Columbus Macro LLC Grows Holdings in Nucor Corporation $NUE

Key Points

• Columbus Macro LLC increased its holdings in Nucor Corporation by 30.3%, owning 43,928 shares valued at approximately $5.69 million as of the latest SEC filing.
• Nucor reported $2.60 earnings per share for the last quarter, surpassing expectations, with quarterly revenue of $8.46 billion showing a 4.7% increase year-over-year.
• The company recently announced a quarterly dividend of $0.55 to be paid on November 10th, resulting in an annual yield of 1.6%.

Columbus Macro LLC grew its holdings in Nucor Corporation (NYSE:NUE - Free Report) by 30.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 43,928 shares of the basic materials company's stock after purchasing an additional 10,224 shares during the period. Columbus Macro LLC's holdings in Nucor were worth $5,690,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Hager Investment Management Services LLC increased its stake in Nucor by 8.4% in the second quarter. Hager Investment Management Services LLC now owns 6,549 shares of the basic materials company's stock worth $848,000 after purchasing an additional 505 shares during the period. Clear Creek Financial Management LLC purchased a new stake in Nucor in the second quarter worth $246,000. KLP Kapitalforvaltning AS increased its stake in Nucor by 1.8% in the second quarter. KLP Kapitalforvaltning AS now owns 84,020 shares of the basic materials company's stock worth $10,923,000 after purchasing an additional 1,500 shares during the period. Seamount Financial Group Inc. increased its stake in Nucor by 13.2% in the second quarter. Seamount Financial Group Inc. now owns 3,133 shares of the basic materials company's stock worth $406,000 after purchasing an additional 365 shares during the period. Finally, Duncan Williams Asset Management LLC increased its stake in Nucor by 6.7% in the second quarter. Duncan Williams Asset Management LLC now owns 2,406 shares of the basic materials company's stock worth $312,000 after purchasing an additional 151 shares during the period. Hedge funds and other institutional investors own 76.48% of the company's stock.

Nucor Price Performance

NUE opened at $137.73 on Thursday. The business's 50-day moving average is $141.45 and its two-hundred day moving average is $129.19. Nucor Corporation has a 1 year low of $97.59 and a 1 year high of $170.52. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.83 and a quick ratio of 1.51. The firm has a market capitalization of $31.61 billion, a PE ratio of 24.86, a price-to-earnings-growth ratio of 0.94 and a beta of 1.75.

Nucor (NYSE:NUE - Get Free Report) last posted its earnings results on Monday, July 28th. The basic materials company reported $2.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.54 by $0.06. Nucor had a return on equity of 6.65% and a net margin of 4.21%.The company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.47 billion. During the same quarter in the previous year, the firm earned $2.68 earnings per share. The firm's quarterly revenue was up 4.7% compared to the same quarter last year. Research analysts anticipate that Nucor Corporation will post 7.64 earnings per share for the current fiscal year.

Nucor Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Tuesday, September 30th will be paid a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 1.6%. The ex-dividend date is Tuesday, September 30th. Nucor's payout ratio is 39.71%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on NUE shares. Jefferies Financial Group upgraded Nucor from a "hold" rating to a "buy" rating and increased their target price for the stock from $135.00 to $170.00 in a research note on Thursday, July 31st. Morgan Stanley raised their price target on Nucor from $134.00 to $149.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. The Goldman Sachs Group cut their price target on Nucor from $182.00 to $173.00 and set a "buy" rating on the stock in a research note on Monday, September 22nd. JPMorgan Chase & Co. raised their price target on Nucor from $143.00 to $162.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. Finally, Wells Fargo & Company cut their price target on Nucor from $146.00 to $140.00 and set an "equal weight" rating on the stock in a research note on Thursday, September 18th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Nucor currently has an average rating of "Moderate Buy" and a consensus price target of $156.60.

Insider Buying and Selling

In other Nucor news, insider Michael D. Keller sold 6,088 shares of the firm's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $148.41, for a total value of $903,520.08. Following the completion of the sale, the insider owned 22,464 shares of the company's stock, valued at approximately $3,333,882.24. This trade represents a 21.32% 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 7,200 shares of the firm's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $146.00, for a total value of $1,051,200.00. Following the completion of the sale, the executive vice president directly owned 92,179 shares of the company's stock, valued at approximately $13,458,134. This represents a 7.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 31,309 shares of company stock worth $4,553,771 over the last ninety days. 0.46% of the stock is currently owned by company insiders.

Nucor Profile

Nucor Corporation engages in manufacture and sale of steel and steel products. It operates in three segments: steel mills, steel products, and raw materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products; and engages in the steel trading and rebar distribution businesses.

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