Nucor Corporation $NUE Shares Acquired by Pacific Heights Asset Management LLC

Key Points

• Pacific Heights Asset Management LLC increased its position in Nucor Corporation by 35.2% during the second quarter, now holding 142,000 shares valued at approximately $18.4 million.
• Nucor recently reported an EPS of $2.60 for the quarter, surpassing estimates, but revenue slightly fell short at $8.46 billion.
• The company declared a quarterly dividend of $0.55, to be paid on November 10th, representing an annualized yield of 1.6%.

Pacific Heights Asset Management LLC increased its position in Nucor Corporation (NYSE:NUE - Free Report) by 35.2% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 142,000 shares of the basic materials company's stock after purchasing an additional 37,000 shares during the period. Nucor accounts for about 1.0% of Pacific Heights Asset Management LLC's investment portfolio, making the stock its 28th biggest holding. Pacific Heights Asset Management LLC owned about 0.06% of Nucor worth $18,395,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Matrix Trust Co boosted its stake in Nucor by 53.8% in the second quarter. Matrix Trust Co now owns 240 shares of the basic materials company's stock valued at $31,000 after acquiring an additional 84 shares during the period. Geneos Wealth Management Inc. boosted its stake in Nucor by 81.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 340 shares of the basic materials company's stock valued at $41,000 after purchasing an additional 153 shares during the period. Meeder Asset Management Inc. boosted its stake in Nucor by 209.6% during the 1st quarter. Meeder Asset Management Inc. now owns 418 shares of the basic materials company's stock valued at $50,000 after purchasing an additional 283 shares during the period. Thurston Springer Miller Herd & Titak Inc. boosted its stake in Nucor by 49.8% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 442 shares of the basic materials company's stock valued at $57,000 after purchasing an additional 147 shares during the period. Finally, Proathlete Wealth Management LLC acquired a new position in Nucor during the 2nd quarter valued at about $58,000. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Nucor Price Performance

Shares of NYSE:NUE opened at $140.66 on Wednesday. Nucor Corporation has a 12 month low of $97.59 and a 12 month high of $170.52. The stock has a market cap of $32.29 billion, a price-to-earnings ratio of 25.39, a PEG ratio of 0.97 and a beta of 1.75. The stock's 50 day moving average price is $140.89 and its 200 day moving average price is $130.21. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.83 and a quick ratio of 1.51.

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

Nucor Dividend Announcement

The business also recently declared 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 annualized dividend and a dividend yield of 1.6%. Nucor's dividend payout ratio is currently 39.71%.

Insider Buying and Selling

In other Nucor news, EVP Kenneth Rex Query sold 10,000 shares of the company's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $144.90, for a total value of $1,449,000.00. Following the transaction, the executive vice president owned 84,080 shares of the company's stock, valued at approximately $12,183,192. This represents a 10.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Daniel R. Needham sold 7,200 shares of the company's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $146.00, for a total value of $1,051,200.00. Following the completion of the transaction, the executive vice president directly owned 92,179 shares in the company, valued at $13,458,134. This represents a 7.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 31,309 shares of company stock worth $4,553,771 over the last three months. Corporate insiders own 0.71% of the company's stock.

Wall Street Analyst Weigh In

NUE has been the subject of several analyst reports. The Goldman Sachs Group reduced their price objective on Nucor from $182.00 to $173.00 and set a "buy" rating for the company in a research report on Monday, September 22nd. Wells Fargo & Company reduced their price objective on Nucor from $146.00 to $140.00 and set an "equal weight" rating for the company in a research report on Thursday, September 18th. Jefferies Financial Group upgraded Nucor from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $135.00 to $170.00 in a research report on Thursday, July 31st. Weiss Ratings reiterated a "hold (c)" rating on shares of Nucor in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. boosted their price objective on Nucor from $165.00 to $172.00 and gave the stock an "overweight" rating in a research report on Monday, October 13th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $157.60.

Nucor 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.

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