USA Financial Formulas bought a new stake in Nucor Corporation (NYSE:NUE – Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 2,132 shares of the basic materials company’s stock, valued at approximately $498,000.
Several other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in Nucor in the 2nd quarter worth approximately $4,452,563,000. Bank of America Corp DE bought a new stake in shares of Nucor in the second quarter valued at approximately $462,886,000. Dimensional Fund Advisors LP boosted its position in shares of Nucor by 0.9% in the first quarter. Dimensional Fund Advisors LP now owns 2,539,044 shares of the basic materials company’s stock valued at $429,298,000 after acquiring an additional 22,718 shares during the period. Berkshire Hathaway Inc bought a new stake in shares of Nucor in the second quarter valued at approximately $413,814,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Nucor in the second quarter worth $330,902,000. 76.48% of the stock is owned by institutional investors.
Insider Transactions at Nucor
In related news, EVP Thomas Batterbee sold 4,000 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $261.02, for a total value of $1,044,080.00. Following the completion of the transaction, the executive vice president owned 16,138 shares of the company’s stock, valued at $4,212,340.76. This represents a 19.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Stephen 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 completion of the transaction, the chief operating officer directly owned 77,867 shares of the company’s stock, valued at $20,008,704.32. This trade represents a 4.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.62% of the company’s stock.
Nucor Stock Up 0.6%
NUE opened at $256.32 on Friday. Nucor Corporation has a fifty-two week low of $131.32 and a fifty-two week high of $280.11. 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 firm’s fifty day moving average price is $253.71 and its two-hundred day moving average price is $238.02. The company has a market capitalization of $58.15 billion, a P/E ratio of 20.44, a P/E/G ratio of 0.63 and a beta of 1.84.
Nucor (NYSE:NUE – Get Free Report) last announced its quarterly earnings results 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 firm had revenue of $10.40 billion for 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%. The business’s revenue for the quarter was up 23.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.60 EPS. On average, analysts anticipate that Nucor Corporation will post 19.62 EPS for the current year.
Nucor Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 10th. Investors of record on Wednesday, September 30th will be paid a $0.56 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $2.24 dividend on an annualized basis and a yield of 0.9%. Nucor’s payout ratio is presently 17.86%.
Analyst Ratings Changes
A number of equities analysts recently issued reports on NUE shares. Citigroup reaffirmed a “buy” rating on shares of Nucor in a research report on Wednesday, July 29th. Barclays upped their target price on shares of Nucor from $272.00 to $295.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Zacks Research raised shares of Nucor from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 13th. The Goldman Sachs Group decreased their price target on shares of Nucor from $304.00 to $302.00 and set a “buy” rating on the stock in a research report on Friday, September 18th. Finally, BMO Capital Markets raised their price target on shares of Nucor from $285.00 to $295.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Nucor presently has a consensus rating of “Moderate Buy” and an average target price of $276.07.
View Our Latest Stock Report on Nucor
Nucor Profile
Nucor Corporation is a steel producer headquartered in Charlotte, North Carolina. Through its operating subsidiaries, the company manufactures steel and steel products for customers in construction, automotive, energy, heavy equipment, transportation and other industrial markets.
Nucor’s operations include electric arc furnace steel mills, which produce carbon, alloy and galvanized steel products. Its product portfolio includes sheet steel, plate, beams, bars, wire and wire mesh, steel joists, deck, piling, fabricated concrete reinforcing steel and other downstream products.
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