ABC Arbitrage SA Takes Position in Nucor Corporation (NYSE:NUE)

Key Points

• ABC Arbitrage SA acquired a new position in Nucor Corporation, purchasing 25,779 shares valued at approximately $3.1 million in the first quarter.
• Nucor reported earnings of $2.60 per share for the last quarter, slightly surpassing analysts' expectations, despite a decrease from the previous year's $2.68.
• The company recently announced a quarterly dividend of $0.55 per share, resulting in an annual yield of 1.6%, with a payout ratio of 39.71%.

ABC Arbitrage SA purchased a new position in shares of Nucor Corporation (NYSE:NUE - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 25,779 shares of the basic materials company's stock, valued at approximately $3,102,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Canal Capital Management LLC grew its holdings in Nucor by 2.5% during the fourth quarter. Canal Capital Management LLC now owns 3,075 shares of the basic materials company's stock worth $359,000 after purchasing an additional 75 shares during the period. Highline Wealth Partners LLC lifted its position in shares of Nucor by 2.6% in the first quarter. Highline Wealth Partners LLC now owns 3,512 shares of the basic materials company's stock valued at $423,000 after buying an additional 90 shares during the last quarter. Diligent Investors LLC boosted its stake in shares of Nucor by 4.6% during the 1st quarter. Diligent Investors LLC now owns 2,296 shares of the basic materials company's stock worth $276,000 after acquiring an additional 102 shares during the period. Denali Advisors LLC increased its holdings in shares of Nucor by 2.5% during the 1st quarter. Denali Advisors LLC now owns 4,117 shares of the basic materials company's stock worth $495,000 after acquiring an additional 102 shares during the last quarter. Finally, Horizon Advisory Services Inc. raised its stake in Nucor by 6.1% in the 1st quarter. Horizon Advisory Services Inc. now owns 1,962 shares of the basic materials company's stock valued at $236,000 after acquiring an additional 112 shares during the period. 76.48% of the stock is owned by institutional investors and hedge funds.

Nucor Price Performance

NUE traded down $0.62 on Thursday, hitting $137.90. 1,225,722 shares of the stock were exchanged, compared to its average volume of 1,784,724. The firm has a market capitalization of $31.82 billion, a price-to-earnings ratio of 24.89, a PEG ratio of 0.88 and a beta of 1.74. 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 business has a 50-day moving average of $132.98 and a two-hundred day moving average of $126.13.

Nucor (NYSE:NUE - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The basic materials company reported $2.60 earnings per share for the quarter, topping analysts' consensus estimates of $2.54 by $0.06. The company had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.47 billion. Nucor had a net margin of 4.21% and a return on equity of 6.65%. The firm's quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.68 EPS. Sell-side analysts forecast that Nucor Corporation will post 7.64 EPS for the current fiscal year.

Nucor Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 11th. Investors of record on Monday, June 30th will be given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Monday, June 30th. Nucor's dividend payout ratio is currently 39.71%.

Insider Buying and Selling

In other Nucor news, EVP Kenneth Rex Query sold 10,000 shares of the business's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $130.37, for a total transaction of $1,303,700.00. Following the completion of the transaction, the executive vice president owned 94,080 shares of the company's stock, valued at approximately $12,265,209.60. The trade was a 9.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Allen C. Behr sold 8,021 shares of the firm's stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $143.38, for a total transaction of $1,150,050.98. Following the completion of the sale, the executive vice president owned 82,703 shares in the company, valued at approximately $11,857,956.14. The trade was a 8.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,109 shares of company stock worth $3,360,094 in the last ninety days. 0.46% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on NUE. Wall Street Zen lowered shares of Nucor from a "hold" rating to a "sell" rating in a research report on Wednesday, April 30th. Morgan Stanley increased their price target on shares of Nucor from $134.00 to $149.00 and gave the company an "overweight" rating in a report on Friday, June 20th. BMO Capital Markets upgraded Nucor from a "market perform" rating to an "outperform" rating and boosted their price objective for the stock from $140.00 to $145.00 in a report on Monday, June 2nd. JPMorgan Chase & Co. increased their target price 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 raised Nucor from a "hold" rating to a "buy" rating and lifted their price target for the stock from $135.00 to $170.00 in a report on Thursday, July 31st. One investment analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $157.13.

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.