MGO One Seven LLC Boosts Stock Position in Nucor Corporation (NYSE:NUE)

Key Points

• MGO One Seven LLC increased its stake in Nucor Corporation by 361.2% during the first quarter, owning a total of 17,175 shares valued at approximately $2.07 million.
• Nucor has declared a quarterly dividend of $0.55 per share, which reflects an annualized dividend yield of 1.6% and is scheduled to be paid on August 11th.
• The company reported $2.60 EPS for its latest quarter, exceeding analysts' estimates, with revenue of $8.46 billion, marking a 4.7% increase year-over-year.

MGO One Seven LLC raised its stake in Nucor Corporation (NYSE:NUE - Free Report) by 361.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,175 shares of the basic materials company's stock after purchasing an additional 13,451 shares during the period. MGO One Seven LLC's holdings in Nucor were worth $2,067,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also modified their holdings of the business. Natixis Advisors LLC grew its stake in shares of Nucor by 12.4% during the first quarter. Natixis Advisors LLC now owns 91,532 shares of the basic materials company's stock worth $11,015,000 after acquiring an additional 10,065 shares during the last quarter. Roble Belko & Company Inc grew its stake in shares of Nucor by 22.7% during the first quarter. Roble Belko & Company Inc now owns 617 shares of the basic materials company's stock worth $74,000 after acquiring an additional 114 shares during the last quarter. NorthRock Partners LLC grew its stake in shares of Nucor by 22.9% during the first quarter. NorthRock Partners LLC now owns 3,120 shares of the basic materials company's stock worth $375,000 after acquiring an additional 582 shares during the last quarter. Arkadios Wealth Advisors grew its stake in shares of Nucor by 45.8% during the first quarter. Arkadios Wealth Advisors now owns 3,741 shares of the basic materials company's stock worth $450,000 after acquiring an additional 1,176 shares during the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of Nucor during the first quarter worth about $1,764,000. Hedge funds and other institutional investors own 76.48% of the company's stock.

Nucor Trading Down 3.1%

Shares of NYSE:NUE opened at $138.67 on Friday. Nucor Corporation has a 12-month low of $97.59 and a 12-month high of $170.52. The company has a market capitalization of $32.00 billion, a PE ratio of 25.03, a PEG ratio of 0.91 and a beta of 1.70. The business has a 50 day moving average of $130.63 and a two-hundred day moving average of $125.73. The company has a current ratio of 2.83, a quick ratio of 1.48 and a debt-to-equity ratio of 0.31.

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

Nucor Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 11th. Stockholders of record on Monday, June 30th will be paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Monday, June 30th. Nucor's dividend payout ratio is presently 39.71%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on NUE shares. JPMorgan Chase & Co. boosted their price target on Nucor from $143.00 to $162.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. Jefferies Financial Group upgraded Nucor from a "hold" rating to a "buy" rating and upped their target price for the company from $135.00 to $170.00 in a research report on Thursday. BMO Capital Markets upgraded Nucor from a "market perform" rating to an "outperform" rating and upped their target price for the company from $140.00 to $145.00 in a research report on Monday, June 2nd. UBS Group dropped their target price on Nucor from $153.00 to $147.00 and set a "buy" rating on the stock in a research report on Thursday, May 29th. Finally, Morgan Stanley upped their target price on Nucor from $134.00 to $149.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. One research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Nucor presently has a consensus rating of "Moderate Buy" and a consensus price target of $157.13.

Insider Activity at Nucor

In other news, EVP Kenneth Rex Query sold 10,000 shares of the company's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $130.37, for a total transaction of $1,303,700.00. Following the completion of the transaction, the executive vice president directly owned 94,080 shares of the company's stock, valued at $12,265,209.60. This represents a 9.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Daniel R. Needham sold 7,088 shares of the company'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 value 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.46% of the company's stock.

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.

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