Granite Bay Wealth Management LLC Buys 6,730 Shares of Nucor Co. (NYSE:NUE)

Granite Bay Wealth Management LLC raised its position in Nucor Co. (NYSE:NUE - Free Report) by 20.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,909 shares of the basic materials company's stock after purchasing an additional 6,730 shares during the quarter. Nucor makes up approximately 1.7% of Granite Bay Wealth Management LLC's holdings, making the stock its 24th biggest position. Granite Bay Wealth Management LLC's holdings in Nucor were worth $4,803,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of NUE. Geode Capital Management LLC boosted its stake in shares of Nucor by 1.8% during the 4th quarter. Geode Capital Management LLC now owns 5,967,254 shares of the basic materials company's stock worth $701,255,000 after acquiring an additional 105,309 shares in the last quarter. Norges Bank bought a new stake in shares of Nucor during the 4th quarter worth about $398,077,000. Invesco Ltd. boosted its stake in shares of Nucor by 18.7% during the 4th quarter. Invesco Ltd. now owns 2,435,265 shares of the basic materials company's stock worth $284,220,000 after acquiring an additional 384,205 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Nucor by 24.6% during the 4th quarter. First Trust Advisors LP now owns 2,404,477 shares of the basic materials company's stock worth $280,627,000 after acquiring an additional 474,274 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Nucor by 4.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,680,468 shares of the basic materials company's stock worth $196,127,000 after acquiring an additional 68,252 shares in the last quarter. Hedge funds and other institutional investors own 76.48% of the company's stock.

Nucor Stock Performance

Nucor stock traded up $2.96 during trading hours on Friday, hitting $121.71. The stock had a trading volume of 2,061,217 shares, compared to its average volume of 2,194,566. The company has a 50-day moving average of $113.79 and a two-hundred day moving average of $124.85. The company has a quick ratio of 1.48, a current ratio of 2.51 and a debt-to-equity ratio of 0.27. The company has a market cap of $28.08 billion, a PE ratio of 14.47, a price-to-earnings-growth ratio of 0.96 and a beta of 1.67. Nucor Co. has a fifty-two week low of $97.59 and a fifty-two week high of $170.52.

Nucor (NYSE:NUE - Get Free Report) last posted its quarterly earnings results on Monday, April 28th. The basic materials company reported $0.77 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.15). The firm had revenue of $7.83 billion during the quarter, compared to analyst estimates of $7.25 billion. Nucor had a net margin of 6.60% and a return on equity of 9.85%. The company's revenue was down 3.8% on a year-over-year basis. During the same period last year, the company earned $3.46 EPS. On average, equities research analysts anticipate that Nucor Co. will post 7.64 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently weighed in on NUE. The Goldman Sachs Group decreased their target price on Nucor from $175.00 to $169.00 and set a "buy" rating for the company in a research note on Monday, April 7th. JPMorgan Chase & Co. decreased their target price on Nucor from $156.00 to $140.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. BMO Capital Markets upgraded Nucor from a "market perform" rating to an "outperform" rating and increased their target price for the company from $140.00 to $145.00 in a research note on Monday, June 2nd. Wall Street Zen downgraded Nucor from a "hold" rating to a "sell" rating in a research note on Wednesday, April 30th. Finally, UBS Group decreased their target price on Nucor from $153.00 to $147.00 and set a "buy" rating for the company in a research note on Thursday, May 29th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $157.22.

Insider Buying and Selling at Nucor

In related news, CEO Leon J. Topalian sold 34,238 shares of the firm's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $120.19, for a total transaction of $4,115,065.22. Following the completion of the transaction, the chief executive officer now owns 162,993 shares in the company, valued at $19,590,128.67. This trade represents a 17.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.46% of the company's stock.

Nucor Company 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.