Spire Wealth Management Increases Stock Position in Nucor Corporation (NYSE:NUE)

Spire Wealth Management lifted its stake in Nucor Corporation (NYSE:NUE - Free Report) by 103.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,591 shares of the basic materials company's stock after purchasing an additional 6,401 shares during the period. Spire Wealth Management's holdings in Nucor were worth $1,515,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Canal Capital Management LLC lifted its position in shares of Nucor by 2.5% in the 4th quarter. Canal Capital Management LLC now owns 3,075 shares of the basic materials company's stock worth $359,000 after purchasing an additional 75 shares during the period. Horrell Capital Management Inc. lifted its position in shares of Nucor by 0.3% in the 4th quarter. Horrell Capital Management Inc. now owns 26,657 shares of the basic materials company's stock worth $3,111,000 after purchasing an additional 76 shares during the period. Highline Wealth Partners LLC lifted its position in shares of Nucor by 2.6% in the 1st quarter. Highline Wealth Partners LLC now owns 3,512 shares of the basic materials company's stock worth $423,000 after purchasing an additional 90 shares during the period. Diligent Investors LLC lifted its position in shares of Nucor by 4.6% in the 1st quarter. Diligent Investors LLC now owns 2,296 shares of the basic materials company's stock worth $276,000 after purchasing an additional 102 shares during the period. Finally, King Luther Capital Management Corp lifted its position in shares of Nucor by 1.0% in the 4th quarter. King Luther Capital Management Corp now owns 10,777 shares of the basic materials company's stock worth $1,258,000 after purchasing an additional 105 shares during the period. 76.48% of the stock is owned by hedge funds and other institutional investors.

Nucor Stock Up 0.9%

Shares of Nucor stock traded up $1.14 during trading on Friday, hitting $131.75. The company's stock had a trading volume of 2,860,212 shares, compared to its average volume of 2,231,595. The company has a market capitalization of $30.40 billion, a PE ratio of 23.44, a P/E/G ratio of 0.83 and a beta of 1.67. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.48 and a current ratio of 2.52. Nucor Corporation has a 52 week low of $97.59 and a 52 week high of $170.52. The company has a fifty day simple moving average of $117.76 and a two-hundred day simple moving average of $122.25.

Nucor (NYSE:NUE - Get Free Report) last released its quarterly earnings data on Monday, April 28th. The basic materials company reported $0.77 earnings per share for the quarter, missing analysts' consensus estimates of $0.92 by ($0.15). The firm had revenue of $7.83 billion for the quarter, compared to the consensus estimate of $7.25 billion. Nucor had a net margin of 4.40% and a return on equity of 6.82%. The firm's revenue for the quarter was down 3.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.46 earnings per share. Equities research analysts predict that Nucor Corporation will post 7.64 earnings per share for the current year.

Nucor Dividend Announcement

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 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 1.67%. Nucor's dividend payout ratio is currently 39.15%.

Wall Street Analysts Forecast Growth

NUE has been the subject of several research analyst reports. BMO Capital Markets raised shares of Nucor from a "market perform" rating to an "outperform" rating and raised their target price for the stock from $140.00 to $145.00 in a research report on Monday, June 2nd. Morgan Stanley increased their price target on shares of Nucor from $134.00 to $149.00 and gave the stock an "overweight" rating in a research note on Friday, June 20th. Wall Street Zen lowered shares of Nucor from a "hold" rating to a "sell" rating in a research note on Wednesday, April 30th. UBS Group decreased their price target on shares of Nucor from $153.00 to $147.00 and set a "buy" rating for the company in a research note on Thursday, May 29th. Finally, The Goldman Sachs Group decreased their price target on shares of Nucor from $175.00 to $169.00 and set a "buy" rating for the company in a research note on Monday, April 7th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Nucor has a consensus rating of "Moderate Buy" and a consensus target price of $150.00.

Insider Buying and Selling at Nucor

In other news, CEO Leon J. Topalian sold 34,238 shares of the firm's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $120.19, for a total transaction of $4,115,065.22. Following the sale, the chief executive officer now owns 162,993 shares of the company's stock, valued at $19,590,128.67. This trade represents a 17.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Daniel R. Needham sold 7,088 shares of the firm's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $127.87, for a total transaction of $906,342.56. Following the sale, the executive vice president now directly owns 99,379 shares in the company, valued at approximately $12,707,592.73. The trade was a 6.66% decrease in their position. The disclosure for this sale can be found here. 0.46% of the stock is owned by company insiders.

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.