NFJ Investment Group LLC Takes Position in Nucor Corporation $NUE

Key Points

• NFJ Investment Group acquired 152,172 Nucor shares worth approximately $33.9 million, making the position 1.1% of its portfolio and representing 0.07% of Nucor’s shares. Institutional investors collectively own 76.48% of the company.
• Nucor exceeded quarterly expectations with earnings of $4.84 per share versus the $4.46 consensus and revenue of $10.40 billion, up 23% year over year. The company also maintains a quarterly dividend of $0.56, or $2.24 annually.
• Analysts hold a “Moderate Buy” consensus, with 12 Buy ratings and four Holds and an average price target of $273.31, compared with the stock’s reported opening price of $240.79.

NFJ Investment Group LLC purchased a new position in Nucor Corporation (NYSE:NUE - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 152,172 shares of the basic materials company's stock, valued at approximately $33,896,000. Nucor accounts for about 1.1% of NFJ Investment Group LLC's investment portfolio, making the stock its 29th largest position. NFJ Investment Group LLC owned 0.07% of Nucor at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Nucor in the 2nd quarter worth about $4,452,563,000. Norges Bank purchased a new stake in Nucor in the fourth quarter worth about $609,002,000. Bank of New York Mellon Corp bought a new position in shares of Nucor during the second quarter valued at approximately $330,902,000. Deutsche Bank AG purchased a new position in shares of Nucor during the second quarter valued at approximately $220,176,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Nucor in the 2nd quarter worth approximately $126,848,000. Hedge funds and other institutional investors own 76.48% of the company's stock.

Nucor Stock Performance

NUE stock opened at $240.79 on Friday. The company has a market cap of $54.63 billion, a P/E ratio of 19.20, a price-to-earnings-growth ratio of 0.55 and a beta of 1.89. Nucor Corporation has a 1 year low of $131.32 and a 1 year high of $280.11. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.51 and a quick ratio of 1.36. The stock's fifty day moving average price is $247.32 and its 200-day moving average price is $216.61.

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

Nucor Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 11th. Investors of record on Tuesday, June 30th were issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Tuesday, June 30th. Nucor's dividend payout ratio (DPR) is currently 17.86%.

Insider Buying and Selling at Nucor

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

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. UBS Group increased their target price on Nucor from $224.00 to $256.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 28th. BNP Paribas Exane upped their target price on shares of Nucor from $210.00 to $248.00 and gave the stock an "outperform" rating in a research note on Monday, May 4th. CICC Research initiated coverage on shares of Nucor in a research report on Monday, May 25th. They set an "outperform" rating for the company. Argus increased their target price on Nucor from $200.00 to $262.00 and gave the company a "buy" rating in a research note on Friday, May 15th. Finally, Zacks Research downgraded Nucor from a "strong-buy" rating to a "hold" rating in a report on Monday, June 29th. Twelve research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average 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.

Want to see what other hedge funds are holding NUE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Nucor Corporation (NYSE:NUE - Free Report).

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source