Manning & Napier Advisors LLC Acquires 11,453 Shares of Nucor Corporation (NYSE:NUE)

Manning & Napier Advisors LLC lifted its stake in shares of Nucor Corporation (NYSE:NUE - Free Report) by 42.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 38,613 shares of the basic materials company's stock after purchasing an additional 11,453 shares during the quarter. Manning & Napier Advisors LLC's holdings in Nucor were worth $4,647,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Canal Capital Management LLC grew its stake in Nucor by 2.5% during the fourth quarter. Canal Capital Management LLC now owns 3,075 shares of the basic materials company's stock worth $359,000 after buying an additional 75 shares in the last quarter. Horrell Capital Management Inc. lifted its holdings in shares of Nucor by 0.3% during the 4th quarter. Horrell Capital Management Inc. now owns 26,657 shares of the basic materials company's stock worth $3,111,000 after acquiring an additional 76 shares during the period. Highline Wealth Partners LLC boosted its position in shares of Nucor by 2.6% during the 1st quarter. Highline Wealth Partners LLC now owns 3,512 shares of the basic materials company's stock worth $423,000 after acquiring an additional 90 shares in the last quarter. Diligent Investors LLC increased its stake in Nucor by 4.6% in the first quarter. Diligent Investors LLC now owns 2,296 shares of the basic materials company's stock valued at $276,000 after acquiring an additional 102 shares during the last quarter. Finally, King Luther Capital Management Corp increased its stake in Nucor by 1.0% in the fourth quarter. King Luther Capital Management Corp now owns 10,777 shares of the basic materials company's stock valued at $1,258,000 after acquiring an additional 105 shares during the last quarter. Institutional investors own 76.48% of the company's stock.

Insider Buying and Selling at Nucor

In related news, EVP Daniel R. Needham sold 7,088 shares of Nucor stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $127.87, for a total transaction of $906,342.56. Following the completion of the transaction, the executive vice president now owns 99,379 shares of the company's stock, valued at $12,707,592.73. This trade represents a 6.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Leon J. Topalian sold 34,238 shares of the business's stock in a transaction on Thursday, May 1st. The shares were 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 approximately $19,590,128.67. The trade was a 17.36% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.46% of the company's stock.

Nucor Trading Up 2.0%

NYSE NUE traded up $2.54 during trading hours on Thursday, reaching $130.75. The company's stock had a trading volume of 1,838,279 shares, compared to its average volume of 2,229,079. The firm has a fifty day simple moving average of $117.36 and a 200-day simple moving average of $122.35. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.52 and a quick ratio of 1.48. Nucor Corporation has a 52 week low of $97.59 and a 52 week high of $170.52. The stock has a market cap of $30.17 billion, a P/E ratio of 23.27, a P/E/G ratio of 0.83 and a beta of 1.67.

Nucor (NYSE:NUE - Get Free Report) last released its quarterly earnings results on Monday, April 28th. The basic materials company reported $0.77 earnings per share (EPS) 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 business had revenue of $7.83 billion for the quarter, compared to the consensus estimate of $7.25 billion. During the same period in the previous year, the business posted $3.46 EPS. Nucor's revenue was down 3.8% on a year-over-year basis. Equities analysts forecast that Nucor Corporation will post 7.64 earnings per share for the current fiscal year.

Nucor Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 11th. Shareholders of record on Monday, June 30th will be issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 1.68%. The ex-dividend date is Monday, June 30th. Nucor's payout ratio is presently 39.15%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on NUE. Morgan Stanley lifted their price target on Nucor from $134.00 to $149.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. BMO Capital Markets upgraded Nucor from a "market perform" rating to an "outperform" rating and lifted their target price for the company from $140.00 to $145.00 in a research report on Monday, June 2nd. 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. Argus set a $155.00 price target on shares of Nucor in a research note on Wednesday, March 5th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Nucor from $156.00 to $140.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Nucor currently has a consensus rating of "Moderate Buy" and a consensus price target of $155.56.

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.