National Bank of Canada FI Buys 152,468 Shares of Nucor Corporation (NYSE:NUE)

Key Points

• National Bank of Canada FI increased its position in Nucor Corporation (NYSE:NUE) by 134.2%, owning 266,058 shares worth approximately $32.02 million after additional purchases in the first quarter.
• Several analysts have upgraded Nucor's stock ratings, with Jefferies Financial Group increasing the price target from $135.00 to $170.00, while the current consensus rating is a "Moderate Buy" with a target price of $157.13.
• Nucor recently reported quarterly earnings of $2.60 EPS, surpassing estimates, and announced a quarterly dividend of $0.55 per share, translating to an annual yield of 1.6%.

National Bank of Canada FI boosted its stake in shares of Nucor Corporation (NYSE:NUE - Free Report) by 134.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 266,058 shares of the basic materials company's stock after purchasing an additional 152,468 shares during the quarter. National Bank of Canada FI owned about 0.12% of Nucor worth $32,017,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Canal Capital Management LLC increased its position in Nucor by 2.5% in the 4th quarter. Canal Capital Management LLC now owns 3,075 shares of the basic materials company's stock valued at $359,000 after acquiring an additional 75 shares in the last quarter. Highline Wealth Partners LLC increased its position in Nucor by 2.6% in the 1st quarter. Highline Wealth Partners LLC now owns 3,512 shares of the basic materials company's stock valued at $423,000 after acquiring an additional 90 shares in the last quarter. Diligent Investors LLC increased its position in Nucor by 4.6% in the 1st 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 in the last quarter. Denali Advisors LLC grew its position in shares of Nucor by 2.5% during the 1st quarter. Denali Advisors LLC now owns 4,117 shares of the basic materials company's stock worth $495,000 after buying an additional 102 shares during the period. Finally, Horizon Advisory Services Inc. grew its position in shares of Nucor by 6.1% during the 1st quarter. Horizon Advisory Services Inc. now owns 1,962 shares of the basic materials company's stock worth $236,000 after buying an additional 112 shares during the period. Institutional investors and hedge funds own 76.48% of the company's stock.

Analyst Upgrades and Downgrades

NUE has been the subject of several analyst reports. BMO Capital Markets upgraded shares of Nucor from a "market perform" rating to an "outperform" rating and lifted their price target for the stock from $140.00 to $145.00 in a research report on Monday, June 2nd. UBS Group lowered their price target on shares of Nucor from $153.00 to $147.00 and set a "buy" rating for the company in a research report on Thursday, May 29th. JPMorgan Chase & Co. lifted their price target on shares of Nucor from $143.00 to $162.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Morgan Stanley lifted their price target on shares of Nucor from $134.00 to $149.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. Finally, Jefferies Financial Group upgraded shares of Nucor from a "hold" rating to a "buy" rating and boosted their price objective for the company from $135.00 to $170.00 in a report on Thursday, July 31st. One 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's stock. According to MarketBeat.com, Nucor presently has a consensus rating of "Moderate Buy" and a consensus price target of $157.13.

Insider Buying and Selling

In related news, EVP Kenneth Rex Query sold 10,000 shares of the business's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $130.37, for a total value of $1,303,700.00. Following the transaction, the executive vice president owned 94,080 shares in the company, valued at $12,265,209.60. The trade was a 9.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Daniel R. Needham sold 7,088 shares of the stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $127.87, for a total value of $906,342.56. Following the sale, the executive vice president 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. Insiders sold 25,109 shares of company stock valued at $3,360,094 over the last quarter. Insiders own 0.71% of the company's stock.

Nucor Price Performance

Shares of NUE traded up $3.70 during mid-day trading on Tuesday, reaching $141.42. The company had a trading volume of 1,011,273 shares, compared to its average volume of 1,741,530. The company's 50 day simple moving average is $134.30 and its 200 day simple moving average is $126.50. Nucor Corporation has a 1-year low of $97.59 and a 1-year high of $170.52. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.51 and a current ratio of 2.83. The company has a market capitalization of $32.63 billion, a price-to-earnings ratio of 25.53, a P/E/G ratio of 0.88 and a beta of 1.74.

Nucor (NYSE:NUE - Get Free Report) last issued its quarterly earnings data 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. The business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.47 billion. Nucor had a net margin of 4.21% and a return on equity of 6.65%. The firm's quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the business earned $2.68 EPS. Analysts expect that Nucor Corporation will post 7.64 EPS for the current year.

Nucor Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 11th. Stockholders of record on Monday, June 30th were given a dividend of $0.55 per share. The ex-dividend date was Monday, June 30th. This represents a $2.20 annualized dividend and a dividend yield of 1.6%. Nucor's dividend payout ratio is 39.71%.

Nucor Company 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.