PNC Financial Services Group Inc. Buys 4,496 Shares of Nucor Corporation (NYSE:NUE)

Key Points

• PNC Financial Services Group Inc. increased its stake in Nucor Corporation by 7.7%, now holding 63,208 shares worth approximately $7.6 million.
• Nucor's stock saw a 1.9% increase, with a current market cap of $32.20 billion and earnings per share of $2.60, surpassing analysts' expectations.
• The company recently declared a quarterly dividend of $0.55 per share, set to be paid on August 11th, with a yield of 1.6%.

PNC Financial Services Group Inc. lifted its stake in shares of Nucor Corporation (NYSE:NUE - Free Report) by 7.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 63,208 shares of the basic materials company's stock after buying an additional 4,496 shares during the period. PNC Financial Services Group Inc.'s holdings in Nucor were worth $7,606,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of NUE. Aviva PLC increased its holdings in shares of Nucor by 164.9% during the fourth quarter. Aviva PLC now owns 143,060 shares of the basic materials company's stock worth $16,697,000 after buying an additional 89,059 shares in the last quarter. Invesco Ltd. grew its stake in shares of Nucor by 18.7% in the fourth quarter. Invesco Ltd. now owns 2,435,265 shares of the basic materials company's stock worth $284,220,000 after purchasing an additional 384,205 shares during the last quarter. Bank of Nova Scotia grew its stake in shares of Nucor by 212.2% in the fourth quarter. Bank of Nova Scotia now owns 116,424 shares of the basic materials company's stock worth $13,588,000 after purchasing an additional 79,137 shares during the last quarter. Texas Yale Capital Corp. grew its stake in shares of Nucor by 11.4% in the fourth quarter. Texas Yale Capital Corp. now owns 2,935 shares of the basic materials company's stock worth $343,000 after purchasing an additional 300 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Nucor in the fourth quarter worth $38,714,000. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Nucor Stock Up 1.0%

Shares of NUE traded up $1.32 on Friday, reaching $139.11. The company's stock had a trading volume of 1,066,726 shares, compared to its average volume of 2,522,970. The company has a current ratio of 2.83, a quick ratio of 1.51 and a debt-to-equity ratio of 0.31. Nucor Corporation has a twelve month low of $97.59 and a twelve month high of $170.52. The stock has a market capitalization of $32.10 billion, a PE ratio of 25.11, a PEG ratio of 0.88 and a beta of 1.74. The firm has a fifty day moving average of $132.98 and a 200-day moving average of $126.13.

Nucor (NYSE:NUE - Get Free Report) last posted its earnings results on Monday, July 28th. The basic materials company reported $2.60 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $8.47 billion. During the same quarter in the prior year, the business posted $2.68 EPS. The firm's revenue was up 4.7% compared to the same quarter last year. Equities analysts predict that Nucor Corporation will post 7.64 EPS for the current year.

Nucor Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 11th. Shareholders of record on Monday, June 30th will be paid a $0.55 dividend. The ex-dividend date is Monday, June 30th. This represents a $2.20 annualized dividend and a yield of 1.6%. Nucor's dividend payout ratio (DPR) is 39.71%.

Analyst Ratings Changes

Several brokerages recently weighed in on NUE. UBS Group reduced their price objective on shares of Nucor from $153.00 to $147.00 and set a "buy" rating on the stock in a research note on Thursday, May 29th. Wall Street Zen cut shares of Nucor from a "hold" rating to a "sell" rating in a research note on Wednesday, April 30th. Jefferies Financial Group raised shares of Nucor from a "hold" rating to a "buy" rating and upped their price target for the company from $135.00 to $170.00 in a research report on Thursday, July 31st. JPMorgan Chase & Co. upped their price target on shares of Nucor from $143.00 to $162.00 and gave the company an "overweight" rating in a research report on Monday, July 14th. Finally, Morgan Stanley upped their price objective on shares of Nucor from $134.00 to $149.00 and gave the company an "overweight" rating in a report on Friday, June 20th. One equities research analyst has rated the stock with a sell rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Nucor currently has an average rating of "Moderate Buy" and a consensus price target of $157.13.

Insider Buying and Selling at Nucor

In other Nucor news, EVP Allen C. Behr sold 8,021 shares of the stock in a transaction dated 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 completion of the sale, the executive vice president owned 82,703 shares in the company, valued at approximately $11,857,956.14. This trade represents a 8.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Kenneth Rex Query sold 10,000 shares of the stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $130.37, for a total transaction of $1,303,700.00. Following the completion of the sale, the executive vice president owned 94,080 shares of the company's stock, valued at approximately $12,265,209.60. This trade represents a 9.61% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 25,109 shares of company stock worth $3,360,094. Insiders own 0.46% of the company's stock.

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.