Morningstar Investment Management LLC Buys New Holdings in Nucor Corporation $NUE

Key Points

• Morningstar Investment Management opened a new position in Nucor during the first quarter, buying 6,247 shares valued at about $1.06 million.
• Insider selling was notable, with EVP Allen C. Behr and EVP Bradley Ford both reducing their stakes; insiders sold 82,378 shares worth roughly $19.0 million over the last three months.
• Nucor reported strong quarterly results, beating EPS and revenue estimates, while analysts remain generally positive with a Moderate Buy consensus and an average price target of $266.31.

Morningstar Investment Management LLC purchased a new position in Nucor Corporation (NYSE:NUE - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 6,247 shares of the basic materials company's stock, valued at approximately $1,056,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Stance Capital LLC purchased a new stake in Nucor during the 3rd quarter valued at approximately $25,000. Strive Financial Group LLC purchased a new position in shares of Nucor in the fourth quarter worth $27,000. Motiv8 Investments LLC purchased a new position in shares of Nucor in the fourth quarter worth $32,000. Bartlett & CO. Wealth Management LLC boosted its position in shares of Nucor by 49.2% during the first quarter. Bartlett & CO. Wealth Management LLC now owns 191 shares of the basic materials company's stock worth $32,000 after acquiring an additional 63 shares during the last quarter. Finally, Mcguire Capital Advisors Inc. bought a new position in shares of Nucor during the fourth quarter worth $32,000. 76.48% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP Allen C. Behr sold 10,096 shares of the stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $226.08, for a total value of $2,282,503.68. Following the completion of the transaction, the executive vice president owned 62,871 shares of the company's stock, valued at approximately $14,213,875.68. This trade represents a 13.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Bradley Ford sold 2,240 shares of Nucor stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $232.13, for a total value of $519,971.20. Following the completion of the transaction, the executive vice president owned 43,649 shares of the company's stock, valued at approximately $10,132,242.37. This represents a 4.88% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 82,378 shares of company stock worth $18,963,930. 0.62% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Jefferies Financial Group lifted their price target on shares of Nucor from $225.00 to $250.00 and gave the company a "buy" rating in a report on Tuesday, April 28th. BMO Capital Markets increased their price objective on shares of Nucor from $250.00 to $285.00 and gave the company an "outperform" rating in a report on Wednesday, June 3rd. BNP Paribas Exane raised their price objective on Nucor from $210.00 to $248.00 and gave the company an "outperform" rating in a research report on Monday, May 4th. UBS Group cut Nucor from a "buy" rating to a "neutral" rating and lifted their target price for the stock from $190.00 to $224.00 in a report on Tuesday, April 28th. Finally, CICC Research started coverage on Nucor in a research report on Monday, May 25th. They issued an "outperform" rating on the stock. Twelve analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $266.31.

Nucor Trading Up 2.8%

Shares of NUE opened at $247.81 on Friday. The company's fifty day moving average is $239.91 and its 200 day moving average is $204.18. Nucor Corporation has a fifty-two week low of $131.32 and a fifty-two week high of $270.90. The stock has a market capitalization of $56.44 billion, a PE ratio of 24.54, a P/E/G ratio of 0.57 and a beta of 1.91. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.55 and a current ratio of 2.90.

Nucor (NYSE:NUE - Get Free Report) last released its quarterly earnings results on Monday, April 27th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.82 by $0.41. Nucor had a net margin of 6.82% and a return on equity of 10.68%. The company had revenue of $9.50 billion for the quarter, compared to the consensus estimate of $8.88 billion. During the same quarter in the prior year, the firm earned $0.77 earnings per share. Nucor's revenue was up 21.3% on a year-over-year basis. Sell-side analysts expect that Nucor Corporation will post 17.53 earnings per share for the current fiscal year.

Nucor Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 11th. Stockholders of record on Tuesday, June 30th will be issued a $0.56 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 0.9%. Nucor's payout ratio is 22.18%.

Nucor 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.