Heartland Advisors Inc. Purchases Shares of 36,438 Nucor Corporation $NUE

Key Points

• Heartland Advisors initiated a Nucor position by purchasing 36,438 shares valued at approximately $8.1 million. Institutional investors collectively own 76.48% of the company.
• Analysts maintain a generally positive view, with 12 Buy ratings and four Holds producing a “Moderate Buy” consensus and an average price target of $273.31.
• Nucor exceeded quarterly expectations with $4.84 in EPS and $10.40 billion in revenue, while its quarterly dividend remains $0.56 per share, or $2.24 annualized.

Heartland Advisors Inc. purchased a new position in shares of Nucor Corporation (NYSE:NUE - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 36,438 shares of the basic materials company's stock, valued at approximately $8,117,000.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Nucor by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 28,407,540 shares of the basic materials company's stock valued at $4,633,554,000 after buying an additional 144,038 shares in the last quarter. BlackRock Inc. purchased a new stake in Nucor during the second quarter worth about $4,452,563,000. Morgan Stanley raised its holdings in shares of Nucor by 1.1% in the 4th quarter. Morgan Stanley now owns 3,853,205 shares of the basic materials company's stock worth $628,497,000 after purchasing an additional 41,728 shares during the period. Norges Bank bought a new stake in shares of Nucor in the fourth quarter valued at $609,002,000. Finally, Dimensional Fund Advisors LP raised its stake in Nucor by 0.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,539,044 shares of the basic materials company's stock valued at $429,298,000 after acquiring an additional 22,718 shares during the period. 76.48% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on NUE. Bank of America dropped their price target on shares of Nucor from $290.00 to $280.00 and set a "buy" rating on the stock in a research note on Thursday, July 9th. CICC Research assumed coverage on Nucor in a report on Monday, May 25th. They set an "outperform" rating for the company. Citigroup reissued a "buy" rating on shares of Nucor in a research note on Wednesday, July 29th. Wall Street Zen upgraded shares of Nucor from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 16th. Finally, Wells Fargo & Company upped their target price on Nucor from $283.00 to $297.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. Twelve analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $273.31.

Nucor Trading Up 1.4%

NUE opened at $243.89 on Friday. 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 capitalization of $55.33 billion, a price-to-earnings ratio of 19.45, a PEG ratio of 0.89 and a beta of 1.89. The business has a 50 day simple moving average of $246.88 and a two-hundred day simple moving average of $216.80. Nucor Corporation has a one year low of $131.32 and a one year high of $280.11.

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. Analysts predict that Nucor Corporation will post 17.95 EPS for the current year.

Nucor Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 11th. Shareholders of record on Tuesday, June 30th were issued a $0.56 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $2.24 dividend on an annualized basis and a yield of 0.9%. Nucor's dividend payout ratio is 17.86%.

Insider Buying and Selling

In related news, EVP Thomas J. Batterbee sold 4,000 shares of Nucor stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $261.02, for a total transaction of $1,044,080.00. Following the completion of the transaction, the executive vice president directly owned 16,138 shares of the company's stock, valued at $4,212,340.76. This trade represents a 19.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Stephen D. Laxton sold 3,968 shares of the company's stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $256.96, for a total transaction of $1,019,617.28. Following the completion of the sale, the chief operating officer owned 77,867 shares in the company, valued at approximately $20,008,704.32. This trade represents a 4.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 18,528 shares of company stock worth $4,793,035 in the last three months. 0.62% of the stock is owned by corporate insiders.

About Nucor

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.

Want to see what other hedge funds are holding NUE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Nucor Corporation (NYSE:NUE - Free Report).

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