Mitsubishi UFJ Asset Management Co. Ltd. Invests $126.85 Million in Nucor Corporation $NUE

Key Points

• Mitsubishi UFJ Asset Management acquired 569,465 Nucor shares worth approximately $126.85 million, giving it a 0.25% stake. Institutional investors and hedge funds collectively own 76.48% of Nucor.
• Nucor reported quarterly EPS of $4.84, beating estimates of $4.46, while revenue rose 23% year over year to $10.40 billion. The company also declared a quarterly dividend of $0.56 per share, equivalent to a 0.8% annual yield.
• Analysts maintain a generally positive outlook, with 12 Buy ratings and four Holds producing a “Moderate Buy” consensus and an average price target of $273.31. However, company insiders have sold 18,528 shares worth roughly $4.79 million over the past 90 days.

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Nucor Corporation (NYSE:NUE - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 569,465 shares of the basic materials company's stock, valued at approximately $126,848,000. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.25% of Nucor as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in NUE. Northwestern Mutual Wealth Management Co. grew its stake in Nucor by 745.2% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 83,463 shares of the basic materials company's stock valued at $13,614,000 after acquiring an additional 73,588 shares in the last quarter. California Public Employees Retirement System lifted its stake in Nucor by 19.3% in the 1st quarter. California Public Employees Retirement System now owns 510,331 shares of the basic materials company's stock worth $86,297,000 after purchasing an additional 82,668 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Nucor by 21.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 45,371 shares of the basic materials company's stock worth $7,400,000 after purchasing an additional 8,097 shares during the last quarter. Pacific Heights Asset Management LLC boosted its holdings in shares of Nucor by 12.9% during the 4th quarter. Pacific Heights Asset Management LLC now owns 175,000 shares of the basic materials company's stock worth $28,544,000 after purchasing an additional 20,000 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Nucor by 1.7% in the first quarter. Bank of New York Mellon Corp now owns 1,809,899 shares of the basic materials company's stock valued at $306,054,000 after purchasing an additional 29,476 shares in the last quarter. 76.48% of the stock is owned by institutional investors and hedge funds.

Nucor Stock Down 2.9%

NUE stock opened at $264.74 on Wednesday. Nucor Corporation has a one year low of $131.32 and a one year high of $280.11. The firm has a market cap of $60.06 billion, a PE ratio of 21.11, a PEG ratio of 0.60 and a beta of 1.89. The firm's 50 day moving average price is $247.76 and its 200-day moving average price is $215.68. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.36 and a current ratio of 2.51.

Nucor (NYSE:NUE - Get Free Report) last issued its quarterly earnings data on Monday, July 27th. The basic materials company reported $4.84 earnings per share for the quarter, topping the consensus estimate of $4.46 by $0.38. The company had revenue of $10.40 billion during the quarter, compared to analyst estimates of $10.15 billion. Nucor had a return on equity of 12.73% and a net margin of 7.99%.The firm's revenue for the quarter was up 23.0% compared to the same quarter last year. During the same period in the prior year, the business posted $2.60 earnings per share. On average, equities research analysts anticipate that Nucor Corporation will post 17.95 EPS for the current year.

Nucor Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 11th. Stockholders of record on Tuesday, June 30th were issued a dividend of $0.56 per share. The ex-dividend date was Tuesday, June 30th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 0.8%. Nucor's dividend payout ratio is currently 17.86%.

Insider Transactions at Nucor

In related news, EVP John J. Hollatz sold 10,560 shares of the business's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $258.46, for a total value of $2,729,337.60. Following the sale, the executive vice president directly owned 97,865 shares in the company, valued at approximately $25,294,187.90. The trade was a 9.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Thomas J. Batterbee sold 4,000 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $261.02, for a total transaction of $1,044,080.00. Following the transaction, the executive vice president directly owned 16,138 shares of the company's stock, valued at approximately $4,212,340.76. This trade represents a 19.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 18,528 shares of company stock worth $4,793,035. 0.62% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on NUE shares. Argus increased their price target on Nucor from $200.00 to $262.00 and gave the company a "buy" rating in a report on Friday, May 15th. UBS Group upped their target price on Nucor from $224.00 to $256.00 and gave the company a "neutral" rating in a report on Tuesday, July 28th. Bank of America cut their target price on Nucor from $290.00 to $280.00 and set a "buy" rating for the company in a research note on Thursday, July 9th. The Goldman Sachs Group boosted their price target on shares of Nucor from $260.00 to $284.00 and gave the company a "buy" rating in a research report on Tuesday, June 16th. Finally, CICC Research initiated coverage on shares of Nucor in a report on Monday, May 25th. They issued an "outperform" rating for the company. Twelve research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Nucor presently has a consensus rating of "Moderate Buy" and a consensus target price of $273.31.

Nucor Company Profile

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.

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