Corient Private Wealth LP Takes $17.82 Million Position in Nucor Corporation $NUE

Key Points

• Corient Private Wealth LP acquired 478,154 Nucor shares worth approximately $17.82 million, representing about 0.21% of the steelmaker. Institutional investors collectively own 76.48% of Nucor.
• Nucor exceeded quarterly expectations, reporting $4.84 in earnings per share versus the $4.46 consensus and $10.40 billion in revenue, up 23% year over year.
• Analysts maintain a generally positive outlook, with 13 Buy ratings and three Holds and a consensus price target of $272.38. Nucor also pays a quarterly dividend of $0.56 per share, yielding about 0.9%.

Corient Private Wealth LP purchased a new position in shares of Nucor Corporation (NYSE:NUE - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 478,154 shares of the basic materials company's stock, valued at approximately $17,825,000. Corient Private Wealth LP owned about 0.21% of Nucor as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in Nucor in the 2nd quarter valued at $4,452,563,000. Morgan Stanley lifted its stake in shares of Nucor by 1.1% during the fourth quarter. Morgan Stanley now owns 3,853,205 shares of the basic materials company's stock worth $628,497,000 after purchasing an additional 41,728 shares in the last quarter. Norges Bank purchased a new stake in shares of Nucor in the fourth quarter worth about $609,002,000. Dimensional Fund Advisors LP boosted its position in shares of Nucor by 0.9% in the first quarter. Dimensional Fund Advisors LP now owns 2,539,044 shares of the basic materials company's stock worth $429,298,000 after buying an additional 22,718 shares during the period. Finally, Bank of America Corp DE acquired a new stake in shares of Nucor in the second quarter valued at about $462,886,000. Institutional investors and hedge funds own 76.48% of the company's stock.

Nucor Trading Down 0.6%

NYSE NUE opened at $250.84 on Friday. The company has a market capitalization of $56.91 billion, a price-to-earnings ratio of 20.00, a price-to-earnings-growth ratio of 0.94 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 12 month low of $131.32 and a 12 month high of $280.11. The company's fifty day moving average price is $246.64 and its two-hundred day moving average price is $218.97.

Nucor (NYSE:NUE - Get Free Report) last released its earnings results on Monday, July 27th. The basic materials company reported $4.84 earnings per share for the quarter, topping the consensus estimate of $4.46 by $0.38. The company had revenue of $10.40 billion during the quarter, compared to the consensus estimate of $10.15 billion. Nucor had a net margin of 7.99% and a return on equity of 12.73%. The company's revenue was up 23.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.60 EPS. As a group, research analysts predict that Nucor Corporation will post 17.95 earnings per share for the current fiscal 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 issued a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Tuesday, June 30th. Nucor's payout ratio is currently 17.86%.

Insider Activity at Nucor

In other news, EVP Thomas J. Batterbee sold 4,000 shares of Nucor 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 completion of the transaction, the executive vice president owned 16,138 shares in the company, valued at approximately $4,212,340.76. This trade represents a 19.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Stephen D. Laxton sold 3,968 shares of the business's stock in a transaction that occurred 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 completion of the sale, the chief operating officer owned 77,867 shares of the company's stock, valued at $20,008,704.32. This trade represents a 4.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 18,528 shares of company stock valued at $4,793,035 over the last three months. 0.62% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on NUE shares. BMO Capital Markets lifted their price objective on shares of Nucor from $285.00 to $295.00 and gave the company an "outperform" rating in a research note on Wednesday, July 29th. Wells Fargo & Company decreased their target price on shares of Nucor from $297.00 to $285.00 and set an "overweight" rating for the company in a research note on Monday, August 24th. Zacks Research lowered shares of Nucor from a "strong-buy" rating to a "hold" rating in a report on Monday, June 29th. Citigroup reaffirmed a "buy" rating on shares of Nucor in a research note on Wednesday, July 29th. Finally, Barclays boosted their price objective on shares of Nucor from $272.00 to $295.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Thirteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock 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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