Harvey Capital Management Inc. Takes $2.59 Million Position in Nucor Corporation (NYSE:NUE)

Harvey Capital Management Inc. acquired a new stake in Nucor Corporation (NYSE:NUE - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 21,500 shares of the basic materials company's stock, valued at approximately $2,587,000.

Several other large investors have also modified their holdings of NUE. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in Nucor in the 4th quarter valued at approximately $25,000. Putney Financial Group LLC acquired a new stake in shares of Nucor in the 4th quarter valued at approximately $29,000. MV Capital Management Inc. lifted its holdings in shares of Nucor by 73.5% in the 1st quarter. MV Capital Management Inc. now owns 281 shares of the basic materials company's stock valued at $34,000 after buying an additional 119 shares during the period. Fourth Dimension Wealth LLC purchased a new stake in shares of Nucor in the fourth quarter valued at approximately $41,000. Finally, Spirit of America Management Corp NY acquired a new position in Nucor during the first quarter worth $48,000. 76.48% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NUE has been the subject of a number of research analyst reports. Wall Street Zen cut Nucor from a "hold" rating to a "sell" rating in a research report on Wednesday, April 30th. The Goldman Sachs Group dropped their target price on shares of Nucor from $175.00 to $169.00 and set a "buy" rating for the company in a report on Monday, April 7th. Morgan Stanley upped their price target on shares of Nucor from $134.00 to $149.00 and gave the company an "overweight" rating in a report on Friday, June 20th. BMO Capital Markets upgraded shares of Nucor from a "market perform" rating to an "outperform" rating and increased their price target for the company from $140.00 to $145.00 in a research report on Monday, June 2nd. Finally, UBS Group dropped their price objective on shares of Nucor from $153.00 to $147.00 and set a "buy" rating for the company in a research note on Thursday, May 29th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Nucor has an average rating of "Moderate Buy" and an average target price of $150.00.

Nucor Trading Down 0.6%

Shares of NUE stock traded down $0.88 on Friday, reaching $142.43. 1,242,965 shares of the stock were exchanged, compared to its average volume of 2,241,258. Nucor Corporation has a 1-year low of $97.59 and a 1-year high of $170.52. The stock has a market cap of $32.87 billion, a P/E ratio of 25.34, a price-to-earnings-growth ratio of 0.89 and a beta of 1.70. The company has a quick ratio of 1.48, a current ratio of 2.52 and a debt-to-equity ratio of 0.32. The firm has a 50 day moving average of $122.30 and a two-hundred day moving average of $123.11.

Nucor (NYSE:NUE - Get Free Report) last released its quarterly earnings data on Monday, April 28th. The basic materials company reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.92 by ($0.15). Nucor had a net margin of 4.40% and a return on equity of 6.82%. The firm had revenue of $7.83 billion during the quarter, compared to analyst estimates of $7.25 billion. During the same period in the prior year, the firm earned $3.46 earnings per share. The business's revenue for the quarter was down 3.8% on a year-over-year basis. On average, research analysts anticipate that Nucor Corporation will post 7.64 EPS for the current year.

Nucor Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 11th. Investors of record on Monday, June 30th will be given a dividend of $0.55 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.20 dividend on an annualized basis and a yield of 1.54%. Nucor's dividend payout ratio (DPR) is 39.15%.

Insider Activity at Nucor

In related news, EVP Daniel R. Needham sold 7,088 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $127.87, for a total transaction of $906,342.56. Following the transaction, the executive vice president directly owned 99,379 shares of the company's stock, valued at approximately $12,707,592.73. The trade was a 6.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Kenneth Rex Query sold 10,000 shares of the stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $130.37, for a total transaction of $1,303,700.00. Following the completion of the sale, the executive vice president directly owned 94,080 shares of the company's stock, valued at $12,265,209.60. This trade represents a 9.61% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 51,326 shares of company stock worth $6,325,108. Corporate 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.