Secure Asset Management LLC Takes $1.05 Million Position in Nucor Corporation $NUE

Key Points

• Secure Asset Management LLC purchased a new stake in Nucor Corporation, acquiring 8,105 shares valued at approximately $1,050,000 in the second quarter.
• Analyst ratings for Nucor have been generally positive, with BMO Capital Markets upgrading its rating to "outperform" and increasing the price target from $140 to $145.
• Nucor announced a quarterly dividend of $0.55, which will be paid on November 10, resulting in an annualized dividend yield of 1.6%.

Secure Asset Management LLC bought a new stake in Nucor Corporation (NYSE:NUE - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 8,105 shares of the basic materials company's stock, valued at approximately $1,050,000.

Several other large investors also recently bought and sold shares of NUE. Two Sigma Investments LP purchased a new stake in Nucor in the 4th quarter valued at approximately $20,713,000. Two Sigma Advisers LP acquired a new stake in shares of Nucor during the 4th quarter worth about $10,597,000. Woodline Partners LP purchased a new stake in shares of Nucor during the fourth quarter worth about $931,000. Worldquant Millennium Advisors LLC purchased a new position in shares of Nucor during the fourth quarter valued at approximately $8,125,000. Finally, Voloridge Investment Management LLC acquired a new stake in Nucor during the fourth quarter worth approximately $18,108,000. Institutional investors and hedge funds own 76.48% of the company's stock.

Nucor Stock Down 0.9%

Shares of NYSE:NUE traded down $1.27 during midday trading on Friday, reaching $133.03. The company had a trading volume of 4,862,886 shares, compared to its average volume of 1,419,934. 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 stock's fifty day moving average price is $142.95 and its 200-day moving average price is $128.60. The stock has a market capitalization of $30.54 billion, a P/E ratio of 24.01, a PEG ratio of 0.89 and a beta of 1.76. Nucor Corporation has a one year low of $97.59 and a one year high of $170.52.

Nucor (NYSE:NUE - Get Free Report) last issued its quarterly earnings results 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. Nucor had a net margin of 4.21% and a return on equity of 6.65%. The business had revenue of $8.46 billion for the quarter, compared to analysts' expectations of $8.47 billion. During the same quarter last year, the company posted $2.68 earnings per share. The company's quarterly revenue was up 4.7% compared to the same quarter last year. Equities research analysts expect that Nucor Corporation will post 7.64 earnings per share for the current fiscal year.

Nucor Announces Dividend

The business 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. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $2.20 annualized dividend and a dividend yield of 1.7%. Nucor's dividend payout ratio (DPR) is presently 39.71%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. BMO Capital Markets upgraded Nucor from a "market perform" rating to an "outperform" rating and boosted their price target for the company from $140.00 to $145.00 in a report on Monday, June 2nd. Morgan Stanley raised their price target on Nucor from $134.00 to $149.00 and gave the stock an "overweight" rating in a research note on Friday, June 20th. Bank of America lifted their price target on Nucor from $150.00 to $165.00 and gave the company a "buy" rating in a report on Monday, September 15th. Jefferies Financial Group upgraded Nucor from a "hold" rating to a "buy" rating and lifted their price target for the company from $135.00 to $170.00 in a report on Thursday, July 31st. Finally, UBS Group lowered their price target on Nucor from $153.00 to $147.00 and set a "buy" rating for the company in a report on Thursday, May 29th. Eight research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $156.20.

Insider Activity at Nucor

In other news, EVP Allen C. Behr sold 8,021 shares of the stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $143.38, for a total transaction of $1,150,050.98. Following the transaction, the executive vice president owned 82,703 shares of the company's stock, valued at approximately $11,857,956.14. This trade represents a 8.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Kenneth Rex Query sold 10,000 shares of the stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $130.37, for a total transaction of $1,303,700.00. Following the transaction, the executive vice president directly owned 94,080 shares in the company, valued at $12,265,209.60. The trade was a 9.61% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 48,397 shares of company stock worth $6,763,814. 0.46% of the stock is currently owned by company insiders.

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.