Empowered Funds LLC Makes New $16.83 Million Investment in Nucor Corporation $NUE

Empowered Funds LLC acquired a new stake in Nucor Corporation (NYSE:NUE - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 75,544 shares of the basic materials company's stock, valued at approximately $16,827,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Transamerica Financial Advisors LLC purchased a new stake in Nucor during the 2nd quarter worth about $25,000. Manning & Napier Advisors LLC purchased a new position in shares of Nucor in the 2nd quarter valued at about $27,000. Bell Investment Advisors Inc purchased a new position in shares of Nucor in the 2nd quarter valued at about $28,000. Strive Financial Group LLC acquired a new stake in shares of Nucor during the 4th quarter worth about $27,000. Finally, Stance Capital LLC purchased a new stake in Nucor during the third quarter worth approximately $25,000. Institutional investors and hedge funds own 76.48% of the company's stock.

Wall Street Analyst Weigh In

NUE has been the subject of several recent analyst reports. Zacks Research downgraded shares of Nucor from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 29th. Citigroup reaffirmed a "buy" rating on shares of Nucor in a research report on Wednesday, July 29th. JPMorgan Chase & Co. boosted their price target on shares of Nucor from $240.00 to $282.00 and gave the company an "overweight" rating in a research report on Wednesday, June 10th. Bank of America decreased their price objective on shares of Nucor from $290.00 to $280.00 and set a "buy" rating for the company in a research note on Thursday, July 9th. Finally, Weiss Ratings raised Nucor from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday. Thirteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Nucor currently has a consensus rating of "Moderate Buy" and an average price target of $272.38.

Insider Buying and Selling

In other Nucor news, EVP John J. Hollatz sold 10,560 shares of the company's 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 sale, the executive vice president 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Stephen D. Laxton sold 3,968 shares of the company'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 directly owned 77,867 shares in the company, valued at approximately $20,008,704.32. The trade was a 4.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 18,528 shares of company stock worth $4,793,035 in the last quarter. Company insiders own 0.62% of the company's stock.

Nucor Stock Performance

NYSE:NUE opened at $250.84 on Friday. The firm's fifty day moving average price is $246.64 and its 200 day moving average price is $218.97. Nucor Corporation has a 1-year low of $131.32 and a 1-year high of $280.11. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.51 and a quick ratio of 1.36. The firm has a market cap 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.

Nucor (NYSE:NUE - Get Free Report) last announced its quarterly earnings data on Monday, July 27th. The basic materials company reported $4.84 EPS for the quarter, topping analysts' consensus estimates 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%. Nucor's quarterly revenue was up 23.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.60 EPS. On average, sell-side analysts expect that Nucor Corporation will post 17.95 EPS for the current year.

Nucor Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 11th. Stockholders 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 dividend yield of 0.9%. Nucor's payout ratio is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source