Sciencast Management LP Has $2.13 Million Stake in Nucor Corporation $NUE

Key Points

• Sciencast Management LP increased its stake in Nucor Corporation by 18.4%, holding 17,671 shares valued at approximately $2.13 million, according to a recent 13F filing.
• Institutional investors and hedge funds collectively own 76.48% of Nucor's stock, reflecting strong interest from larger financial entities.
• Nucor's recent quarterly earnings report surpassed expectations with $2.60 earnings per share, alongside a projected annualized dividend of $2.20, yielding 1.5% for shareholders.

Sciencast Management LP lifted its position in shares of Nucor Corporation (NYSE:NUE - Free Report) by 18.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,671 shares of the basic materials company's stock after acquiring an additional 2,749 shares during the quarter. Sciencast Management LP's holdings in Nucor were worth $2,127,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Putney Financial Group LLC bought a new position in Nucor during the 4th quarter worth $29,000. MV Capital Management Inc. raised its position in Nucor by 73.5% during the 1st quarter. MV Capital Management Inc. now owns 281 shares of the basic materials company's stock worth $34,000 after purchasing an additional 119 shares during the last quarter. Fourth Dimension Wealth LLC bought a new position in Nucor during the 4th quarter worth $41,000. Spirit of America Management Corp NY bought a new position in Nucor during the 1st quarter worth $48,000. Finally, Park Square Financial Group LLC bought a new position in shares of Nucor in the 4th quarter worth about $48,000. Institutional investors and hedge funds own 76.48% of the company's stock.

Insider Activity

In other news, EVP Kenneth Rex Query sold 10,000 shares of the company's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $130.37, for a total value of $1,303,700.00. Following the transaction, the executive vice president owned 94,080 shares of the company's stock, valued at approximately $12,265,209.60. This represents a 9.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 transaction of $1,051,200.00. Following the completion of the transaction, the executive vice president directly owned 92,179 shares in the company, valued at approximately $13,458,134. The trade was a 7.24% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 48,397 shares of company stock worth $6,763,814. Company insiders own 0.71% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on NUE. JPMorgan Chase & Co. lifted their price objective on Nucor from $143.00 to $162.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. UBS Group lowered their price objective on Nucor from $153.00 to $147.00 and set a "buy" rating for the company in a research report on Thursday, May 29th. BMO Capital Markets raised Nucor from a "market perform" rating to an "outperform" rating and boosted their target price for the company from $140.00 to $145.00 in a research report on Monday, June 2nd. Morgan Stanley boosted their target price on Nucor from $134.00 to $149.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. Finally, Jefferies Financial Group raised Nucor from a "hold" rating to a "buy" rating and boosted their target price for the company from $135.00 to $170.00 in a research report on Thursday, July 31st. Seven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, Nucor currently has a consensus rating of "Moderate Buy" and a consensus price target of $155.78.

Nucor Price Performance

Nucor stock opened at $147.24 on Monday. Nucor Corporation has a 12 month low of $97.59 and a 12 month high of $170.52. The company has a current ratio of 2.83, a quick ratio of 1.51 and a debt-to-equity ratio of 0.31. The business's 50 day simple moving average is $142.45 and its 200 day simple moving average is $128.12. The company has a market cap of $33.80 billion, a price-to-earnings ratio of 26.58, a PEG ratio of 0.94 and a beta of 1.76.

Nucor (NYSE:NUE - Get Free Report) last released its quarterly earnings results on Monday, July 28th. The basic materials company reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.54 by $0.06. The firm 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.68 earnings per share. Sell-side analysts forecast that Nucor Corporation will post 7.64 EPS for the current year.

Nucor Dividend Announcement

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 issued a $0.55 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $2.20 annualized dividend and a dividend yield of 1.5%. Nucor's dividend payout ratio is presently 39.71%.

About Nucor

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.

Want to see what other hedge funds are holding NUE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Nucor Corporation (NYSE:NUE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.