Bank of America Corp DE Invests $462.89 Million in Nucor Corporation $NUE

Key Points

• Bank of America acquired a new $462.9 million stake in Nucor, purchasing 2.08 million shares and owning approximately 0.92% of the steelmaker at the end of the second quarter.
• Nucor reported strong quarterly results, with EPS of $4.84 beating estimates of $4.46 and revenue rising 23% year over year to $10.40 billion.
• Wall Street remains broadly positive: 13 analysts rate Nucor a Buy and three rate it a Hold, producing a “Moderate Buy” consensus and an average price target of $274.38.

Bank of America Corp DE bought a new position in Nucor Corporation (NYSE:NUE - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 2,078,050 shares of the basic materials company's stock, valued at approximately $462,886,000. Bank of America Corp DE owned about 0.92% of Nucor at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. RKL Wealth Management LLC raised its stake in 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 acquiring an additional 48 shares during the period. Focus Financial Network Inc. boosted its position in shares of Nucor by 3.6% during the 2nd quarter. Focus Financial Network Inc. now owns 1,417 shares of the basic materials company's stock valued at $316,000 after acquiring an additional 49 shares during the last quarter. Empirical Asset Management LLC grew its stake in Nucor by 2.6% in the 4th quarter. Empirical Asset Management LLC now owns 2,130 shares of the basic materials company's stock worth $347,000 after buying an additional 54 shares in the last quarter. Moody National Bank Trust Division grew its position in Nucor by 4.6% in the second quarter. Moody National Bank Trust Division now owns 1,396 shares of the basic materials company's stock worth $311,000 after acquiring an additional 62 shares in the last quarter. Finally, Bartlett & CO. Wealth Management LLC boosted its holdings in shares of Nucor by 49.2% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 191 shares of the basic materials company's stock worth $32,000 after purchasing an additional 63 shares in the last quarter. 76.48% of the stock is currently owned by institutional investors.

Nucor Trading Up 1.6%

Shares of NYSE:NUE opened at $258.61 on Wednesday. The stock has a 50 day moving average of $252.97 and a 200 day moving average of $225.44. The company has a current ratio of 2.51, a quick ratio of 1.36 and a debt-to-equity ratio of 0.27. The company has a market cap of $58.67 billion, a PE ratio of 20.62, a price-to-earnings-growth ratio of 0.92 and a beta of 1.87. Nucor Corporation has a 12-month low of $131.32 and a 12-month high of $280.11.

Nucor (NYSE:NUE - Get Free Report) last issued its earnings results on Monday, July 27th. The basic materials company reported $4.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.46 by $0.38. Nucor had a return on equity of 12.73% and a net margin of 7.99%.The company had revenue of $10.40 billion for the quarter, compared to the consensus estimate of $10.15 billion. During the same quarter last year, the company earned $2.60 EPS. The firm's quarterly revenue was up 23.0% on a year-over-year basis. As a group, equities research analysts expect that Nucor Corporation will post 18.52 EPS for the current year.

Insiders Place Their Bets

In other Nucor news, COO Stephen D. Laxton sold 3,968 shares of the business's stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $256.96, for a total value of $1,019,617.28. Following the completion of the sale, the chief operating officer directly owned 77,867 shares of the company's stock, valued at $20,008,704.32. The trade was a 4.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Thomas J. Batterbee sold 4,000 shares of the 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 in the company, valued at $4,212,340.76. The trade was a 19.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.62% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on NUE shares. Bank of America decreased their price objective on Nucor from $290.00 to $280.00 and set a "buy" rating on the stock in a report on Thursday, July 9th. UBS Group raised their target price on shares of Nucor from $224.00 to $256.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 28th. JPMorgan Chase & Co. lifted their price target on Nucor from $294.00 to $308.00 and gave the company an "overweight" rating in a research report on Wednesday, September 9th. BMO Capital Markets upped their price objective on shares of Nucor from $285.00 to $295.00 and gave the stock an "outperform" rating in a report on Wednesday, July 29th. Finally, Citigroup restated a "buy" rating on shares of Nucor in a report on Wednesday, July 29th. Thirteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $274.38.

Nucor Profile

Nucor Corporation is a Charlotte, North Carolina-based steel and steel products company. It manufactures carbon, alloy and stainless steel products, including sheet, plate, bar, structural steel, rail, wire rod, rebar and merchant bar. The company also produces steel joists, deck, beams, piling, wire products, fasteners, grating, metal building systems and other fabricated steel products.

Nucor operates an integrated network of electric arc furnace steel mills, recycling facilities and downstream manufacturing operations.

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