TIG Advisors LLC Makes New $303,000 Investment in Nucor Corporation $NUE

Key Points

• TIG Advisors LLC made a new investment of approximately $303,000 in Nucor Corporation, acquiring 2,514 shares in the first quarter.
• Insider transactions included the sale of 6,088 shares by Michael D. Keller and 7,200 shares by EVP Daniel R. Needham, indicating decreases in their respective positions of 21.32% and 7.24%.
• Analysts have shown increased confidence in Nucor, with multiple upgrades and a consensus rating of "Moderate Buy" alongside an average price target of $155.78.

TIG Advisors LLC purchased a new stake in Nucor Corporation (NYSE:NUE - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 2,514 shares of the basic materials company's stock, valued at approximately $303,000.

A number of other institutional investors and hedge funds also recently modified their holdings of NUE. Mirae Asset Global Investments Co. Ltd. increased its stake in Nucor by 17.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,595 shares of the basic materials company's stock worth $3,853,000 after purchasing an additional 4,763 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in Nucor by 21.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 101,459 shares of the basic materials company's stock worth $12,210,000 after purchasing an additional 17,861 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in Nucor by 20.5% during the 1st quarter. Assenagon Asset Management S.A. now owns 28,886 shares of the basic materials company's stock worth $3,476,000 after purchasing an additional 4,914 shares in the last quarter. Envestnet Asset Management Inc. increased its stake 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 purchasing an additional 33,700 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in Nucor by 48.6% during the 1st quarter. GAMMA Investing LLC now owns 4,203 shares of the basic materials company's stock worth $506,000 after purchasing an additional 1,375 shares in the last quarter. 76.48% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Nucor news, EVP Allen C. Behr sold 8,021 shares of the firm's stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $143.38, for a total transaction of $1,150,050.98. Following the completion of the sale, the executive vice president owned 82,703 shares of the company's stock, valued at $11,857,956.14. This trade represents a 8.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 value of $1,051,200.00. Following the sale, 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 48,397 shares of company stock worth $6,763,814. Company insiders own 0.46% of the company's stock.

Analyst Ratings Changes

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

Nucor Stock Up 1.6%

Shares of NYSE NUE traded up $2.30 during trading hours on Friday, hitting $147.24. The company had a trading volume of 1,374,654 shares, compared to its average volume of 1,164,054. The stock has a market capitalization of $33.80 billion, a P/E ratio of 26.58, a price-to-earnings-growth ratio of 0.92 and a beta of 1.76. 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 1-year low of $97.59 and a 1-year high of $170.52. The firm's 50 day moving average is $142.45 and its 200-day moving average is $128.28.

Nucor (NYSE:NUE - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The basic materials company reported $2.60 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 company had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.47 billion. During the same quarter in the prior year, the firm posted $2.68 EPS. The firm's revenue for the quarter was up 4.7% compared to the same quarter last year. On average, analysts expect that Nucor Corporation will post 7.64 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Tuesday, September 30th will be issued 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 yield of 1.5%. Nucor's dividend payout ratio (DPR) is currently 39.71%.

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.