Hemington Wealth Management Raises Holdings in Nucor Corporation $NUE

Key Points

• Hemington Wealth Management significantly increased its stake in Nucor Corporation by 178.7%, owning a total of 5,214 shares valued at $675,000 following the purchase of 3,343 shares in the second quarter.
• Nucor's quarterly earnings showed an EPS of $2.60, surpassing analyst expectations, though revenue slightly missed targets at $8.46 billion.
• The company announced a quarterly dividend of $0.55 per share, with an ex-dividend date of September 30, representing a yield of 1.6%.

Hemington Wealth Management increased its position in Nucor Corporation (NYSE:NUE - Free Report) by 178.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,214 shares of the basic materials company's stock after buying an additional 3,343 shares during the quarter. Hemington Wealth Management's holdings in Nucor were worth $675,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in Nucor by 17.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,595 shares of the basic materials company's stock valued at $3,853,000 after purchasing an additional 4,763 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Nucor by 21.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 101,459 shares of the basic materials company's stock valued at $12,210,000 after purchasing an additional 17,861 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in Nucor by 20.5% in the 1st quarter. Assenagon Asset Management S.A. now owns 28,886 shares of the basic materials company's stock valued at $3,476,000 after purchasing an additional 4,914 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in Nucor by 138.5% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 121,543 shares of the basic materials company's stock valued at $15,745,000 after purchasing an additional 70,581 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in Nucor by 12.4% in the 1st quarter. Envestnet Asset Management Inc. now owns 305,006 shares of the basic materials company's stock valued at $36,704,000 after purchasing an additional 33,700 shares in the last quarter. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Nucor Stock Down 3.2%

Shares of Nucor stock opened at $133.68 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.83 and a quick ratio of 1.51. Nucor Corporation has a 1-year low of $97.59 and a 1-year high of $170.52. The business has a 50-day moving average of $141.25 and a 200-day moving average of $129.31. The company has a market capitalization of $30.68 billion, a PE ratio of 24.13, a P/E/G ratio of 0.95 and a beta of 1.75.

Nucor (NYSE:NUE - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The basic materials company reported $2.60 EPS for the quarter, topping the consensus estimate of $2.54 by $0.06. Nucor had a net margin of 4.21% and a return on equity of 6.65%. The business had revenue of $8.46 billion for the quarter, compared to analysts' expectations of $8.47 billion. During the same quarter last year, the company posted $2.68 earnings per share. The company's quarterly revenue was up 4.7% compared to the same quarter last year. As a group, equities analysts forecast that Nucor Corporation will post 7.64 EPS for the current fiscal year.

Nucor Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.55 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $2.20 annualized dividend and a dividend yield of 1.6%. Nucor's dividend payout ratio (DPR) is presently 39.71%.

Insider Activity at Nucor

In other news, EVP Allen C. Behr sold 8,021 shares of the stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $143.38, for a total transaction of $1,150,050.98. Following the transaction, the executive vice president owned 82,703 shares of the company's stock, valued at approximately $11,857,956.14. This trade represents a 8.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Kenneth Rex Query sold 10,000 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $144.90, for a total transaction of $1,449,000.00. Following the transaction, the executive vice president directly owned 84,080 shares in the company, valued at $12,183,192. The trade was a 10.63% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 31,309 shares of company stock worth $4,553,771. 0.46% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

NUE has been the subject of several recent research reports. Wells Fargo & Company lowered their price target on Nucor from $146.00 to $140.00 and set an "equal weight" rating for the company in a report on Thursday, September 18th. Morgan Stanley increased their price target on Nucor from $134.00 to $149.00 and gave the company an "overweight" rating in a report on Friday, June 20th. Bank of America increased their price target on Nucor from $150.00 to $165.00 and gave the company a "buy" rating in a report on Monday, September 15th. The Goldman Sachs Group lowered their price target on Nucor from $182.00 to $173.00 and set a "buy" rating for the company in a report on Monday, September 22nd. Finally, JPMorgan Chase & Co. raised their target price on Nucor from $143.00 to $162.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $156.60.

Nucor 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.

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