Sumitomo Mitsui DS Asset Management Company Ltd Increases Stake in Nucor Corporation $NUE

Key Points

• Sumitomo Mitsui DS Asset Management Company Ltd has increased its stake in Nucor Corporation by 9.5%, now holding 35,764 shares worth approximately $4.63 million.
• Insider transactions reveal significant sales, with Michael D. Keller and Kenneth Rex Query selling shares that represent substantial decreases in their ownership positions.
• Wall Street analysts have raised their price targets for Nucor, with the average target now at $156.20, reflecting a consensus rating of "Moderate Buy" among analysts.

Sumitomo Mitsui DS Asset Management Company Ltd grew its position in Nucor Corporation (NYSE:NUE - Free Report) by 9.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 35,764 shares of the basic materials company's stock after purchasing an additional 3,101 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Nucor were worth $4,633,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Highline Wealth Partners LLC increased its position in Nucor by 2.6% during the first quarter. Highline Wealth Partners LLC now owns 3,512 shares of the basic materials company's stock worth $423,000 after buying an additional 90 shares during the last quarter. Dorsey & Whitney Trust CO LLC grew its position in Nucor by 2.2% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 4,247 shares of the basic materials company's stock worth $511,000 after buying an additional 93 shares in the last quarter. Diligent Investors LLC grew its position in Nucor by 4.6% during the first quarter. Diligent Investors LLC now owns 2,296 shares of the basic materials company's stock worth $276,000 after buying an additional 102 shares in the last quarter. Denali Advisors LLC lifted its stake in Nucor by 2.5% during the first quarter. Denali Advisors LLC now owns 4,117 shares of the basic materials company's stock worth $495,000 after purchasing an additional 102 shares during the last quarter. Finally, Horizon Advisory Services Inc. lifted its stake in Nucor by 6.1% during the first quarter. Horizon Advisory Services Inc. now owns 1,962 shares of the basic materials company's stock worth $236,000 after purchasing an additional 112 shares during the last quarter. Institutional investors own 76.48% of the company's stock.

Nucor Stock Performance

Shares of Nucor stock traded down $1.27 on Friday, hitting $133.03. 4,862,886 shares of the company's stock were exchanged, compared to its average volume of 1,419,934. The company has a 50-day simple moving average of $142.95 and a 200-day simple moving average of $128.60. The stock has a market capitalization of $30.54 billion, a PE ratio of 24.01, a PEG ratio of 0.88 and a beta of 1.76. 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.

Nucor (NYSE:NUE - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.47 billion. Nucor had a net margin of 4.21% and a return on equity of 6.65%. Nucor's revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.68 EPS. As a group, equities analysts anticipate that Nucor Corporation will post 7.64 EPS for the current year.

Nucor Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Investors of record on Tuesday, September 30th will be paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Tuesday, September 30th. Nucor's payout ratio is 39.71%.

Wall Street Analyst Weigh In

NUE has been the subject of a number of research reports. UBS Group dropped their price target on Nucor from $153.00 to $147.00 and set a "buy" rating for the company in a research note on Thursday, May 29th. Bank of America increased their price target on Nucor from $150.00 to $165.00 and gave the stock a "buy" rating in a report on Monday, September 15th. Wells Fargo & Company reduced their target price on Nucor from $146.00 to $140.00 and set an "equal weight" rating for the company in a research note on Thursday. JPMorgan Chase & Co. lifted their price target on Nucor from $143.00 to $162.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. Finally, BMO Capital Markets upgraded Nucor from a "market perform" rating to an "outperform" rating and boosted their target price for the stock from $140.00 to $145.00 in a research note on Monday, June 2nd. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Nucor has an average rating of "Moderate Buy" and an average price target of $156.20.

Insider Activity

In other Nucor news, insider Michael D. Keller sold 6,088 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $148.41, for a total transaction of $903,520.08. Following the transaction, the insider directly owned 22,464 shares of the company's stock, valued at $3,333,882.24. This trade represents a 21.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Allen C. Behr sold 8,021 shares of the stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $143.38, for a total transaction of $1,150,050.98. Following the completion of the sale, the executive vice president owned 82,703 shares of the company's stock, valued at approximately $11,857,956.14. The trade was a 8.84% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 48,397 shares of company stock worth $6,763,814. Insiders own 0.46% of the company's stock.

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.