Meiji Yasuda Asset Management Co Ltd. Has $5.11 Million Position in Nucor Corporation $NUE

Key Points

• Meiji Yasuda Asset Management Co Ltd. increased its stake in Nucor Corporation by 71.8%, owning 42,483 shares valued at $5.1 million after an additional purchase of 17,762 shares in the first quarter.
• Nucor reported $2.60 EPS for its latest quarter, exceeding expectations, along with revenue of $8.46 billion, marking a 4.7% year-over-year increase.
• The company plans to distribute a quarterly dividend of $0.55 per share, representing an annual yield of 1.5%, with the payment scheduled for November 10th.

Meiji Yasuda Asset Management Co Ltd. grew its stake in Nucor Corporation (NYSE:NUE - Free Report) by 71.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 42,483 shares of the basic materials company's stock after purchasing an additional 17,762 shares during the period. Meiji Yasuda Asset Management Co Ltd.'s holdings in Nucor were worth $5,112,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Putney Financial Group LLC acquired a new stake in shares of Nucor in the 4th quarter valued at approximately $29,000. MV Capital Management Inc. boosted its stake in shares of Nucor by 73.5% in the 1st quarter. MV Capital Management Inc. now owns 281 shares of the basic materials company's stock valued at $34,000 after purchasing an additional 119 shares in the last quarter. Fourth Dimension Wealth LLC acquired a new stake in shares of Nucor in the 4th quarter valued at approximately $41,000. Spirit of America Management Corp NY acquired a new stake in shares of Nucor in the 1st quarter valued at approximately $48,000. Finally, Park Square Financial Group LLC acquired a new stake in shares of Nucor in the 4th quarter valued at approximately $48,000. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Morgan Stanley lifted their target price on shares of Nucor from $134.00 to $149.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. Wells Fargo & Company upgraded shares of Nucor to a "hold" rating in a research report on Thursday, August 14th. Jefferies Financial Group upgraded shares of Nucor from a "hold" rating to a "buy" rating and lifted their target price for the stock from $135.00 to $170.00 in a research report on Thursday, July 31st. UBS Group cut their target price on shares of Nucor from $153.00 to $147.00 and set a "buy" rating on the stock in a research report on Thursday, May 29th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Nucor from $143.00 to $162.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Seven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $155.78.

Nucor Trading Down 1.6%

Nucor stock traded down $2.28 during mid-day trading on Friday, hitting $141.47. 929,924 shares of the stock were exchanged, compared to its average volume of 1,279,063. The company has a quick ratio of 1.51, a current ratio of 2.83 and a debt-to-equity ratio of 0.31. Nucor Corporation has a 12 month low of $97.59 and a 12 month high of $170.52. The firm's fifty day simple moving average is $143.11 and its two-hundred day simple moving average is $128.45. The stock has a market capitalization of $32.47 billion, a price-to-earnings ratio of 25.54, a PEG ratio of 0.91 and a beta of 1.76.

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

Nucor Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Tuesday, September 30th will be paid a $0.55 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $2.20 annualized dividend and a dividend yield of 1.6%. Nucor's payout ratio is currently 39.71%.

Insider Activity at Nucor

In other news, EVP Kenneth Rex Query sold 10,000 shares of Nucor stock in a transaction on Monday, August 18th. The shares were sold at an average price of $144.90, for a total value 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. The trade was a 10.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Daniel R. Needham sold 7,200 shares of Nucor stock in a transaction on Monday, August 18th. The shares were sold at an average price of $146.00, for a total transaction of $1,051,200.00. Following the completion of the sale, the executive vice president owned 92,179 shares of the company's stock, valued at $13,458,134. This represents a 7.24% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 48,397 shares of company stock worth $6,763,814. 0.46% of the stock is owned by insiders.

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.