Perpetual Ltd Makes New Investment in Nucor Corporation $NUE

Key Points

• Perpetual Ltd recently acquired a new position in Nucor Corporation, purchasing 1,975 shares valued at approximately $256,000.
• Nucor's stock is currently trading at $133.03 with a market capitalization of $30.54 billion, reflecting a 0.9% decline in shares.
• The company announced a quarterly dividend of $0.55 per share, with a dividend yield of 1.7%, to be paid on November 10th.

Perpetual Ltd acquired a new stake in shares of Nucor Corporation (NYSE:NUE - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,975 shares of the basic materials company's stock, valued at approximately $256,000.

A number of other large investors have also added to or reduced their stakes in the stock. Putney Financial Group LLC purchased a new stake in shares of Nucor during the 4th quarter valued at about $29,000. MV Capital Management Inc. increased its position in shares of Nucor by 73.5% during the 1st quarter. MV Capital Management Inc. now owns 281 shares of the basic materials company's stock valued at $34,000 after purchasing an additional 119 shares during the last quarter. Geneos Wealth Management Inc. increased its position in shares of Nucor by 81.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 340 shares of the basic materials company's stock valued at $41,000 after purchasing an additional 153 shares during the last quarter. Fourth Dimension Wealth LLC purchased a new stake in shares of Nucor during the 4th quarter valued at about $41,000. Finally, Spirit of America Management Corp NY purchased a new stake in shares of Nucor during the 1st quarter valued at about $48,000. Institutional investors own 76.48% of the company's stock.

Insiders Place Their Bets

In other Nucor news, EVP Allen C. Behr sold 8,021 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The stock was 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 in the company, valued at approximately $11,857,956.14. This represents a 8.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Michael D. Keller sold 6,088 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $148.41, for a total value of $903,520.08. Following the transaction, the insider directly owned 22,464 shares of the company's stock, valued at approximately $3,333,882.24. The trade was 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 48,397 shares of company stock worth $6,763,814 over the last ninety days. Insiders own 0.71% of the company's stock.

Analyst Ratings Changes

NUE has been the subject of several research reports. Wells Fargo & Company reduced their price target on shares of Nucor from $146.00 to $140.00 and set an "equal weight" rating for the company in a research report on Thursday. Morgan Stanley increased their target price on shares of Nucor from $134.00 to $149.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. BMO Capital Markets raised shares of Nucor from a "market perform" rating to an "outperform" rating and increased their target price for the stock from $140.00 to $145.00 in a report on Monday, June 2nd. JPMorgan Chase & Co. upped their price target on Nucor from $143.00 to $162.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. Finally, Jefferies Financial Group upgraded Nucor from a "hold" rating to a "buy" rating and upped their price target for the stock from $135.00 to $170.00 in a research note on Thursday, July 31st. Eight investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $156.20.

Nucor Stock Up 1.1%

Shares of NUE stock traded up $1.41 during mid-day trading on Monday, hitting $134.71. The stock had a trading volume of 2,213,108 shares, compared to its average volume of 1,595,386. The firm has a market capitalization of $30.92 billion, a P/E ratio of 24.32, a price-to-earnings-growth ratio of 0.90 and a beta of 1.76. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.83 and a quick ratio of 1.51. Nucor Corporation has a 12-month low of $97.59 and a 12-month high of $170.52. The firm's 50-day moving average is $142.81 and its two-hundred day moving average is $128.58.

Nucor (NYSE:NUE - Get Free Report) last issued its earnings results on Monday, July 28th. The basic materials company reported $2.60 earnings per share (EPS) for the quarter, topping 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 company had revenue of $8.46 billion for the quarter, compared to analysts' expectations of $8.47 billion. During the same period in the prior year, the business earned $2.68 EPS. The firm's quarterly revenue was up 4.7% on a year-over-year basis. On average, analysts predict that Nucor Corporation will post 7.64 earnings per share 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. This represents a $2.20 annualized dividend and a yield of 1.6%. The ex-dividend date is Tuesday, September 30th. Nucor's payout ratio is 39.71%.

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.