Avala Global LP Makes New Investment in Nucor Corporation $NUE

Avala Global LP bought a new stake in shares of Nucor Corporation (NYSE:NUE - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 307,156 shares of the basic materials company's stock, valued at approximately $68,419,000. Nucor accounts for about 2.5% of Avala Global LP's investment portfolio, making the stock its 19th largest position. Avala Global LP owned about 0.14% of Nucor as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. RKL Wealth Management LLC grew its holdings in Nucor by 0.9% in the first quarter. RKL Wealth Management LLC now owns 5,318 shares of the basic materials company's stock valued at $899,000 after purchasing an additional 48 shares during the period. Focus Financial Network Inc. raised its position in Nucor by 3.6% during the second quarter. Focus Financial Network Inc. now owns 1,417 shares of the basic materials company's stock worth $316,000 after acquiring an additional 49 shares during the period. Empirical Asset Management LLC lifted 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 valued at $347,000 after purchasing an additional 54 shares in the last quarter. Moody National Bank Trust Division lifted its holdings in Nucor by 4.6% during the second quarter. Moody National Bank Trust Division now owns 1,396 shares of the basic materials company's stock valued at $311,000 after purchasing an additional 62 shares in the last quarter. Finally, Bartlett & CO. Wealth Management LLC grew its position in shares of Nucor by 49.2% in the first quarter. Bartlett & CO. Wealth Management LLC now owns 191 shares of the basic materials company's stock valued at $32,000 after purchasing an additional 63 shares during the period. Hedge funds and other institutional investors own 76.48% of the company's stock.

Nucor Price Performance

Shares of NUE opened at $252.69 on Thursday. The stock has a market cap of $57.33 billion, a PE ratio of 20.15, a P/E/G ratio of 0.92 and a beta of 1.89. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.51 and a quick ratio of 1.36. Nucor Corporation has a 1-year low of $131.32 and a 1-year high of $280.11. The firm has a 50-day simple moving average of $246.35 and a two-hundred day simple moving average of $218.33.

Nucor (NYSE:NUE - Get Free Report) last released its quarterly earnings results on Monday, July 27th. The basic materials company reported $4.84 EPS for the quarter, topping analysts' consensus estimates of $4.46 by $0.38. The company had revenue of $10.40 billion for the quarter, compared to analysts' expectations of $10.15 billion. Nucor had a return on equity of 12.73% and a net margin of 7.99%.The firm's revenue was up 23.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.60 earnings per share. As a group, analysts forecast that Nucor Corporation will post 17.95 EPS for the current year.

Nucor Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 11th. Stockholders of record on Tuesday, June 30th were paid a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Tuesday, June 30th. Nucor's dividend payout ratio (DPR) is presently 17.86%.

Insider Activity

In related news, COO Stephen D. Laxton sold 3,968 shares of Nucor stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $256.96, for a total value of $1,019,617.28. Following the completion of the transaction, the chief operating officer directly owned 77,867 shares in the company, valued at approximately $20,008,704.32. This trade represents a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Thomas J. Batterbee sold 4,000 shares of the business's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $261.02, for a total value of $1,044,080.00. Following the transaction, the executive vice president directly owned 16,138 shares of the company's stock, valued at $4,212,340.76. The trade was a 19.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 18,528 shares of company stock worth $4,793,035. Corporate insiders own 0.62% of the company's stock.

Analysts Set New Price Targets

NUE has been the subject of a number of research reports. Barclays boosted their target price on shares of Nucor from $272.00 to $295.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Nucor in a report on Tuesday, August 11th. Seaport Research Partners boosted their price objective on Nucor from $245.00 to $285.00 and gave the stock a "buy" rating in a research note on Wednesday, June 10th. BMO Capital Markets increased their target price on Nucor from $285.00 to $295.00 and gave the company an "outperform" rating in a report on Wednesday, July 29th. Finally, The Goldman Sachs Group raised their target price on Nucor from $260.00 to $284.00 and gave the company a "buy" rating in a research report on Tuesday, June 16th. Twelve research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $272.38.

Nucor Company 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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