Nuveen LLC Invests $141.22 Million in Nucor Corporation (NYSE:NUE)

Key Points

• Nuveen LLC invested approximately $141.22 million in Nucor Corporation, acquiring over 1.17 million shares, which is about 0.51% of the company.
• Institutional investors collectively own 76.48% of Nucor's stock, indicating strong interest in the company from large investment firms.
• Nucor's recent earnings report showed an EPS of $2.60, surpassing analysts' expectations, with revenue of $8.46 billion – a 4.7% increase from the same quarter last year.

Nuveen LLC acquired a new stake in shares of Nucor Corporation (NYSE:NUE - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 1,173,477 shares of the basic materials company's stock, valued at approximately $141,216,000. Nuveen LLC owned approximately 0.51% of Nucor at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in Nucor by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 28,959,327 shares of the basic materials company's stock valued at $3,484,965,000 after purchasing an additional 745,671 shares during the period. First Trust Advisors LP raised its position in shares of Nucor by 24.6% in the 4th quarter. First Trust Advisors LP now owns 2,404,477 shares of the basic materials company's stock worth $280,627,000 after acquiring an additional 474,274 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Nucor by 5.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,772,831 shares of the basic materials company's stock valued at $213,342,000 after buying an additional 92,363 shares in the last quarter. Diamond Hill Capital Management Inc. acquired a new position in shares of Nucor in the first quarter valued at about $194,804,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Nucor by 7.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,384,590 shares of the basic materials company's stock valued at $161,595,000 after purchasing an additional 96,375 shares during the period. Hedge funds and other institutional investors own 76.48% of the company's stock.

Insiders Place Their Bets

In other Nucor news, EVP Allen C. Behr sold 8,021 shares of the business's stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $143.38, for a total transaction of $1,150,050.98. Following the transaction, the executive vice president owned 82,703 shares in the company, valued at $11,857,956.14. The trade was a 8.84% 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 company's 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 transaction, the executive vice president directly owned 99,379 shares of the company's stock, valued at $12,707,592.73. This trade represents a 6.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 25,109 shares of company stock valued at $3,360,094. Corporate insiders own 0.46% of the company's stock.

Nucor Stock Up 0.8%

Shares of NUE traded up $1.14 during midday trading on Friday, reaching $145.49. 2,177,819 shares of the stock were exchanged, compared to its average volume of 1,710,382. Nucor Corporation has a 52 week low of $97.59 and a 52 week high of $170.52. The company's 50 day moving average is $135.77 and its two-hundred day moving average is $126.91. The company has a market capitalization of $33.40 billion, a P/E ratio of 26.26, a PEG ratio of 0.92 and a beta of 1.74. 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 (NYSE:NUE - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The basic materials company reported $2.60 EPS for the quarter, topping the consensus estimate of $2.54 by $0.06. Nucor had a return on equity of 6.65% and a net margin of 4.21%. The firm had revenue of $8.46 billion during the quarter, compared to analysts' expectations of $8.47 billion. During the same period in the previous year, the business earned $2.68 earnings per share. The firm's revenue for the quarter was up 4.7% on a year-over-year basis. On average, sell-side analysts anticipate that Nucor Corporation will post 7.64 earnings per share for the current year.

Nucor Dividend Announcement

The business 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 annualized dividend and a yield of 1.5%. Nucor's dividend payout ratio (DPR) is presently 39.71%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on NUE shares. Jefferies Financial Group raised Nucor from a "hold" rating to a "buy" rating and raised their target price for the stock from $135.00 to $170.00 in a research note on Thursday, July 31st. Morgan Stanley raised 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. Wells Fargo & Company raised shares of Nucor to a "hold" rating in a report on Thursday. BMO Capital Markets raised 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 cut shares of Nucor from a "hold" rating to a "sell" rating in a research report on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $155.78.

About Nucor

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.