Public Sector Pension Investment Board Boosts Stake in Nucor Corporation $NUE

Key Points

• The Public Sector Pension Investment Board increased its stake in Nucor Corporation by 10.1%, acquiring an additional 2,925 shares, bringing its total holdings to 31,955 shares valued at approximately $3.85 million.
• Several analysts have recently modified their ratings for Nucor, with UBS Group lowering its price target to $147, while Jefferies Financial Group upgraded the stock to "buy" with a price target boost to $170.
• Nucor recently declared a quarterly dividend of $0.55 per share, reflecting an annualized dividend yield of 1.5%, with a payout ratio of 39.71%.

Public Sector Pension Investment Board raised its holdings in Nucor Corporation (NYSE:NUE - Free Report) by 10.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 31,955 shares of the basic materials company's stock after acquiring an additional 2,925 shares during the period. Public Sector Pension Investment Board's holdings in Nucor were worth $3,845,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Marshall & Sterling Wealth Advisors Inc. acquired a new position in Nucor in the 4th quarter valued at $25,000. Putney Financial Group LLC acquired a new position in Nucor in the 4th quarter valued at $29,000. MV Capital Management Inc. raised its holdings in Nucor by 73.5% in the 1st quarter. MV Capital Management Inc. now owns 281 shares of the basic materials company's stock valued at $34,000 after acquiring an additional 119 shares during the last quarter. Fourth Dimension Wealth LLC acquired a new position in Nucor in the 4th quarter valued at $41,000. Finally, Park Square Financial Group LLC acquired a new position in Nucor in the 4th quarter valued at $48,000. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Nucor Stock Up 3.2%

NYSE NUE traded up $4.5160 during trading hours on Friday, hitting $147.7660. The company had a trading volume of 1,407,529 shares, compared to its average volume of 1,649,232. Nucor Corporation has a fifty-two week low of $97.59 and a fifty-two week high of $170.52. The company has a market capitalization of $33.92 billion, a price-to-earnings ratio of 26.67, a P/E/G ratio of 0.91 and a beta of 1.74. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.83 and a quick ratio of 1.51. The firm's 50 day moving average is $138.18 and its 200 day moving average is $127.46.

Nucor (NYSE:NUE - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The basic materials company reported $2.60 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $8.47 billion. During the same period in the prior year, the firm earned $2.68 EPS. The firm's quarterly revenue was up 4.7% compared to the same quarter last year. Sell-side analysts anticipate that Nucor Corporation will post 7.64 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 11th. Investors of record on Monday, June 30th were issued a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 1.5%. The ex-dividend date was Monday, June 30th. Nucor's dividend payout ratio is currently 39.71%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Jefferies Financial Group upgraded Nucor from a "hold" rating to a "buy" rating and boosted their price target for the company from $135.00 to $170.00 in a report on Thursday, July 31st. BMO Capital Markets upgraded Nucor from a "market perform" rating to an "outperform" rating and upped their price objective for the stock from $140.00 to $145.00 in a report on Monday, June 2nd. JPMorgan Chase & Co. upped their price objective on Nucor from $143.00 to $162.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Wells Fargo & Company upgraded Nucor to a "hold" rating in a report on Thursday, August 14th. Finally, UBS Group dropped their price objective on Nucor from $153.00 to $147.00 and set a "buy" rating for the company in a report on Thursday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $155.78.

Insider Activity at Nucor

In other Nucor news, EVP Daniel R. Needham sold 7,200 shares of the company's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $146.00, for a total value of $1,051,200.00. Following the completion of the transaction, the executive vice president directly owned 92,179 shares of the company's stock, valued at $13,458,134. This represents a 7.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Kenneth Rex Query sold 10,000 shares of the company's stock in a transaction dated 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 completion of the transaction, 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 disclosure for this sale can be found here. In the last three months, insiders sold 42,309 shares of company stock worth $5,860,294. Corporate insiders own 0.46% of the company's stock.

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.