare Capital Management LLC Buys Shares of 1,890 Nucor Corporation $NUE

Novare Capital Management LLC bought a new stake in shares of Nucor Corporation (NYSE:NUE) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 1,890 shares of the basic materials company’s stock, valued at approximately $245,000.

A number of other institutional investors also recently modified their holdings of the stock. Applied Finance Capital Management LLC boosted its stake in shares of Nucor by 1.8% during the 2nd quarter. Applied Finance Capital Management LLC now owns 5,908 shares of the basic materials company’s stock valued at $765,000 after buying an additional 103 shares during the period. Nordea Investment Management AB raised its holdings in shares of Nucor by 10.6% during the 2nd quarter. Nordea Investment Management AB now owns 1,856,100 shares of the basic materials company’s stock valued at $244,059,000 after purchasing an additional 177,420 shares in the last quarter. Praxis Investment Management Inc. raised its holdings in shares of Nucor by 8.3% during the 2nd quarter. Praxis Investment Management Inc. now owns 6,410 shares of the basic materials company’s stock valued at $830,000 after purchasing an additional 490 shares in the last quarter. WealthPlan Investment Management LLC raised its holdings in shares of Nucor by 14.3% during the 2nd quarter. WealthPlan Investment Management LLC now owns 68,834 shares of the basic materials company’s stock valued at $8,917,000 after purchasing an additional 8,624 shares in the last quarter. Finally, Mutual Advisors LLC raised its holdings in shares of Nucor by 7.7% during the 2nd quarter. Mutual Advisors LLC now owns 15,264 shares of the basic materials company’s stock valued at $1,977,000 after purchasing an additional 1,086 shares in the last quarter. Institutional investors and hedge funds own 76.48% of the company’s stock.

Insider Activity at Nucor

In other Nucor news, EVP Kenneth Rex Query sold 10,000 shares of the business’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $144.90, for a total value of $1,449,000.00. Following the completion of the transaction, the executive vice president directly owned 84,080 shares of the company’s stock, valued at approximately $12,183,192. The trade was a 10.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, 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 completion of the transaction, the insider directly owned 22,464 shares of the company’s stock, valued at approximately $3,333,882.24. This represents a 21.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 31,309 shares of company stock valued at $4,553,771. Insiders own 0.46% of the company’s stock.

Nucor Price Performance

Shares of Nucor stock opened at $131.70 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.51 and a current ratio of 2.83. The firm’s 50-day simple moving average is $140.92 and its 200-day simple moving average is $129.76. Nucor Corporation has a twelve month low of $97.59 and a twelve month high of $170.52. The firm has a market cap of $30.23 billion, a P/E ratio of 23.77, a price-to-earnings-growth ratio of 0.94 and a beta of 1.75.

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

Nucor Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Tuesday, September 30th will be paid a $0.55 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.7%. Nucor’s payout ratio is currently 39.71%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on NUE. Wells Fargo & Company cut their price target on shares of Nucor from $146.00 to $140.00 and set an “equal weight” rating on the stock in a report on Thursday, September 18th. Jefferies Financial Group upgraded shares of Nucor from a “hold” rating to a “buy” rating and raised their price target for the company from $135.00 to $170.00 in a report on Thursday, July 31st. JPMorgan Chase & Co. lifted their target price on shares of Nucor from $165.00 to $172.00 and gave the stock an “overweight” rating in a report on Monday, October 13th. The Goldman Sachs Group dropped their target price on shares of Nucor from $182.00 to $173.00 and set a “buy” rating on the stock in a report on Monday, September 22nd. Finally, Bank of America lifted their target price on shares of Nucor from $150.00 to $165.00 and gave the stock a “buy” rating in a report on Monday, September 15th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $157.60.

Nucor Profile

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.