Allstate Corp Purchases 1,824 Shares of Nucor Corporation $NUE

Key Points

• Allstate Corp increased its holdings in Nucor Corporation (NYSE:NUE) by 25.4% during the first quarter, bringing the value of its shares to approximately $1,083,000.
• Nucor's most recent quarterly earnings showed an EPS of $2.60, surpassing estimates, and revenues were reported at $8.46 billion, slightly below expectations.
• The company declared a quarterly dividend of $0.55, resulting in an annualized dividend yield of 1.5%, with a payout ratio of 39.71%.

Allstate Corp boosted its holdings in Nucor Corporation (NYSE:NUE - Free Report) by 25.4% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,999 shares of the basic materials company's stock after acquiring an additional 1,824 shares during the quarter. Allstate Corp's holdings in Nucor were worth $1,083,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in NUE. Aquatic Capital Management LLC bought a new position in Nucor in the 4th quarter worth about $5,109,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in Nucor in the 4th quarter worth about $25,000. Freestone Grove Partners LP bought a new position in Nucor in the 4th quarter worth about $683,000. DoubleLine ETF Adviser LP bought a new position in Nucor in the 4th quarter worth about $3,100,000. Finally, AXA S.A. increased its stake in Nucor by 106.7% in the 4th quarter. AXA S.A. now owns 22,522 shares of the basic materials company's stock worth $2,629,000 after acquiring an additional 11,628 shares during the last quarter. 76.48% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Nucor news, insider Michael D. Keller sold 6,088 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $148.41, for a total transaction of $903,520.08. Following the completion of the transaction, the insider owned 22,464 shares of the company's stock, valued at $3,333,882.24. This represents a 21.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Daniel R. Needham sold 7,200 shares of the company's stock in a transaction that occurred 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 transaction, the executive vice president directly owned 92,179 shares of the company's stock, valued at $13,458,134. The trade was a 7.24% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 48,397 shares of company stock worth $6,763,814. 0.46% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on NUE shares. Jefferies Financial Group upgraded Nucor from a "hold" rating to a "buy" rating and upped their price objective for the stock from $135.00 to $170.00 in a report on Thursday, July 31st. Wells Fargo & Company upgraded Nucor to a "hold" rating in a report on Thursday, August 14th. Wall Street Zen cut Nucor from a "hold" rating to a "sell" rating in a report on Wednesday, April 30th. BMO Capital Markets upgraded Nucor from a "market perform" rating to an "outperform" rating and upped their price objective for the stock from $140.00 to $145.00 in a report on Monday, June 2nd. Finally, JPMorgan Chase & Co. upped their price objective on Nucor from $143.00 to $162.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $155.78.

Nucor Trading Down 0.3%

NUE stock traded down $0.48 during trading on Thursday, hitting $149.85. 1,082,897 shares of the company traded hands, compared to its average volume of 2,416,345. The firm has a market capitalization of $34.40 billion, a PE ratio of 27.05, a P/E/G ratio of 0.94 and a beta of 1.74. Nucor Corporation has a 1 year low of $97.59 and a 1 year high of $170.52. The company has a 50-day moving average of $140.21 and a 200-day moving average of $127.90. 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 released its quarterly earnings results on Monday, July 28th. The basic materials company reported $2.60 EPS for the quarter, beating analysts' consensus estimates of $2.54 by $0.06. The business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.47 billion. Nucor had a return on equity of 6.65% and a net margin of 4.21%.Nucor's quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.68 EPS. Analysts predict that Nucor Corporation will post 7.64 earnings per share for the current fiscal year.

Nucor Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 11th. Shareholders of record on Monday, June 30th were given a dividend of $0.55 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $2.20 dividend on an annualized basis and a yield of 1.5%. Nucor's dividend payout ratio is presently 39.71%.

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.