Assenagon Asset Management S.A. Buys 20,902 Shares of Nucor Corporation $NUE

Key Points

• Assenagon Asset Management boosted its Nucor stake by 255.8% in the first quarter, buying 20,902 additional shares and bringing its total holdings to 29,074 shares worth about $4.9 million.
• Wall Street sentiment remains positive on Nucor, with analysts maintaining mostly Buy ratings and a consensus Moderate Buy; the average price target is $266.92, above the stock’s recent trading level.
• Nucor reported strong quarterly results, beating earnings and revenue estimates, while also declaring a quarterly dividend of $0.56 per share, payable August 11.

Assenagon Asset Management S.A. lifted its stake in shares of Nucor Corporation (NYSE:NUE - Free Report) by 255.8% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 29,074 shares of the basic materials company's stock after buying an additional 20,902 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Nucor were worth $4,916,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of NUE. Northwestern Mutual Wealth Management Co. lifted its holdings in Nucor by 745.2% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 83,463 shares of the basic materials company's stock worth $13,614,000 after purchasing an additional 73,588 shares during the last quarter. Nordea Investment Management AB grew its holdings in Nucor by 11.1% in the 4th quarter. Nordea Investment Management AB now owns 2,103,000 shares of the basic materials company's stock valued at $342,642,000 after buying an additional 210,577 shares in the last quarter. FNY Investment Advisers LLC acquired a new position in Nucor in the 4th quarter valued at $1,989,000. Oak Harvest Investment Services bought a new position in Nucor during the 4th quarter worth $6,329,000. Finally, SG Americas Securities LLC increased its position in Nucor by 123.5% during the 4th quarter. SG Americas Securities LLC now owns 85,474 shares of the basic materials company's stock worth $13,942,000 after buying an additional 47,235 shares during the period. Institutional investors own 76.48% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. BNP Paribas Exane boosted their target price on shares of Nucor from $210.00 to $248.00 and gave the company an "outperform" rating in a research report on Monday, May 4th. Citigroup raised their price target on shares of Nucor from $180.00 to $260.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Jefferies Financial Group lifted their price objective on shares of Nucor from $225.00 to $250.00 and gave the stock a "buy" rating in a research note on Tuesday, April 28th. CICC Research assumed coverage on shares of Nucor in a report on Monday, May 25th. They issued an "outperform" rating for the company. Finally, Seaport Research Partners increased their target price on shares of Nucor from $245.00 to $285.00 and gave the stock a "buy" rating in a research report on Wednesday, June 10th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $266.92.

Insider Activity

In other Nucor news, EVP Noah C. Hanners sold 6,472 shares of the business's stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $226.50, for a total transaction of $1,465,908.00. Following the completion of the transaction, the executive vice president owned 50,377 shares of the company's stock, valued at approximately $11,410,390.50. The trade was a 11.38% 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 Daniel R. Needham sold 12,888 shares of the stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $226.00, for a total transaction of $2,912,688.00. Following the completion of the transaction, the executive vice president directly owned 89,724 shares of the company's stock, valued at $20,277,624. This trade represents a 12.56% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 82,378 shares of company stock valued at $18,963,930. Corporate insiders own 0.62% of the company's stock.

Nucor Stock Down 4.6%

Shares of NUE opened at $228.79 on Tuesday. The firm has a 50 day simple moving average of $236.59 and a two-hundred day simple moving average of $195.55. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.90 and a quick ratio of 1.55. Nucor Corporation has a one year low of $128.46 and a one year high of $270.90. The company has a market cap of $52.11 billion, a P/E ratio of 22.65, a P/E/G ratio of 0.57 and a beta of 1.88.

Nucor (NYSE:NUE - Get Free Report) last issued its earnings results on Monday, April 27th. The basic materials company reported $3.23 earnings per share for the quarter, beating analysts' consensus estimates of $2.82 by $0.41. Nucor had a return on equity of 10.68% and a net margin of 6.82%.The firm had revenue of $9.50 billion for the quarter, compared to the consensus estimate of $8.88 billion. During the same quarter last year, the business posted $0.77 EPS. The company's revenue was up 21.3% compared to the same quarter last year. Research analysts forecast that Nucor Corporation will post 17 EPS for the current fiscal year.

Nucor Announces Dividend

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

About Nucor

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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