Ameriprise Financial Inc. Has $54.23 Million Holdings in Nucor Corporation $NUE

Key Points

• Ameriprise Financial Inc. increased its stake in Nucor Corporation by 44.9%, owning 450,541 shares worth approximately $54.23 million following additional purchases in the first quarter.
• Nucor reported $2.60 earnings per share for the latest quarter, slightly exceeding analyst expectations, though revenue fell just short of forecasts at $8.46 billion.
• The company announced a quarterly dividend of $0.55 per share, reflecting an annualized dividend yield of 1.5%, and has a payout ratio of 39.71%.

Ameriprise Financial Inc. increased its position in Nucor Corporation (NYSE:NUE - Free Report) by 44.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 450,541 shares of the basic materials company's stock after acquiring an additional 139,582 shares during the quarter. Ameriprise Financial Inc. owned about 0.20% of Nucor worth $54,228,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of NUE. Freestone Grove Partners LP bought a new position in Nucor in the 4th quarter worth $683,000. DoubleLine ETF Adviser LP bought a new position in Nucor in the 4th quarter worth $3,100,000. AXA S.A. raised its holdings in Nucor by 106.7% in the 4th quarter. AXA S.A. now owns 22,522 shares of the basic materials company's stock worth $2,629,000 after acquiring an additional 11,628 shares during the period. Aspire Growth Partners LLC bought a new position in Nucor in the 4th quarter worth $621,000. Finally, Aptus Capital Advisors LLC raised its holdings in Nucor by 13.9% in the 4th quarter. Aptus Capital Advisors LLC now owns 4,057 shares of the basic materials company's stock worth $474,000 after acquiring an additional 495 shares during the period. Institutional investors own 76.48% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Nucor from $143.00 to $162.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. BMO Capital Markets upgraded shares of 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. Morgan Stanley boosted their price objective on shares of Nucor from $134.00 to $149.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Wells Fargo & Company upgraded shares of Nucor to a "hold" rating in a report on Thursday, August 14th. Finally, Jefferies Financial Group upgraded shares of Nucor from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $135.00 to $170.00 in a report on Thursday, July 31st. Seven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $155.78.

Insider Buying and Selling at Nucor

In other news, EVP Kenneth Rex Query sold 10,000 shares of Nucor stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $144.90, for a total transaction of $1,449,000.00. Following the sale, the executive vice president directly owned 84,080 shares in the company, valued at approximately $12,183,192. The trade was a 10.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Daniel R. Needham sold 7,200 shares of Nucor stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $146.00, for a total transaction of $1,051,200.00. Following the sale, the executive vice president owned 92,179 shares in the company, valued at approximately $13,458,134. This trade represents a 7.24% 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 valued at $6,763,814 in the last 90 days. Insiders own 0.46% of the company's stock.

Nucor Price Performance

Shares of Nucor stock traded down $0.98 during trading on Friday, hitting $148.82. 911,578 shares of the company's stock traded hands, compared to its average volume of 1,246,294. 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 firm's fifty day moving average price is $140.71 and its 200 day moving average price is $127.93. Nucor Corporation has a twelve month low of $97.59 and a twelve month high of $170.52. The company has a market cap of $34.16 billion, a PE ratio of 26.86, a PEG ratio of 0.95 and a beta of 1.74.

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 for the quarter, beating 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 business had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.47 billion. During the same period in the previous year, the business earned $2.68 EPS. The firm's revenue was up 4.7% on a year-over-year basis. Analysts forecast that Nucor Corporation will post 7.64 earnings per share for the current year.

Nucor Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 11th. Stockholders of record on Monday, June 30th were given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Monday, June 30th. Nucor's payout ratio is 39.71%.

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.