Wedge Capital Management L L P NC Has $7.41 Million Stock Position in Nucor Corporation $NUE

Key Points

• Wedge Capital Management L L P NC increased its stake in Nucor Corporation by 14.5% during Q2, owning 57,205 shares valued at approximately $7.41 million.
• Nucor's recent quarterly earnings beat the consensus estimate, reporting $2.60 earnings per share and a revenue of $8.46 billion, up 4.7% year-over-year.
• The company announced a quarterly dividend of $0.55, with a payout ratio of 39.71%, reflecting a dividend yield of 1.7%.

Wedge Capital Management L L P NC increased its position in shares of Nucor Corporation (NYSE:NUE - Free Report) by 14.5% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 57,205 shares of the basic materials company's stock after buying an additional 7,259 shares during the period. Wedge Capital Management L L P NC's holdings in Nucor were worth $7,410,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Nucor by 2.6% in 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 purchasing 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 during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Nucor by 5.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,772,831 shares of the basic materials company's stock valued at $213,342,000 after buying an additional 92,363 shares during the last quarter. Diamond Hill Capital Management Inc. acquired a new position in shares of Nucor during the first quarter valued at about $194,804,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Nucor by 16.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,610,933 shares of the basic materials company's stock valued at $193,863,000 after buying an additional 226,343 shares during the last quarter. Institutional investors own 76.48% of the company's stock.

Insider Buying and Selling

In other Nucor news, EVP Kenneth Rex Query sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $144.90, for a total transaction of $1,449,000.00. Following the completion of the sale, the executive vice president owned 84,080 shares in the company, valued at $12,183,192. This trade represents a 10.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Allen C. Behr sold 8,021 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $143.38, for a total value of $1,150,050.98. Following the transaction, the executive vice president owned 82,703 shares of the company's stock, valued at $11,857,956.14. This represents a 8.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold 41,309 shares of company stock worth $5,857,471 in the last ninety days. 0.71% of the stock is currently owned by insiders.

Nucor Stock Performance

NYSE NUE traded up $0.64 during trading hours on Tuesday, reaching $135.32. The stock had a trading volume of 851,112 shares, compared to its average volume of 2,357,037. 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 Corporation has a 52-week low of $97.59 and a 52-week high of $170.52. The stock has a fifty day moving average of $142.81 and a 200 day moving average of $128.58. The stock has a market cap of $31.06 billion, a P/E ratio of 24.42, a price-to-earnings-growth ratio of 0.90 and a beta of 1.76.

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

Nucor Dividend Announcement

The company also recently announced 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 yield of 1.6%. Nucor's dividend payout ratio is 39.71%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. BMO Capital Markets raised shares of Nucor from a "market perform" rating to an "outperform" rating and raised their price target for the company from $140.00 to $145.00 in a research report on Monday, June 2nd. Wells Fargo & Company lowered their price target on shares of Nucor from $146.00 to $140.00 and set an "equal weight" rating on the stock in a research report on Thursday, September 18th. UBS Group reduced their price objective on shares of 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 boosted their price target on shares of Nucor from $150.00 to $165.00 and gave the stock a "buy" rating in a research note on Monday, September 15th. Finally, Morgan Stanley boosted their price target on shares of Nucor from $134.00 to $149.00 and gave the stock an "overweight" rating in a research note on Friday, June 20th. Eight equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $156.20.

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.