Truist Financial Corp Has $20.03 Million Position in Nucor Corporation $NUE

Key Points

• Truist Financial Corp increased its stake in Nucor Corporation by 1.4% during Q2, holding 154,622 shares valued at approximately $20.03 million.
• Nucor reported a quarterly earnings per share of $2.60, surpassing analysts' estimates by $0.06, with revenues up 4.7% year-over-year.
• The company has declared a quarterly dividend of $0.55, set for payment on November 10th, with a current dividend yield of 1.6%.

Truist Financial Corp raised its position in shares of Nucor Corporation (NYSE:NUE - Free Report) by 1.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 154,622 shares of the basic materials company's stock after purchasing an additional 2,159 shares during the quarter. Truist Financial Corp owned 0.07% of Nucor worth $20,030,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of NUE. Mirae Asset Global Investments Co. Ltd. boosted its position 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 acquiring an additional 4,763 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in Nucor by 21.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 101,459 shares of the basic materials company's stock valued at $12,210,000 after buying an additional 17,861 shares during the period. Assenagon Asset Management S.A. increased its stake in Nucor by 20.5% in the 1st quarter. Assenagon Asset Management S.A. now owns 28,886 shares of the basic materials company's stock valued at $3,476,000 after buying an additional 4,914 shares during the period. Envestnet Asset Management Inc. increased its stake in Nucor by 12.4% in the 1st quarter. Envestnet Asset Management Inc. now owns 305,006 shares of the basic materials company's stock valued at $36,704,000 after buying an additional 33,700 shares during the period. Finally, GAMMA Investing LLC grew its holdings in shares of Nucor by 48.6% during the 1st quarter. GAMMA Investing LLC now owns 4,203 shares of the basic materials company's stock valued at $506,000 after acquiring an additional 1,375 shares in the last quarter. Hedge funds and other institutional investors own 76.48% of the company's stock.

Nucor Stock Down 0.7%

Shares of Nucor stock opened at $137.98 on Friday. The stock has a 50 day moving average price of $141.84 and a two-hundred day moving average price of $129.01. 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 12-month low of $97.59 and a 12-month high of $170.52. The stock has a market capitalization of $31.67 billion, a P/E ratio of 24.91, a PEG ratio of 0.96 and a beta of 1.75.

Nucor (NYSE:NUE - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $8.46 billion during 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%. Nucor's revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the previous year, the company earned $2.68 earnings per share. Equities analysts expect that Nucor Corporation will post 7.64 earnings per share for the current year.

Nucor Dividend Announcement

The firm 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 $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Tuesday, September 30th. Nucor's dividend payout ratio (DPR) is currently 39.71%.

Analysts Set New Price Targets

NUE has been the topic of several research analyst reports. Bank of America boosted their price target on shares of Nucor from $150.00 to $165.00 and gave the company a "buy" rating in a report on Monday, September 15th. Wells Fargo & Company cut their price target on Nucor from $146.00 to $140.00 and set an "equal weight" rating for the company in a research note on Thursday, September 18th. The Goldman Sachs Group dropped their price objective on Nucor from $182.00 to $173.00 and set a "buy" rating on the stock in a report on Monday, September 22nd. Weiss Ratings restated a "hold (c)" rating on shares of Nucor in a report on Saturday, September 27th. Finally, Morgan Stanley boosted their target price on shares of Nucor from $134.00 to $149.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Nucor currently has an average rating of "Moderate Buy" and a consensus price target of $156.60.

Insiders Place Their Bets

In other news, insider Michael D. Keller sold 6,088 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $148.41, for a total value of $903,520.08. Following the completion of the sale, the insider directly owned 22,464 shares of the company's stock, valued at approximately $3,333,882.24. This represents a 21.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Daniel R. Needham sold 7,200 shares of the business'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 transaction, 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 position. The disclosure for this sale can be found here. Insiders have sold 31,309 shares of company stock worth $4,553,771 in the last 90 days. 0.46% of the stock is 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.

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