Townsquare Capital LLC Boosts Stock Position in Nucor Corporation (NYSE:NUE)

Key Points

• Townsquare Capital LLC increased its stake in Nucor Corporation by 43.3% during the 1st quarter, bringing its total holdings to 7,682 shares valued at approximately $924,000.
• Insider trading activity included notable sales by EVPs Allen C. Behr and Daniel R. Needham, who sold 8,021 and 7,088 shares respectively, reflecting decreases in their ownership positions.
• Analysts have generally positive views on Nucor, with ratings shifting from "market perform" to "outperform," and multiple price targets being adjusted upward, indicating strong investor confidence.

Townsquare Capital LLC grew its stake in Nucor Corporation (NYSE:NUE - Free Report) by 43.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,682 shares of the basic materials company's stock after purchasing an additional 2,323 shares during the quarter. Townsquare Capital LLC's holdings in Nucor were worth $924,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in shares of Nucor in the 4th quarter worth about $25,000. Putney Financial Group LLC purchased a new stake in Nucor during the 4th quarter valued at about $29,000. MV Capital Management Inc. grew 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 valued at $34,000 after purchasing an additional 119 shares during the last quarter. Fourth Dimension Wealth LLC purchased a new stake in Nucor during the 4th quarter valued at about $41,000. Finally, Spirit of America Management Corp NY purchased a new stake in Nucor during the 1st quarter valued at about $48,000. 76.48% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Allen C. Behr sold 8,021 shares of the firm's stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $143.38, for a total value 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Daniel R. Needham sold 7,088 shares of the firm's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $127.87, for a total transaction of $906,342.56. Following the completion of the transaction, the executive vice president directly owned 99,379 shares in the company, valued at approximately $12,707,592.73. The trade was a 6.66% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 25,109 shares of company stock valued at $3,360,094. 0.46% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. BMO Capital Markets raised shares of Nucor from a "market perform" rating to an "outperform" rating and increased their price objective for the company from $140.00 to $145.00 in a research report on Monday, June 2nd. Wells Fargo & Company raised shares of Nucor to a "hold" rating in a research report on Thursday. Jefferies Financial Group raised shares of Nucor from a "hold" rating to a "buy" rating and increased their price objective for the company from $135.00 to $170.00 in a research report on Thursday, July 31st. Morgan Stanley increased their price objective on shares of Nucor from $134.00 to $149.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. Finally, UBS Group cut their price objective on shares of Nucor from $153.00 to $147.00 and set a "buy" rating on the stock in a research report on Thursday, May 29th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $155.78.

Nucor Stock Performance

Shares of NYSE NUE traded up $1.14 during trading on Friday, reaching $145.49. 2,177,819 shares of the company traded hands, compared to its average volume of 1,710,382. The company has a quick ratio of 1.51, a current ratio of 2.83 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $33.40 billion, a PE ratio of 26.26, a P/E/G ratio of 0.92 and a beta of 1.74. The firm has a 50 day simple moving average of $135.77 and a 200-day simple moving average of $126.92. Nucor Corporation has a 52-week low of $97.59 and a 52-week high of $170.52.

Nucor (NYSE:NUE - Get Free Report) last posted its quarterly earnings data on Monday, July 28th. The basic materials company reported $2.60 earnings per share (EPS) 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 the consensus estimate of $8.47 billion. Nucor had a net margin of 4.21% and a return on equity of 6.65%. The firm's revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the firm posted $2.68 earnings per share. Equities research analysts anticipate that Nucor Corporation will post 7.64 earnings per share for the current year.

Nucor Dividend Announcement

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