CX Institutional Buys 11,547 Shares of Nucor Corporation $NUE

Key Points

• CX Institutional increased its stake in Nucor Corporation by 63.0%, acquiring a total of 29,881 shares, with holdings valued at approximately $3.87 million.
• Nucor's recent earnings report revealed $2.60 EPS, exceeding expectations, and a 4.7% revenue growth year-over-year, with a total revenue of $8.46 billion.
• The company is set to pay a quarterly dividend of $0.55 per share on November 10th, which translates to an annualized yield of 1.7%.

CX Institutional grew its stake in Nucor Corporation (NYSE:NUE - Free Report) by 63.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,881 shares of the basic materials company's stock after purchasing an additional 11,547 shares during the period. CX Institutional's holdings in Nucor were worth $3,871,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Nucor by 2.6% during the first quarter. Vanguard Group Inc. now owns 28,959,327 shares of the basic materials company's stock worth $3,484,965,000 after acquiring an additional 745,671 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Nucor by 18.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,309,452 shares of the basic materials company's stock valued at $277,920,000 after buying an additional 355,364 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Nucor by 5.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,772,831 shares of the basic materials company's stock worth $213,342,000 after buying an additional 92,363 shares during the last quarter. Diamond Hill Capital Management Inc. bought a new position in Nucor during the first quarter valued at about $194,804,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Nucor by 16.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,610,933 shares of the basic materials company's stock worth $193,863,000 after acquiring an additional 226,343 shares in the last quarter. 76.48% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on NUE. Jefferies Financial Group upgraded Nucor from a "hold" rating to a "buy" rating and lifted their price target for the stock from $135.00 to $170.00 in a report on Thursday, July 31st. Bank of America lifted their price objective on shares of Nucor from $150.00 to $165.00 and gave the company a "buy" rating in a research note on Monday, September 15th. JPMorgan Chase & Co. boosted their price target on shares of Nucor from $143.00 to $162.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. UBS Group cut their price objective on shares of Nucor from $153.00 to $147.00 and set a "buy" rating on the stock in a report on Thursday, May 29th. Finally, BMO Capital Markets upgraded shares of Nucor from a "market perform" rating to an "outperform" rating and increased their price target for the stock from $140.00 to $145.00 in a research report on Monday, June 2nd. Eight investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $156.20.

Nucor Price Performance

NUE stock traded down $1.27 during midday trading on Friday, reaching $133.03. 4,862,886 shares of the stock were exchanged, compared to its average volume of 1,595,386. The company has a fifty day moving average price of $142.95 and a 200 day moving average price of $128.58. Nucor Corporation has a 52 week low of $97.59 and a 52 week high of $170.52. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.83 and a quick ratio of 1.51. The stock has a market capitalization of $30.54 billion, a PE ratio of 24.01, a P/E/G ratio of 0.90 and a beta of 1.76.

Nucor (NYSE:NUE - Get Free Report) last posted its quarterly earnings results on Monday, July 28th. The basic materials company reported $2.60 EPS for the quarter, topping analysts' consensus estimates of $2.54 by $0.06. Nucor had a return on equity of 6.65% and a net margin of 4.21%.The firm had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.47 billion. During the same period last year, the company earned $2.68 earnings per share. The business's revenue for the quarter was up 4.7% on a year-over-year basis. As a group, analysts expect that Nucor Corporation will post 7.64 EPS for the current fiscal year.

Nucor Announces Dividend

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

Insider Activity

In other Nucor news, EVP Allen C. Behr sold 8,021 shares of the stock in a transaction that occurred on 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 sale, the executive vice president directly owned 82,703 shares in the company, valued at $11,857,956.14. This represents a 8.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Daniel R. Needham sold 7,200 shares of the business's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $146.00, for a total transaction of $1,051,200.00. Following the sale, the executive vice president directly owned 92,179 shares in the company, valued at approximately $13,458,134. This represents a 7.24% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 48,397 shares of company stock worth $6,763,814. Corporate insiders own 0.71% of the company's stock.

About Nucor

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.