Nucor Corporation (NYSE:NUE) Holdings Raised by Woodard & Co. Asset Management Group Inc. ADV

Key Points

• Woodard & Co. Asset Management Group Inc. ADV increased its stake in Nucor Corporation by 552.7%, owning 15,483 shares valued at approximately $1.86 million.
• Nucor announced a quarterly dividend of $0.55 per share, set to be paid on August 11, 2023, with a dividend yield of 1.51%.
• Despite a revenue of $7.83 billion for the last quarter, Nucor reported an EPS of $0.77, missing analysts’ expectations by $0.15.

Woodard & Co. Asset Management Group Inc. ADV lifted its holdings in shares of Nucor Corporation (NYSE:NUE - Free Report) by 552.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 15,483 shares of the basic materials company's stock after purchasing an additional 13,111 shares during the period. Woodard & Co. Asset Management Group Inc. ADV's holdings in Nucor were worth $1,863,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Geode Capital Management LLC lifted its position in Nucor by 1.8% during the 4th quarter. Geode Capital Management LLC now owns 5,967,254 shares of the basic materials company's stock valued at $701,255,000 after acquiring an additional 105,309 shares during the period. Norges Bank purchased a new position in Nucor during the 4th quarter valued at about $398,077,000. Invesco Ltd. lifted its position in Nucor by 18.7% during the 4th quarter. Invesco Ltd. now owns 2,435,265 shares of the basic materials company's stock valued at $284,220,000 after acquiring an additional 384,205 shares during the period. First Trust Advisors LP lifted its position in Nucor by 24.6% during the 4th quarter. First Trust Advisors LP now owns 2,404,477 shares of the basic materials company's stock valued at $280,627,000 after acquiring an additional 474,274 shares during the period. Finally, Diamond Hill Capital Management Inc. purchased a new position in Nucor in the first quarter worth about $194,804,000. Institutional investors own 76.48% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on NUE shares. The Goldman Sachs Group decreased their price objective on shares of Nucor from $175.00 to $169.00 and set a "buy" rating for the company in a report on Monday, April 7th. Morgan Stanley boosted their target price on shares of Nucor from $134.00 to $149.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. Jefferies Financial Group upgraded shares of Nucor from a "hold" rating to a "buy" rating and boosted their target price for the company from $135.00 to $170.00 in a research report on Thursday. BMO Capital Markets raised shares of Nucor from a "market perform" rating to an "outperform" rating and boosted their target price for the stock from $140.00 to $145.00 in a report on Monday, June 2nd. Finally, Wall Street Zen downgraded shares of Nucor from a "hold" rating to a "sell" rating in a report on Wednesday, April 30th. One 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.com, Nucor has a consensus rating of "Moderate Buy" and a consensus target price of $157.13.

Insider Transactions at Nucor

In related news, EVP Kenneth Rex Query sold 10,000 shares of the company's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $130.37, for a total value of $1,303,700.00. Following the completion of the transaction, the executive vice president directly owned 94,080 shares of the company's stock, valued at $12,265,209.60. This represents a 9.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Daniel R. Needham sold 7,088 shares of the stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $127.87, for a total value of $906,342.56. Following the completion of the sale, the executive vice president directly owned 99,379 shares of the company's stock, valued at $12,707,592.73. The trade was a 6.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.46% of the stock is owned by corporate insiders.

Nucor Stock Down 0.2%

Shares of NUE stock traded down $0.27 during mid-day trading on Thursday, hitting $142.68. 746,519 shares of the stock traded hands, compared to its average volume of 2,564,724. The stock has a market cap of $32.92 billion, a P/E ratio of 25.77, a P/E/G ratio of 0.90 and a beta of 1.70. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.83 and a quick ratio of 1.48. The stock's fifty day moving average is $129.37 and its two-hundred day moving average is $125.47. Nucor Corporation has a 52-week low of $97.59 and a 52-week high of $170.52.

Nucor (NYSE:NUE - Get Free Report) last announced its 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 company had revenue of $8.46 billion for the quarter, compared to analysts' expectations of $8.47 billion. During the same quarter in the previous year, the company posted $2.68 EPS. The firm's quarterly revenue was up 4.7% on a year-over-year basis. Equities analysts predict that Nucor Corporation will post 7.64 EPS for the current year.

Nucor Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 11th. Shareholders of record on Monday, June 30th will be paid a dividend of $0.55 per share. The ex-dividend date is Monday, June 30th. This represents a $2.20 dividend on an annualized basis and a yield of 1.54%. Nucor's dividend payout ratio (DPR) is presently 39.71%.

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.