Pallas Capital Advisors LLC Buys Shares of 4,410 Nucor Corporation $NUE

Key Points

• Pallas Capital Advisors LLC has acquired a new stake in Nucor Corporation, purchasing 4,410 shares valued at approximately $571,000 during the second quarter.
• Nucor's recent earnings report showed an EPS of $2.60, exceeding analyst estimates, with a revenue of $8.46 billion, representing a year-over-year increase of 4.7%.
• The company declared a quarterly dividend of $0.55 per share to be paid on November 10th, resulting in a 1.7% dividend yield.

Pallas Capital Advisors LLC bought a new stake in Nucor Corporation (NYSE:NUE - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 4,410 shares of the basic materials company's stock, valued at approximately $571,000.

Other hedge funds also recently made changes to their positions in the company. Putney Financial Group LLC purchased a new position in Nucor during the fourth quarter worth about $29,000. MV Capital Management Inc. lifted its position in Nucor by 73.5% in the first quarter. MV Capital Management Inc. now owns 281 shares of the basic materials company's stock valued at $34,000 after purchasing an additional 119 shares during the last quarter. Geneos Wealth Management Inc. raised its position in Nucor by 81.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 340 shares of the basic materials company's stock valued at $41,000 after purchasing an additional 153 shares during the last quarter. Fourth Dimension Wealth LLC bought a new position in Nucor during the 4th quarter valued at approximately $41,000. Finally, Spirit of America Management Corp NY bought a new position in Nucor during the 1st quarter valued at approximately $48,000. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Nucor Price Performance

NYSE:NUE opened at $133.03 on Friday. Nucor Corporation has a 52 week low of $97.59 and a 52 week high of $170.52. The company has a quick ratio of 1.51, a current ratio of 2.83 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $30.54 billion, a PE ratio of 24.01, a price-to-earnings-growth ratio of 0.88 and a beta of 1.76. The stock's 50-day moving average price is $142.95 and its 200-day moving average price is $128.60.

Nucor (NYSE:NUE - Get Free Report) last posted its quarterly earnings data 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. The company had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.47 billion. Nucor had a return on equity of 6.65% and a net margin of 4.21%.Nucor's quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the business earned $2.68 EPS. As a group, equities analysts expect that Nucor Corporation will post 7.64 EPS for the current fiscal year.

Nucor Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Tuesday, September 30th. Nucor's payout ratio is presently 39.71%.

Wall Street Analysts Forecast Growth

NUE has been the subject of several research reports. UBS Group decreased their target price on Nucor from $153.00 to $147.00 and set a "buy" rating for the company in a research report on Thursday, May 29th. Morgan Stanley increased their price target on Nucor from $134.00 to $149.00 and gave the company an "overweight" rating in a report on Friday, June 20th. JPMorgan Chase & Co. lifted their target price on Nucor from $143.00 to $162.00 and gave the company an "overweight" rating in a research report on Monday, July 14th. Wells Fargo & Company lowered their price objective on Nucor from $146.00 to $140.00 and set an "equal weight" rating on the stock in a research report on Thursday. Finally, Bank of America boosted their target price on Nucor from $150.00 to $165.00 and gave the stock a "buy" rating in a research report on Monday, September 15th. Eight analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Nucor has an average rating of "Moderate Buy" and an average target price of $156.20.

Insider Activity

In other news, EVP Kenneth Rex Query sold 10,000 shares of Nucor stock in a transaction on Monday, August 18th. The stock was sold at an average price of $144.90, for a total value of $1,449,000.00. Following the completion of the sale, the executive vice president directly owned 84,080 shares of the company's stock, valued at approximately $12,183,192. The trade was a 10.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Daniel R. Needham sold 7,200 shares of the company's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $146.00, for a total value of $1,051,200.00. Following the sale, the executive vice president directly owned 92,179 shares in the company, valued at $13,458,134. This represents a 7.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 48,397 shares of company stock worth $6,763,814 in the last 90 days. 0.46% of the stock is owned by corporate insiders.

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.

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