CX Institutional Acquires 9,201 Shares of Nucor Corporation $NUE

Key Points

• CX Institutional increased its Nucor stake by 20.9% in the second quarter, adding 9,201 shares to own 53,298 shares valued at $11.9 million. Institutional investors collectively hold 76.48% of Nucor’s stock.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and an average price target of $273.31; recent targets range from $248 to $295.
• Nucor exceeded quarterly earnings and revenue expectations, reporting $4.84 in EPS and $10.40 billion in revenue, while declaring a quarterly dividend of $0.56 per share.

CX Institutional raised its holdings in shares of Nucor Corporation (NYSE:NUE - Free Report) by 20.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 53,298 shares of the basic materials company's stock after buying an additional 9,201 shares during the period. CX Institutional's holdings in Nucor were worth $11,872,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Nucor in the fourth quarter worth about $609,002,000. AQR Capital Management LLC lifted its stake in shares of Nucor by 580.9% in the 2nd quarter. AQR Capital Management LLC now owns 653,845 shares of the basic materials company's stock valued at $84,699,000 after acquiring an additional 557,819 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Nucor by 27.5% during the 4th quarter. Bank of New York Mellon Corp now owns 1,780,423 shares of the basic materials company's stock valued at $290,405,000 after acquiring an additional 383,952 shares during the period. M&T Bank Corp boosted its holdings in Nucor by 494.5% during the 4th quarter. M&T Bank Corp now owns 434,511 shares of the basic materials company's stock valued at $70,873,000 after acquiring an additional 361,417 shares during the period. Finally, Encompass Capital Advisors LLC bought a new position in Nucor during the 4th quarter worth approximately $51,135,000. 76.48% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Randy J. Spicer sold 2,500 shares of Nucor stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $225.00, for a total transaction of $562,500.00. Following the sale, the executive vice president owned 20,510 shares of the company's stock, valued at approximately $4,614,750. The trade was a 10.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP John J. Hollatz sold 10,560 shares of the business's stock in a transaction dated 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 owned 97,865 shares in the company, valued at $25,294,187.90. This represents a 9.74% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 17,028 shares of company stock valued at $4,311,455. Corporate insiders own 0.62% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. KeyCorp raised Nucor from a "sector weight" rating to an "overweight" rating and set a $274.00 price target on the stock in a research note on Wednesday, June 24th. Wall Street Zen raised Nucor from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 16th. Bank of America cut their target price on shares of Nucor from $290.00 to $280.00 and set a "buy" rating on the stock in a report on Thursday, July 9th. Barclays lifted their target price on shares of Nucor from $272.00 to $295.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. Finally, BNP Paribas Exane upped their price target on shares of Nucor from $210.00 to $248.00 and gave the company an "outperform" rating in a report on Monday, May 4th. Twelve analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $273.31.

Nucor Price Performance

Shares of Nucor stock opened at $261.06 on Tuesday. The business has a 50 day moving average of $243.52 and a 200 day moving average of $208.26. Nucor Corporation has a 52 week low of $131.32 and a 52 week high of $270.90. The company has a market cap of $59.45 billion, a PE ratio of 20.82, a P/E/G ratio of 0.58 and a beta of 1.91. The company has a quick ratio of 1.36, a current ratio of 2.51 and a debt-to-equity ratio of 0.27.

Nucor (NYSE:NUE - Get Free Report) last released its quarterly earnings results on Monday, July 27th. The basic materials company reported $4.84 earnings per share for the quarter, beating the consensus estimate of $4.46 by $0.38. The business had revenue of $10.40 billion for 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 firm's revenue for the quarter was up 23.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.60 earnings per share. As a group, equities research analysts forecast that Nucor Corporation will post 17.84 earnings per share for the current year.

Nucor Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 11th. Stockholders of record on Tuesday, June 30th will be given a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Tuesday, June 30th. Nucor's dividend payout ratio (DPR) is currently 17.86%.

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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