UMB Bank n.a. Has $2.14 Million Holdings in Nucor Corporation $NUE

Key Points

• UMB Bank n.a. reduced its stake in Nucor Corporation by 16.8%, selling 3,334 shares during the 2nd quarter, resulting in holdings worth approximately $2.14 million.
• Recent analyst upgrades for Nucor include a price target increase by JPMorgan from $143 to $162 and Bank of America from $150 to $165, indicating strong market confidence in the stock.
• Nucor has declared a quarterly dividend of $0.55, scheduled for payment on November 10, representing an annualized yield of 1.7% with a payout ratio of 39.71%.

UMB Bank n.a. lessened its holdings in Nucor Corporation (NYSE:NUE - Free Report) by 16.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,494 shares of the basic materials company's stock after selling 3,334 shares during the period. UMB Bank n.a.'s holdings in Nucor were worth $2,137,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Butensky & Cohen Financial Security Inc. raised its holdings in Nucor by 1.0% in the 2nd quarter. Butensky & Cohen Financial Security Inc. now owns 28,022 shares of the basic materials company's stock valued at $3,630,000 after acquiring an additional 264 shares during the period. Global X Japan Co. Ltd. raised its stake in shares of Nucor by 6.4% in the second quarter. Global X Japan Co. Ltd. now owns 5,273 shares of the basic materials company's stock valued at $683,000 after acquiring an additional 317 shares during the period. Perpetual Ltd acquired a new stake in shares of Nucor during the 2nd quarter worth approximately $256,000. Livforsakringsbolaget Skandia Omsesidigt raised its holdings in Nucor by 33.3% in the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 2,000 shares of the basic materials company's stock valued at $281,000 after buying an additional 500 shares during the period. Finally, Arkfeld Wealth Strategies L.L.C. raised its stake in shares of Nucor by 8.4% during the second quarter. Arkfeld Wealth Strategies L.L.C. now owns 8,386 shares of the basic materials company's stock worth $1,148,000 after purchasing an additional 653 shares during the last quarter. 76.48% of the stock is owned by institutional investors and hedge funds.

Nucor Stock Performance

NUE traded down $1.27 on Friday, reaching $133.03. The company had a trading volume of 4,862,886 shares, compared to its average volume of 1,595,386. Nucor Corporation has a 1 year low of $97.59 and a 1 year high of $170.52. The company has a quick ratio of 1.51, a current ratio of 2.83 and a debt-to-equity ratio of 0.31. 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. The stock has a 50-day moving average price of $142.95 and a 200-day moving average price of $128.58.

Nucor (NYSE:NUE - Get Free Report) last released its earnings results on Monday, July 28th. The basic materials company reported $2.60 earnings per share 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 company had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.47 billion. During the same quarter in the previous year, the firm earned $2.68 EPS. The company's revenue was up 4.7% on a year-over-year basis. As a group, research analysts forecast that Nucor Corporation will post 7.64 EPS for the current fiscal year.

Nucor Dividend Announcement

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

Insider Buying and Selling

In other news, insider Michael D. Keller sold 6,088 shares of the firm'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 value of $903,520.08. Following the completion of the sale, the insider directly owned 22,464 shares of the company's stock, valued at $3,333,882.24. This trade represents a 21.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Daniel R. Needham sold 7,200 shares of the business's stock in a transaction dated 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 of the company's stock, valued at approximately $13,458,134. This trade represents a 7.24% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 48,397 shares of company stock valued at $6,763,814. 0.71% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have commented on NUE. Morgan Stanley boosted their target price on Nucor from $134.00 to $149.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. Bank of America upped their target price on shares of Nucor from $150.00 to $165.00 and gave the stock a "buy" rating in a research report on Monday, September 15th. Wells Fargo & Company decreased 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. BMO Capital Markets upgraded shares of Nucor from a "market perform" rating to an "outperform" rating and boosted their price objective for the stock from $140.00 to $145.00 in a research note on Monday, June 2nd. Finally, Jefferies Financial Group upgraded shares of Nucor from a "hold" rating to a "buy" rating and raised their price objective for the stock from $135.00 to $170.00 in a research report on Thursday, July 31st. Eight analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $156.20.

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.