Vanguard Group Inc. Purchases 745,671 Shares of Nucor Corporation (NYSE:NUE)

Key Points

• Vanguard Group Inc. increased its stake in Nucor Corporation by 2.6%, acquiring an additional 745,671 shares, which are now valued at approximately $3.48 billion.
• Nucor announced a quarterly dividend of $0.55 per share, representing an annualized dividend of $2.20 and a yield of 1.6%, to be paid on August 11th.
• Analysts have shown a varied outlook on Nucor, with Jefferies upgrading the stock to a "buy" rating and raising the price target to $170, while others have differing views on its potential.

Vanguard Group Inc. raised its position in Nucor Corporation (NYSE:NUE - Free Report) by 2.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 28,959,327 shares of the basic materials company's stock after acquiring an additional 745,671 shares during the quarter. Vanguard Group Inc. owned approximately 12.56% of Nucor worth $3,484,965,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Diamond Hill Capital Management Inc. bought a new stake in Nucor in the first quarter valued at approximately $194,804,000. GAMMA Investing LLC increased its holdings in shares of Nucor by 17,785.0% during the 1st quarter. GAMMA Investing LLC now owns 505,789 shares of the basic materials company's stock worth $60,867,000 after acquiring an additional 502,961 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of Nucor by 24.6% during the 4th quarter. First Trust Advisors LP now owns 2,404,477 shares of the basic materials company's stock worth $280,627,000 after acquiring an additional 474,274 shares during the last quarter. Voya Investment Management LLC raised its stake in Nucor by 528.6% in the 4th quarter. Voya Investment Management LLC now owns 507,715 shares of the basic materials company's stock valued at $59,235,000 after acquiring an additional 426,949 shares during the period. Finally, Invesco Ltd. lifted its holdings in Nucor by 18.7% during the 4th quarter. Invesco Ltd. now owns 2,435,265 shares of the basic materials company's stock valued at $284,220,000 after purchasing an additional 384,205 shares during the last quarter. Institutional investors own 76.48% of the company's stock.

Nucor Stock Down 0.4%

Shares of NUE opened at $137.90 on Friday. 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 stock has a market capitalization of $31.82 billion, a PE ratio of 24.89, a P/E/G ratio of 0.88 and a beta of 1.74. The firm's 50 day moving average is $132.98 and its 200-day moving average is $126.13. Nucor Corporation has a 12 month low of $97.59 and a 12 month 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 EPS for the quarter, topping analysts' consensus estimates of $2.54 by $0.06. The firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.47 billion. Nucor had a return on equity of 6.65% and a net margin of 4.21%. The company's revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the company earned $2.68 EPS. Equities research analysts forecast that Nucor Corporation will post 7.64 EPS for the current year.

Nucor Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 11th. Shareholders of record on Monday, June 30th will be paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Monday, June 30th. Nucor's dividend payout ratio is presently 39.71%.

Insiders Place Their Bets

In related news, EVP Allen C. Behr sold 8,021 shares of the stock in a transaction that occurred on 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 sale, the executive vice president owned 82,703 shares in the company, valued at approximately $11,857,956.14. This trade represents a 8.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kenneth Rex Query sold 10,000 shares of Nucor stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $130.37, for a total transaction of $1,303,700.00. Following the completion of the transaction, the executive vice president directly owned 94,080 shares in the company, valued at $12,265,209.60. This trade represents a 9.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 25,109 shares of company stock worth $3,360,094 over the last ninety days. Corporate insiders own 0.46% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on NUE shares. Jefferies Financial Group upgraded shares of Nucor from a "hold" rating to a "buy" rating and upped their price objective for the company from $135.00 to $170.00 in a report on Thursday, July 31st. JPMorgan Chase & Co. upped their price target on shares of Nucor from $143.00 to $162.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. Morgan Stanley increased their price target on shares of Nucor from $134.00 to $149.00 and gave the company an "overweight" rating in a report on Friday, June 20th. BMO Capital Markets upgraded Nucor from a "market perform" rating to an "outperform" rating and boosted their price objective for the stock from $140.00 to $145.00 in a report on Monday, June 2nd. Finally, Wall Street Zen downgraded Nucor from a "hold" rating to a "sell" rating in a research report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $157.13.

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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