Clear Harbor Asset Management LLC acquired a new stake in shares of Nucor Corporation (NYSE:NUE – Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 3,372 shares of the basic materials company’s stock, valued at approximately $751,000.
A number of other hedge funds have also added to or reduced their stakes in NUE. BlackRock Inc. purchased a new position in shares of Nucor during the second quarter valued at approximately $4,452,563,000. Norges Bank purchased a new position in Nucor during the 4th quarter worth $609,002,000. Bank of New York Mellon Corp purchased a new position in Nucor during the 2nd quarter worth $330,902,000. Deutsche Bank AG bought a new stake in shares of Nucor in the 2nd quarter worth $220,176,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Nucor in the 2nd quarter worth $126,848,000. Institutional investors and hedge funds own 76.48% of the company’s stock.
Analyst Ratings Changes
A number of research analysts recently weighed in on NUE shares. Barclays raised their price target on shares of Nucor from $272.00 to $295.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Seaport Research Partners increased their price objective on shares of Nucor from $245.00 to $285.00 and gave the company a “buy” rating in a research note on Wednesday, June 10th. Morgan Stanley set a $270.00 target price on shares of Nucor in a research report on Wednesday, July 29th. Weiss Ratings restated a “hold (c+)” rating on shares of Nucor in a research note on Tuesday, August 11th. Finally, JPMorgan Chase & Co. upped their target price on Nucor from $240.00 to $282.00 and gave the company an “overweight” rating in a report on Wednesday, June 10th. Twelve analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $273.31.
Insiders Place Their Bets
In related news, EVP John J. Hollatz sold 10,560 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $258.46, for a total value of $2,729,337.60. Following the sale, the executive vice president directly owned 97,865 shares in the company, valued at approximately $25,294,187.90. The trade was a 9.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Stephen D. Laxton sold 3,968 shares of the stock in a transaction dated 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 of the company’s stock, valued at $20,008,704.32. This represents a 4.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 18,528 shares of company stock valued at $4,793,035 over the last ninety days. 0.62% of the stock is currently owned by insiders.
Nucor Stock Up 0.1%
NUE opened at $243.89 on Monday. The company has a quick ratio of 1.36, a current ratio of 2.51 and a debt-to-equity ratio of 0.27. The stock has a market cap of $55.33 billion, a price-to-earnings ratio of 19.45, a PEG ratio of 0.90 and a beta of 1.89. Nucor Corporation has a twelve month low of $131.32 and a twelve month high of $280.11. The company’s 50-day moving average price is $246.88 and its two-hundred day moving average price is $217.05.
Nucor (NYSE:NUE – Get Free Report) last issued its quarterly earnings results on Monday, July 27th. The basic materials company reported $4.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.46 by $0.38. The company had revenue of $10.40 billion during the quarter, compared to analyst estimates of $10.15 billion. Nucor had a net margin of 7.99% and a return on equity of 12.73%. Nucor’s quarterly revenue was up 23.0% compared to the same quarter last year. During the same quarter last year, the business posted $2.60 EPS. As a group, equities analysts expect that Nucor Corporation will post 17.95 earnings per share for the current year.
Nucor Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 11th. Shareholders of record on Tuesday, June 30th were given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Tuesday, June 30th. Nucor’s dividend payout ratio (DPR) is currently 17.86%.
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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