Ascentis Independent Advisors Raises Stock Position in Nucor Corporation $NUE

Key Points

• Ascentis Independent Advisors sharply increased its Nucor stake by 599.9% in the first quarter, adding 9,208 shares to reach 10,743 shares valued at about $1.82 million.
• Nucor reported stronger-than-expected quarterly results, posting EPS of $3.23 versus the $2.82 consensus and revenue of $9.50 billion, up 21.3% year over year.
• The company also announced a quarterly dividend of $0.56 per share, while analysts remain broadly positive with a consensus Moderate Buy rating and average price target of $266.92.

Ascentis Independent Advisors boosted its holdings in shares of Nucor Corporation (NYSE:NUE - Free Report) by 599.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,743 shares of the basic materials company's stock after purchasing an additional 9,208 shares during the period. Ascentis Independent Advisors' holdings in Nucor were worth $1,817,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NUE. RKL Wealth Management LLC lifted its holdings in shares of Nucor by 0.9% in the 1st quarter. RKL Wealth Management LLC now owns 5,318 shares of the basic materials company's stock valued at $899,000 after buying an additional 48 shares during the period. Empirical Asset Management LLC grew its holdings in Nucor by 2.6% during the fourth quarter. Empirical Asset Management LLC now owns 2,130 shares of the basic materials company's stock worth $347,000 after acquiring an additional 54 shares during the period. Krilogy Financial LLC grew its holdings in Nucor by 4.1% during the fourth quarter. Krilogy Financial LLC now owns 1,531 shares of the basic materials company's stock worth $272,000 after acquiring an additional 61 shares during the period. IHT Wealth Management LLC raised its position in Nucor by 2.0% during the fourth quarter. IHT Wealth Management LLC now owns 3,306 shares of the basic materials company's stock valued at $539,000 after acquiring an additional 64 shares in the last quarter. Finally, Rosenberg Matthew Hamilton raised its position in Nucor by 3.6% during the fourth quarter. Rosenberg Matthew Hamilton now owns 2,011 shares of the basic materials company's stock valued at $328,000 after acquiring an additional 69 shares in the last quarter. 76.48% of the stock is owned by institutional investors and hedge funds.

Nucor Stock Up 1.5%

Shares of NYSE NUE opened at $223.99 on Tuesday. The firm has a market cap of $51.01 billion, a price-to-earnings ratio of 22.18, a price-to-earnings-growth ratio of 0.50 and a beta of 1.91. The company's 50-day simple moving average is $238.06 and its 200-day simple moving average is $197.57. The company has a quick ratio of 1.55, a current ratio of 2.90 and a debt-to-equity ratio of 0.30. Nucor Corporation has a 52-week low of $131.32 and a 52-week high of $270.90.

Nucor (NYSE:NUE - Get Free Report) last released its quarterly earnings results on Monday, April 27th. The basic materials company reported $3.23 earnings per share for the quarter, topping the consensus estimate of $2.82 by $0.41. Nucor had a net margin of 6.82% and a return on equity of 10.68%. The firm had revenue of $9.50 billion during the quarter, compared to the consensus estimate of $8.88 billion. During the same quarter in the prior year, the firm earned $0.77 EPS. The company's revenue for the quarter was up 21.3% on a year-over-year basis. Equities analysts predict that Nucor Corporation will post 17.68 EPS for the current fiscal year.

Nucor Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 11th. Stockholders of record on Tuesday, June 30th will be paid a $0.56 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 1.0%. Nucor's payout ratio is currently 22.18%.

Insider Activity

In related news, EVP Randy J. Spicer sold 2,500 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $225.00, for a total value of $562,500.00. Following the completion of the transaction, the executive vice president directly owned 20,510 shares of the company's stock, valued at approximately $4,614,750. This represents a 10.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John J. Hollatz sold 10,560 shares of Nucor stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $258.46, for a total transaction of $2,729,337.60. Following the sale, the executive vice president directly owned 97,865 shares in the company, valued at approximately $25,294,187.90. This trade represents a 9.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 82,378 shares of company stock valued at $18,963,930 in the last three months. Company insiders own 0.62% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on NUE. BMO Capital Markets upped their price objective on Nucor from $250.00 to $285.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 3rd. Zacks Research downgraded shares of Nucor from a "strong-buy" rating to a "hold" rating in a report on Monday, June 29th. Jefferies Financial Group raised their price target on shares of Nucor from $225.00 to $250.00 and gave the company a "buy" rating in a research report on Tuesday, April 28th. Seaport Research Partners lifted their price objective on shares of Nucor from $245.00 to $285.00 and gave the company a "buy" rating in a report on Wednesday, June 10th. Finally, The Goldman Sachs Group upped their price objective on shares of Nucor from $260.00 to $284.00 and gave the stock a "buy" rating in a research report on Tuesday, June 16th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, Nucor has a consensus rating of "Moderate Buy" and a consensus price target of $266.92.

Nucor Profile

Nucor Corporation NYSE: NUE is an American steel producer headquartered in Charlotte, North Carolina. The company is primarily engaged in the manufacture and sale of steel and steel products, operating a network of steel mills, recycling facilities and fabrication plants across the United States and North America. Nucor's operations emphasize electric arc furnace steelmaking using recycled scrap metal, which supports a decentralized, mill-based production model focused on efficiency and flexibility.

Product offerings span a broad range of basic and value‑added steel items, including sheet, plate, merchant bar, structural beams, reinforcing bar, tubing, fasteners and fabricated components.

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