Bank of New York Mellon Corp Acquires New Holdings in Nucor Corporation $NUE

Key Points

• Bank of New York Mellon acquired 1.49 million Nucor shares worth approximately $330.9 million in the second quarter, giving it a 0.65% stake. Institutional investors collectively own 76.48% of Nucor.
• Analysts remain broadly positive, with 12 Buy ratings and four Holds. Nucor has a consensus “Moderate Buy” rating and an average price target of $273.31.
• Nucor exceeded quarterly expectations, reporting $4.84 in earnings per share and $10.40 billion in revenue, up 23% year over year. The company also pays a $0.56 quarterly dividend, while insiders have sold more than $4.79 million in shares over the past 90 days.

Bank of New York Mellon Corp acquired a new position in Nucor Corporation (NYSE:NUE - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,485,531 shares of the basic materials company's stock, valued at approximately $330,902,000. Bank of New York Mellon Corp owned about 0.65% of Nucor at the end of the most recent quarter.

Several other large investors have also modified their holdings of the company. Strive Financial Group LLC bought a new stake in Nucor in the 4th quarter valued at $27,000. Stance Capital LLC acquired a new stake in Nucor during the third quarter worth about $25,000. Bartlett & CO. Wealth Management LLC increased its stake in Nucor by 49.2% during the first quarter. Bartlett & CO. Wealth Management LLC now owns 191 shares of the basic materials company's stock valued at $32,000 after acquiring an additional 63 shares during the period. Mcguire Capital Advisors Inc. bought a new position in Nucor during the fourth quarter valued at about $32,000. Finally, Motiv8 Investments LLC acquired a new position in Nucor in the 4th quarter valued at approximately $32,000. 76.48% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Wall Street Zen raised Nucor from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 16th. BNP Paribas Exane upped their price objective on Nucor from $210.00 to $248.00 and gave the company an "outperform" rating in a research note on Monday, May 4th. Morgan Stanley set a $270.00 price objective on Nucor in a research note on Wednesday, July 29th. Jefferies Financial Group upped their price objective on Nucor from $225.00 to $250.00 and gave the company a "buy" rating in a report on Tuesday, April 28th. Finally, JPMorgan Chase & Co. upped their price target on shares of Nucor from $240.00 to $282.00 and gave the company an "overweight" rating in a report on Wednesday, June 10th. Twelve equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Nucor currently has a consensus rating of "Moderate Buy" and a consensus price target of $273.31.

Nucor Trading Up 1.4%

Shares of NYSE NUE opened at $243.89 on Friday. The stock has a market cap of $55.33 billion, a P/E ratio of 19.45, a price-to-earnings-growth ratio of 0.89 and a beta of 1.89. The firm has a 50 day moving average price of $246.88 and a two-hundred day moving average price of $216.80. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.36 and a current ratio of 2.51. Nucor Corporation has a 52-week low of $131.32 and a 52-week 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 for the quarter, topping analysts' consensus estimates of $4.46 by $0.38. Nucor had a return on equity of 12.73% and a net margin of 7.99%.The business had revenue of $10.40 billion during the quarter, compared to the consensus estimate of $10.15 billion. During the same period in the previous year, the company posted $2.60 earnings per share. The firm's revenue for the quarter was up 23.0% on a year-over-year basis. As a group, equities analysts forecast that Nucor Corporation will post 17.95 EPS for the current year.

Nucor Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 11th. Investors of record on Tuesday, June 30th were paid a dividend of $0.56 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $2.24 annualized dividend and a yield of 0.9%. Nucor's payout ratio is currently 17.86%.

Insider Activity

In related news, EVP John J. Hollatz sold 10,560 shares of the stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $258.46, for a total value of $2,729,337.60. Following the completion of the transaction, the executive vice president directly owned 97,865 shares of the company's stock, valued at $25,294,187.90. This represents a 9.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Stephen D. Laxton sold 3,968 shares of Nucor stock in a transaction on 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 transaction, the chief operating officer 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 SEC filing for this sale provides additional information. In the last 90 days, insiders sold 18,528 shares of company stock worth $4,793,035. 0.62% of the stock is currently owned by insiders.

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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