Mirae Asset Global Investments Co. Ltd. Purchases 69,766 Shares of Nucor Corporation $NUE

Key Points

• Mirae Asset Global Investments acquired a new Nucor stake in the third quarter, buying 69,766 shares valued at approximately $16.3 million. Institutional investors and hedge funds collectively own 76.48% of Nucor.
• Nucor’s third-quarter revenue rose 32% year over year to $11.25 billion, beating forecasts, while EPS of $5.80 narrowly missed the $5.84 consensus. The company declared a quarterly dividend of $0.56 per share, equal to an annualized yield of about 0.8%.
• Two executives recently sold shares: EVP Allen Behr sold 11,846 shares, and Michael Keller sold 1,136. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $286.44.

Mirae Asset Global Investments Co. Ltd. acquired a new stake in Nucor Corporation (NYSE:NUE - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 69,766 shares of the basic materials company's stock, valued at approximately $16,308,000.

A number of other large investors have also modified their holdings of the company. Vise Technologies Inc. increased its holdings in Nucor by 18.0% in the 3rd quarter. Vise Technologies Inc. now owns 12,997 shares of the basic materials company's stock worth $3,038,000 after acquiring an additional 1,983 shares in the last quarter. Investment Partners LTD. lifted its holdings in Nucor by 11.2% during the third quarter. Investment Partners LTD. now owns 1,116 shares of the basic materials company's stock valued at $261,000 after purchasing an additional 112 shares in the last quarter. Global Assets Advisory LLC purchased a new position in Nucor during the third quarter valued at $215,000. Summit Global Investments lifted its holdings in Nucor by 157.7% during the third quarter. Summit Global Investments now owns 4,043 shares of the basic materials company's stock valued at $945,000 after purchasing an additional 2,474 shares in the last quarter. Finally, Modera Wealth Management LLC grew its position in shares of Nucor by 2.2% in the third quarter. Modera Wealth Management LLC now owns 7,894 shares of the basic materials company's stock valued at $1,845,000 after purchasing an additional 170 shares during the period. Institutional investors and hedge funds own 76.48% of the company's stock.

Nucor Trading Down 1.5%

Shares of NUE opened at $273.38 on Wednesday. Nucor Corporation has a 52-week low of $140.93 and a 52-week high of $287.70. The company has a quick ratio of 1.43, a current ratio of 2.46 and a debt-to-equity ratio of 0.26. The firm's fifty day moving average is $255.05 and its two-hundred day moving average is $224.47. The stock has a market cap of $62.03 billion, a PE ratio of 17.40, a price-to-earnings-growth ratio of 0.68 and a beta of 1.81.

Nucor (NYSE:NUE - Get Free Report) last released its earnings results on Monday, October 26th. The basic materials company reported $5.80 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $5.84 by ($0.04). The business had revenue of $11.25 billion for the quarter, compared to analysts' expectations of $10.84 billion. Nucor had a return on equity of 15.53% and a net margin of 9.26%. Nucor's quarterly revenue was up 32.0% compared to the same quarter last year. During the same period in the previous year, the company earned $2.63 EPS. Research analysts forecast that Nucor Corporation will post 19.61 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 10th. Investors of record on Wednesday, September 30th will be given a dividend of $0.56 per share. The ex-dividend date is Wednesday, September 30th. This represents a $2.24 dividend on an annualized basis and a yield of 0.8%. Nucor's payout ratio is presently 14.26%.

Trending Headlines about Nucor

Here are the key news stories impacting Nucor this week:

• Positive Sentiment: Nucor’s third-quarter revenue rose 32% year over year to $11.25 billion, topping estimates, while earnings per share of $5.80 came in just below consensus. Fourth-quarter guidance was described as steady to slightly better than recent results. Article: Nucor Could Be 5% Undervalued After Strong Earnings And Steady Guidance
• Positive Sentiment: A strong balance sheet and cash flow are supporting shareholder returns—reported at $1.36 billion—and leave room for continued investment, buybacks and dividend growth. Article: Can NUE's Strong Balance Sheet Power Bigger Shareholder Returns Ahead?
• Neutral Sentiment: Despite the quarterly EPS miss, revenue exceeded expectations, and the results point to substantial year-over-year improvement. The mixed beat-and-miss may temper the otherwise positive earnings read-through.
• Negative Sentiment: Two executives recently disclosed stock sales: EVP Allen Behr sold 11,846 shares, reducing his holdings by 16.95%, and Michael Keller sold 1,136 shares, trimming his position by 6.79%. Insider sales can be planned or personal, but may add near-term caution among investors. SEC filing for Allen Behr sale SEC filing for Michael Keller sale

Insider Buying and Selling

In related news, EVP Allen C. Behr sold 11,846 shares of the company's stock in a transaction dated Thursday, October 29th. The shares were sold at an average price of $272.90, for a total transaction of $3,232,773.40. Following the completion of the sale, the executive vice president owned 58,022 shares of the company's stock, valued at approximately $15,834,203.80. This represents a 16.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael Keller sold 1,136 shares of the company's stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $279.33, for a total value of $317,318.88. Following the completion of the sale, the insider owned 15,588 shares of the company's stock, valued at $4,354,196.04. This trade represents a 6.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 18,172 shares of company stock worth $4,977,498. 0.62% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on NUE shares. Piper Sandler set a $304.00 target price on shares of Nucor in a research note on Friday. KeyCorp reduced their price target on shares of Nucor from $288.00 to $286.00 and set an "overweight" rating for the company in a research report on Monday, October 5th. Bank of America decreased 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. JPMorgan Chase & Co. lifted their price objective on Nucor from $296.00 to $304.00 and gave the stock an "overweight" rating in a report on Wednesday, October 28th. Finally, Zacks Research upgraded Nucor from a "hold" rating to a "strong-buy" rating in a report on Tuesday, October 13th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $286.44.

Nucor Company Profile

Nucor Corporation is a steel producer headquartered in Charlotte, North Carolina. Through its operating subsidiaries, the company manufactures steel and steel products for customers in construction, automotive, energy, heavy equipment, transportation and other industrial markets.

Nucor's operations include electric arc furnace steel mills, which produce carbon, alloy and galvanized steel products. Its product portfolio includes sheet steel, plate, beams, bars, wire and wire mesh, steel joists, deck, piling, fabricated concrete reinforcing steel and other downstream products.

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