Pacific Heights Asset Management LLC Acquires New Holdings in Nucor Corporation $NUE

Key Points

• Pacific Heights Asset Management acquired 175,000 Nucor shares worth approximately $39.0 million, making up 1.2% of its portfolio and about 0.08% of Nucor’s outstanding stock.
• Institutional investors own 76.48% of Nucor, while insiders have sold 18,528 shares worth roughly $4.8 million over the past three months.
• Nucor reported quarterly EPS of $4.84, beating estimates of $4.46, while revenue rose 23% year over year to $10.40 billion. Analysts maintain a “Moderate Buy” consensus with an average price target of $272.38, and the company pays a $0.56 quarterly dividend.

Pacific Heights Asset Management LLC bought a new stake in shares of Nucor Corporation (NYSE:NUE - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 175,000 shares of the basic materials company's stock, valued at approximately $38,981,000. Nucor makes up about 1.2% of Pacific Heights Asset Management LLC's portfolio, making the stock its 21st biggest position. Pacific Heights Asset Management LLC owned approximately 0.08% of Nucor at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. boosted its stake in Nucor by 745.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 83,463 shares of the basic materials company's stock valued at $13,614,000 after acquiring an additional 73,588 shares in the last quarter. California Public Employees Retirement System lifted its holdings in shares of Nucor by 19.3% during the 1st quarter. California Public Employees Retirement System now owns 510,331 shares of the basic materials company's stock valued at $86,297,000 after purchasing an additional 82,668 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Nucor by 1.7% during the 1st quarter. Bank of New York Mellon Corp now owns 1,809,899 shares of the basic materials company's stock valued at $306,054,000 after purchasing an additional 29,476 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Nucor in the 4th quarter worth $23,804,000. Finally, Oppenheimer Asset Management Inc. acquired a new stake in shares of Nucor in the 2nd quarter worth $7,954,000. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Nucor

In other news, COO Stephen D. Laxton sold 3,968 shares of the business's stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $256.96, for a total value of $1,019,617.28. Following the completion of the transaction, the chief operating officer owned 77,867 shares of the company's stock, valued at $20,008,704.32. The trade was a 4.85% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Thomas J. Batterbee sold 4,000 shares of the company's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $261.02, for a total value of $1,044,080.00. Following the completion of the sale, the executive vice president owned 16,138 shares in the company, valued at $4,212,340.76. The trade was a 19.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 18,528 shares of company stock valued at $4,793,035. 0.62% of the stock is owned by insiders.

Analyst Ratings Changes

NUE has been the topic of several recent analyst reports. Morgan Stanley set a $270.00 target price on Nucor in a research report on Wednesday, July 29th. KeyCorp upgraded Nucor from a "sector weight" rating to an "overweight" rating and set a $274.00 price target on the stock in a research note on Wednesday, June 24th. Citigroup restated a "buy" rating on shares of Nucor in a report on Wednesday, July 29th. CICC Research initiated coverage on shares of Nucor in a research report on Monday, May 25th. They issued an "outperform" rating for the company. Finally, Wells Fargo & Company lowered their target price on shares of Nucor from $297.00 to $285.00 and set an "overweight" rating for the company in a research note on Monday. Thirteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $272.38.

Nucor Trading Down 0.2%

Shares of NYSE:NUE opened at $252.19 on Friday. The company has a quick ratio of 1.36, a current ratio of 2.51 and a debt-to-equity ratio of 0.27. Nucor Corporation has a 52-week low of $131.32 and a 52-week high of $280.11. The stock has a market cap of $57.21 billion, a price-to-earnings ratio of 20.11, a PEG ratio of 0.94 and a beta of 1.89. The business has a 50-day moving average price of $246.51 and a 200-day moving average price of $218.75.

Nucor (NYSE:NUE - Get Free Report) last issued its quarterly earnings results on Monday, July 27th. The basic materials company reported $4.84 earnings per share for the quarter, topping the consensus estimate of $4.46 by $0.38. Nucor had a net margin of 7.99% and a return on equity of 12.73%. The company had revenue of $10.40 billion for the quarter, compared to the consensus estimate of $10.15 billion. During the same quarter in the prior year, the company earned $2.60 EPS. Nucor's quarterly revenue was up 23.0% on a year-over-year basis. Equities analysts predict that Nucor Corporation will post 17.95 EPS for the current year.

Nucor Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 11th. Shareholders of record on Tuesday, June 30th were issued a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Tuesday, June 30th. Nucor's dividend payout ratio is presently 17.86%.

About Nucor

Nucor Corporation NYSE: NUE is an American steel producer headquartered in Charlotte, North Carolina. The company is primarily engaged in the manufacture and sale of steel and steel products, operating a network of steel mills, recycling facilities and fabrication plants across the United States and North America. Nucor's operations emphasize electric arc furnace steelmaking using recycled scrap metal, which supports a decentralized, mill-based production model focused on efficiency and flexibility.

Product offerings span a broad range of basic and value‑added steel items, including sheet, plate, merchant bar, structural beams, reinforcing bar, tubing, fasteners and fabricated components.

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