Raymond James Financial Inc. Has $53.36 Million Position in Nucor Corporation $NUE

Key Points

• Raymond James Financial Inc. increased its stake in Nucor Corporation by 33.7%, holding 443,419 shares valued at approximately $53.36 million as of the end of the first quarter.
• Institutional investors now collectively own 76.48% of Nucor's stock, with various hedge funds adding to their stakes in the company recently.
• Nucor reported $2.60 earnings per share for the last quarter, beating analysts' expectations, while its quarterly revenue was $8.46 billion, slightly below predictions.

Raymond James Financial Inc. lifted its stake in Nucor Corporation (NYSE:NUE - Free Report) by 33.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 443,419 shares of the basic materials company's stock after purchasing an additional 111,709 shares during the period. Raymond James Financial Inc. owned 0.19% of Nucor worth $53,361,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Nucor in the fourth quarter valued at approximately $25,000. Putney Financial Group LLC acquired a new stake in shares of Nucor in the fourth quarter valued at approximately $29,000. MV Capital Management Inc. increased its holdings in shares of 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 in the last quarter. Fourth Dimension Wealth LLC acquired a new stake in shares of Nucor in the fourth quarter valued at approximately $41,000. Finally, Spirit of America Management Corp NY acquired a new stake in shares of Nucor in the first quarter valued at approximately $48,000. Institutional investors and hedge funds own 76.48% of the company's stock.

Insider Buying and Selling

In related news, EVP Daniel R. Needham sold 7,200 shares of the firm'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 sale, the executive vice president directly owned 92,179 shares in the company, valued at $13,458,134. This trade represents a 7.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Kenneth Rex Query sold 10,000 shares of the firm's stock in a transaction on Monday, August 18th. The stock was 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 in the company, 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. Insiders have sold a total of 42,309 shares of company stock worth $5,860,294 over the last ninety days. Company insiders own 0.46% of the company's stock.

Nucor Trading Down 0.1%

Shares of NYSE NUE opened at $143.3240 on Friday. The company's fifty day moving average is $137.66 and its 200-day moving average is $127.34. The stock has a market cap of $32.90 billion, a price-to-earnings ratio of 25.87, a P/E/G ratio of 0.91 and a beta of 1.74. Nucor Corporation has a twelve month low of $97.59 and a twelve month 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.

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 for the quarter, topping analysts' consensus estimates of $2.54 by $0.06. The company had revenue of $8.46 billion for the quarter, compared to analysts' expectations of $8.47 billion. Nucor had a net margin of 4.21% and a return on equity of 6.65%. The business's quarterly revenue was up 4.7% compared to the same quarter last year. During the same period last year, the firm posted $2.68 earnings per share. Equities research analysts predict that Nucor Corporation will post 7.64 EPS for the current year.

Nucor Announces Dividend

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

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Wells Fargo & Company raised shares of Nucor to a "hold" rating in a research note on Thursday, August 14th. Jefferies Financial Group raised shares of Nucor from a "hold" rating to a "buy" rating and raised their price objective for the company from $135.00 to $170.00 in a research note on Thursday, July 31st. JPMorgan Chase & Co. raised their price objective on shares of Nucor from $143.00 to $162.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. Morgan Stanley raised their price objective on shares of Nucor from $134.00 to $149.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. Finally, UBS Group reduced their price objective on shares of Nucor from $153.00 to $147.00 and set a "buy" rating on the stock in a research note on Thursday, May 29th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $155.78.

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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