Bank of Nova Scotia acquired a new position in Nucor Corporation (NYSE:NUE - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 55,767 shares of the basic materials company's stock, valued at approximately $12,422,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NUE. Integrated Wealth Concepts LLC boosted its position in Nucor by 21.1% during the 1st quarter. Integrated Wealth Concepts LLC now owns 3,266 shares of the basic materials company's stock valued at $393,000 after acquiring an additional 568 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Nucor during the 1st quarter worth approximately $259,000. Geneos Wealth Management Inc. raised its stake in shares of Nucor by 81.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 340 shares of the basic materials company's stock worth $41,000 after acquiring an additional 153 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in Nucor during the second quarter valued at approximately $390,000. Finally, Cerity Partners LLC lifted its position in Nucor by 51.9% during the second quarter. Cerity Partners LLC now owns 40,629 shares of the basic materials company's stock valued at $5,263,000 after acquiring an additional 13,877 shares during the last quarter. 76.48% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
A number of equities research analysts have commented on NUE shares. Seaport Research Partners increased their price target on Nucor from $245.00 to $285.00 and gave the company a "buy" rating in a research note on Wednesday, June 10th. The Goldman Sachs Group raised their price target on shares of Nucor from $260.00 to $284.00 and gave the stock a "buy" rating in a report on Tuesday, June 16th. BMO Capital Markets lifted their price objective on shares of Nucor from $285.00 to $295.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 29th. Morgan Stanley set a $270.00 price objective on shares of Nucor in a report on Wednesday, July 29th. Finally, Zacks Research downgraded Nucor from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 29th. Twelve equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $272.38.
View Our Latest Research Report on NUE
Insider Buying and Selling
In other Nucor news, EVP Thomas J. Batterbee sold 4,000 shares of the firm's stock in a transaction that occurred 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 sale, the executive vice president directly owned 16,138 shares of the company's stock, valued at approximately $4,212,340.76. This trade represents a 19.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John J. Hollatz sold 10,560 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $258.46, for a total transaction of $2,729,337.60. Following the transaction, the executive vice president directly owned 97,865 shares in the company, valued at approximately $25,294,187.90. The trade was a 9.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 18,528 shares of company stock valued at $4,793,035. 0.62% of the stock is owned by company insiders.
Nucor Price Performance
Shares of NYSE NUE opened at $244.32 on Tuesday. The stock has a market capitalization of $55.43 billion, a price-to-earnings ratio of 19.48, a PEG ratio of 0.90 and a beta of 1.89. Nucor Corporation has a 12 month low of $131.32 and a 12 month high of $280.11. The firm's 50 day simple moving average is $246.58 and its 200-day simple moving average is $217.46. 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 (NYSE:NUE - Get Free Report) last posted 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. The firm had revenue of $10.40 billion during the quarter, compared to analysts' expectations of $10.15 billion. Nucor had a net margin of 7.99% and a return on equity of 12.73%. The business's revenue was up 23.0% compared to the same quarter last year. During the same period in the previous year, the business posted $2.60 EPS. Analysts expect that Nucor Corporation will post 17.95 EPS for the current year.
Nucor Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 11th. Investors 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 payout ratio is currently 17.86%.
Nucor Company Profile
(
Free Report)
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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