Alliancebernstein L.P. Acquires 11,471 Shares of Nucor Corporation $NUE

Key Points

• Alliancebernstein L.P. increased its holdings in Nucor Corporation by 3.8%, acquiring an additional 11,471 shares, bringing their total ownership to 311,882 shares valued at approximately $37.5 million.
• Nucor recently reported earnings of $2.60 per share for the last quarter, surpassing analysts' expectations, with revenue slightly below projections at $8.46 billion.
• The company declared a quarterly dividend of $0.55 per share, representing an annual yield of 1.5%, with the payment scheduled for November 10th.

Alliancebernstein L.P. increased its holdings in Nucor Corporation (NYSE:NUE - Free Report) by 3.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 311,882 shares of the basic materials company's stock after acquiring an additional 11,471 shares during the period. Alliancebernstein L.P. owned about 0.14% of Nucor worth $37,532,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Putney Financial Group LLC bought a new stake in shares of Nucor in the 4th quarter worth approximately $29,000. MV Capital Management Inc. raised its holdings in shares of Nucor by 73.5% in the 1st quarter. MV Capital Management Inc. now owns 281 shares of the basic materials company's stock worth $34,000 after purchasing an additional 119 shares during the period. Fourth Dimension Wealth LLC bought a new stake in shares of Nucor in the 4th quarter worth approximately $41,000. Spirit of America Management Corp NY bought a new stake in shares of Nucor in the 1st quarter worth approximately $48,000. Finally, Park Square Financial Group LLC bought a new stake in shares of Nucor in the 4th quarter worth approximately $48,000. Institutional investors own 76.48% of the company's stock.

Insider Activity

In other news, EVP Kenneth Rex Query sold 10,000 shares of the company's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $130.37, for a total value of $1,303,700.00. Following the transaction, the executive vice president owned 94,080 shares of the company's stock, valued at approximately $12,265,209.60. This represents a 9.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Daniel R. Needham sold 7,200 shares of the company's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $146.00, for a total transaction of $1,051,200.00. Following the completion of the transaction, the executive vice president directly owned 92,179 shares in the company, valued at approximately $13,458,134. The trade was a 7.24% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 48,397 shares of company stock worth $6,763,814. Company insiders own 0.71% of the company's stock.

Nucor Trading Down 2.2%

Nucor stock opened at $143.96 on Tuesday. The stock has a market cap of $33.04 billion, a P/E ratio of 25.98, a PEG ratio of 0.94 and a beta of 1.76. Nucor Corporation has a fifty-two week low of $97.59 and a fifty-two week high of $170.52. The firm's fifty day moving average price is $142.74 and its 200-day moving average price is $128.18. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.51 and a current ratio of 2.83.

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 for the quarter, topping the consensus estimate of $2.54 by $0.06. The firm had revenue of $8.46 billion for the quarter, compared to analysts' expectations of $8.47 billion. Nucor had a net margin of 4.21% and a return on equity of 6.65%. The business'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 earnings per share. Equities research analysts forecast that Nucor Corporation will post 7.64 earnings per share for the current fiscal year.

Nucor Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Tuesday, September 30th will be issued a $0.55 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $2.20 annualized dividend and a dividend yield of 1.5%. Nucor's dividend payout ratio is presently 39.71%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Jefferies Financial Group raised shares of 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. Wells Fargo & Company raised shares of Nucor to a "hold" rating in a report on Thursday, August 14th. JPMorgan Chase & Co. boosted their target price on shares of Nucor from $143.00 to $162.00 and gave the company an "overweight" rating in a report on Monday, July 14th. BMO Capital Markets raised Nucor from a "market perform" rating to an "outperform" rating and raised their price target for the stock from $140.00 to $145.00 in a report on Monday, June 2nd. Finally, UBS Group cut their price target on Nucor from $153.00 to $147.00 and set a "buy" rating for the company in a report on Thursday, May 29th. Seven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $155.78.

Nucor Company 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.

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