AG2R LA Mondiale Gestion D Actifs Purchases New Position in Nucor Corporation $NUE

Key Points

• AG2R LA Mondiale Gestion D Actifs has acquired a new stake in Nucor Corporation, purchasing 52,863 shares valued at approximately $6.36 million.
• Nucor's quarterly earnings report showed an EPS of $2.60, exceeding analysts' estimates, while the company reported revenue of $8.46 billion, a 4.7% increase compared to the previous year.
• The company declared a quarterly dividend of $0.55 per share, with an ex-dividend date set for September 30th, 2023, leading to an annualized yield of 1.5%.

AG2R LA Mondiale Gestion D Actifs purchased a new position in Nucor Corporation (NYSE:NUE - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 52,863 shares of the basic materials company's stock, valued at approximately $6,362,000.

A number of other hedge funds also recently bought and sold shares of the company. Focus Partners Wealth lifted its position in shares of Nucor by 5.4% in the 4th quarter. Focus Partners Wealth now owns 15,941 shares of the basic materials company's stock valued at $1,861,000 after acquiring an additional 820 shares in the last quarter. Gotham Asset Management LLC raised its stake in Nucor by 94.1% during the 4th quarter. Gotham Asset Management LLC now owns 16,126 shares of the basic materials company's stock valued at $1,882,000 after purchasing an additional 7,818 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Nucor by 137.8% in the fourth quarter. Janus Henderson Group PLC now owns 81,801 shares of the basic materials company's stock valued at $9,554,000 after purchasing an additional 47,403 shares in the last quarter. Lazard Asset Management LLC boosted its position in shares of Nucor by 2.9% in the fourth quarter. Lazard Asset Management LLC now owns 51,255 shares of the basic materials company's stock worth $5,981,000 after buying an additional 1,426 shares during the period. Finally, Nuveen Asset Management LLC grew its holdings in shares of Nucor by 8.0% during the fourth quarter. Nuveen Asset Management LLC now owns 1,238,994 shares of the basic materials company's stock valued at $144,603,000 after buying an additional 91,687 shares in the last quarter. 76.48% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Bank of America raised their price objective on Nucor from $150.00 to $165.00 and gave the stock a "buy" rating in a research report on Monday. UBS Group decreased their price target on shares of Nucor from $153.00 to $147.00 and set a "buy" rating for the company in a report on Thursday, May 29th. Wells Fargo & Company upped their price objective on shares of Nucor from $145.00 to $146.00 and gave the company an "equal weight" rating in a research note on Monday. JPMorgan Chase & Co. lifted their target price on shares of Nucor from $143.00 to $162.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. Finally, BMO Capital Markets upgraded shares of Nucor from a "market perform" rating to an "outperform" rating and boosted their price target for the company from $140.00 to $145.00 in a report on Monday, June 2nd. Eight research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $156.80.

Insider Activity

In related news, EVP Allen C. Behr sold 8,021 shares of the firm's stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $143.38, for a total value of $1,150,050.98. Following the transaction, the executive vice president directly owned 82,703 shares in the company, valued at approximately $11,857,956.14. This trade represents a 8.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Kenneth Rex Query sold 10,000 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $144.90, for a total value of $1,449,000.00. Following the transaction, the executive vice president owned 84,080 shares of the company's stock, valued at approximately $12,183,192. This trade represents a 10.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 48,397 shares of company stock valued at $6,763,814 in the last quarter. 0.71% of the stock is currently owned by corporate insiders.

Nucor Stock Up 0.1%

NYSE:NUE traded up $0.13 during trading hours on Monday, reaching $141.48. The company's stock had a trading volume of 1,547,958 shares, compared to its average volume of 1,216,555. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.83 and a quick ratio of 1.51. The company has a market cap of $32.48 billion, a price-to-earnings ratio of 25.54, a price-to-earnings-growth ratio of 0.89 and a beta of 1.76. Nucor Corporation has a one year low of $97.59 and a one year high of $170.52. The business's 50-day moving average is $143.19 and its 200-day moving average is $128.40.

Nucor (NYSE:NUE - Get Free Report) last released its quarterly 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 return on equity of 6.65% and a net margin of 4.21%.The company had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.47 billion. During the same quarter in the prior year, the company posted $2.68 EPS. The firm's revenue was up 4.7% on a year-over-year basis. Equities research analysts predict that Nucor Corporation will post 7.64 EPS for the current year.

Nucor Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Tuesday, September 30th will be paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Tuesday, September 30th. Nucor's payout ratio is presently 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.