Prime Capital Investment Advisors LLC Has $1.43 Million Position in Nucor Corporation $NUE

Key Points

• Prime Capital Investment Advisors LLC reduced its stake in Nucor Corporation by 24.4%, holding 11,001 shares worth approximately $1.43 million after selling 3,546 shares during the second quarter.
• Several other hedge funds have also increased their positions significantly, with Robeco Institutional Asset Management B.V. boosting its stake by 138.5% in the second quarter.
• Nucor's recent quarterly earnings report indicated an EPS of $2.60, which beat consensus estimates, and the company also announced a quarterly dividend of $0.55 to be paid on November 10th.

Prime Capital Investment Advisors LLC reduced its stake in Nucor Corporation (NYSE:NUE - Free Report) by 24.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,001 shares of the basic materials company's stock after selling 3,546 shares during the period. Prime Capital Investment Advisors LLC's holdings in Nucor were worth $1,425,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Nucor by 17.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,595 shares of the basic materials company's stock valued at $3,853,000 after purchasing an additional 4,763 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Nucor by 21.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 101,459 shares of the basic materials company's stock valued at $12,210,000 after purchasing an additional 17,861 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Nucor by 20.5% in the 1st quarter. Assenagon Asset Management S.A. now owns 28,886 shares of the basic materials company's stock valued at $3,476,000 after purchasing an additional 4,914 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its position in Nucor by 138.5% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 121,543 shares of the basic materials company's stock worth $15,745,000 after buying an additional 70,581 shares during the period. Finally, Envestnet Asset Management Inc. boosted its position in Nucor by 12.4% during the 1st quarter. Envestnet Asset Management Inc. now owns 305,006 shares of the basic materials company's stock worth $36,704,000 after buying an additional 33,700 shares during the period. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on NUE shares. JPMorgan Chase & Co. lifted their target price on shares of Nucor from $143.00 to $162.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Weiss Ratings reiterated a "hold (c)" rating on shares of Nucor in a research report on Wednesday. Wells Fargo & Company cut their target price on shares of Nucor from $146.00 to $140.00 and set an "equal weight" rating on the stock in a research report on Thursday, September 18th. The Goldman Sachs Group cut their target price on shares of Nucor from $182.00 to $173.00 and set a "buy" rating on the stock in a research report on Monday, September 22nd. Finally, Morgan Stanley lifted their target price on shares of Nucor from $134.00 to $149.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $156.60.

Nucor Stock Performance

NYSE:NUE opened at $137.73 on Thursday. The company has a fifty day moving average of $141.45 and a 200-day moving average of $129.19. The firm has a market capitalization of $31.61 billion, a P/E ratio of 24.86, a P/E/G ratio of 0.94 and a beta of 1.75. The company has a quick ratio of 1.51, a current ratio of 2.83 and a debt-to-equity ratio of 0.31. Nucor Corporation has a twelve month low of $97.59 and a twelve month high of $170.52.

Nucor (NYSE:NUE - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The basic materials company reported $2.60 earnings per share for the quarter, beating 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 net margin of 4.21% and a return on equity of 6.65%. Nucor's revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.68 EPS. As a group, sell-side analysts anticipate that Nucor Corporation will post 7.64 EPS for the current year.

Nucor Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Tuesday, September 30th will be paid a $0.55 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $2.20 annualized dividend and a dividend yield of 1.6%. Nucor's payout ratio is currently 39.71%.

Insider Activity at Nucor

In other Nucor news, EVP Daniel R. Needham sold 7,200 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $146.00, for a total transaction of $1,051,200.00. Following the completion of the sale, the executive vice president owned 92,179 shares in the company, valued at approximately $13,458,134. The trade was a 7.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Kenneth Rex Query sold 10,000 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $144.90, for a total transaction of $1,449,000.00. Following the sale, the executive vice president owned 84,080 shares of the company's stock, valued at $12,183,192. This trade represents a 10.63% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 31,309 shares of company stock worth $4,553,771. 0.46% of the stock is owned by 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.

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