Harvey Capital Management Inc. Purchases New Holdings in Nucor Corporation (NYSE:NUE)

Harvey Capital Management Inc. bought a new stake in Nucor Corporation (NYSE:NUE - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 21,500 shares of the basic materials company's stock, valued at approximately $2,587,000.

A number of other institutional investors have also modified their holdings of NUE. Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of Nucor in the fourth quarter valued at approximately $25,000. Putney Financial Group LLC acquired a new position in shares of Nucor in the fourth quarter valued at approximately $29,000. MV Capital Management Inc. increased its holdings in shares of Nucor by 73.5% in the first quarter. MV Capital Management Inc. now owns 281 shares of the basic materials company's stock valued at $34,000 after purchasing 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, Park Square Financial Group LLC purchased a new stake in shares of Nucor in the fourth quarter valued at approximately $48,000. Institutional investors and hedge funds own 76.48% of the company's stock.

Nucor Trading Up 0.2%

NYSE NUE traded up $0.27 during trading hours on Wednesday, hitting $140.00. 1,458,417 shares of the company's stock were exchanged, compared to its average volume of 2,240,111. The business's 50 day moving average is $121.41 and its 200-day moving average is $122.81. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.48 and a current ratio of 2.52. Nucor Corporation has a 12-month low of $97.59 and a 12-month high of $170.52. The firm has a market capitalization of $32.31 billion, a P/E ratio of 24.91, a price-to-earnings-growth ratio of 0.88 and a beta of 1.70.

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

Nucor Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 11th. Shareholders of record on Monday, June 30th will be paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date of this dividend is Monday, June 30th. Nucor's payout ratio is 39.15%.

Insiders Place Their Bets

In other Nucor news, CEO Leon J. Topalian sold 34,238 shares of the company's stock in a transaction dated 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 sale, the chief executive officer directly owned 162,993 shares in the company, valued at $19,590,128.67. This represents a 17.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Daniel R. Needham sold 7,088 shares of the company's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $127.87, for a total value of $906,342.56. Following the sale, the executive vice president owned 99,379 shares of the company's stock, valued at $12,707,592.73. This represents a 6.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 51,326 shares of company stock valued at $6,325,108. Insiders own 0.71% of the company's stock.

Analyst Ratings Changes

NUE has been the topic of a number of analyst reports. JPMorgan Chase & Co. decreased their price target on Nucor from $156.00 to $140.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Wall Street Zen downgraded Nucor from a "hold" rating to a "sell" rating in a research report on Wednesday, April 30th. Morgan Stanley boosted their target price on Nucor from $134.00 to $149.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. BMO Capital Markets upgraded Nucor from a "market perform" rating to an "outperform" rating and boosted their target price for the stock from $140.00 to $145.00 in a research report on Monday, June 2nd. Finally, The Goldman Sachs Group decreased their price objective on Nucor from $175.00 to $169.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Nucor presently has a consensus rating of "Moderate Buy" and an average price target of $150.00.

About Nucor

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.