Westmount Partners LLC Invests $379,000 in Nucor Corporation $NUE

Key Points

• Westmount Partners LLC has invested $379,000 in Nucor Corporation by purchasing 2,929 shares during the 2nd quarter of the year.
• Nucor recently announced a quarterly dividend of $0.55 per share, with an ex-dividend date of September 30th, reflecting a 1.6% dividend yield.
• Major financial firms have increased their target prices on Nucor, with Jefferies raising their target from $135 to $170 and JPMorgan increasing it from $143 to $162.

Westmount Partners LLC purchased a new position in Nucor Corporation (NYSE:NUE - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 2,929 shares of the basic materials company's stock, valued at approximately $379,000.

Several other hedge funds have also recently modified their holdings of the business. Czech National Bank lifted its position in shares of Nucor by 4.6% in the 2nd quarter. Czech National Bank now owns 56,403 shares of the basic materials company's stock worth $7,306,000 after purchasing an additional 2,492 shares during the period. Livforsakringsbolaget Skandia Omsesidigt lifted its position in shares of Nucor by 33.3% in the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 2,000 shares of the basic materials company's stock worth $281,000 after purchasing an additional 500 shares during the period. MassMutual Private Wealth & Trust FSB lifted its position in shares of Nucor by 9.2% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 2,432 shares of the basic materials company's stock worth $315,000 after purchasing an additional 204 shares during the period. Wesbanco Bank Inc. lifted its position in shares of Nucor by 5.2% in the 2nd quarter. Wesbanco Bank Inc. now owns 8,047 shares of the basic materials company's stock worth $1,042,000 after purchasing an additional 400 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its position in Nucor by 49.8% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 442 shares of the basic materials company's stock valued at $57,000 after acquiring an additional 147 shares during the last quarter. Hedge funds and other institutional investors own 76.48% of the company's stock.

Nucor Stock Up 0.1%

Shares of NYSE NUE opened at $141.48 on Tuesday. The company's 50-day simple moving average is $143.19 and its 200-day simple moving average is $128.40. Nucor Corporation has a 52-week low of $97.59 and a 52-week high of $170.52. The firm has a market cap of $32.48 billion, a price-to-earnings ratio of 25.54, a price-to-earnings-growth ratio of 0.89 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 (NYSE:NUE - Get Free Report) last announced its earnings results on Monday, July 28th. The basic materials company reported $2.60 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $8.47 billion. During the same quarter last year, the business earned $2.68 earnings per share. The company's revenue for the quarter was up 4.7% compared to the same quarter last year. Equities analysts predict that Nucor Corporation will post 7.64 EPS for the current fiscal year.

Nucor Announces Dividend

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

Analysts Set New Price Targets

A number of research firms recently commented on NUE. Jefferies Financial Group raised shares of Nucor from a "hold" rating to a "buy" rating and increased their target price for the company from $135.00 to $170.00 in a research report on Thursday, July 31st. Morgan Stanley increased their target price 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. Wells Fargo & Company increased their target price on shares of Nucor from $145.00 to $146.00 and gave the company an "equal weight" rating in a research report on Monday. JPMorgan Chase & Co. increased their target price on shares of Nucor from $143.00 to $162.00 and gave the company an "overweight" rating in a research report on Monday, July 14th. Finally, Bank of America increased their target price on shares of Nucor from $150.00 to $165.00 and gave the company a "buy" rating in a research report on Monday. Eight research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $156.80.

Insider Activity at Nucor

In other news, EVP Daniel R. Needham sold 7,200 shares of Nucor stock in a transaction dated 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 owned 92,179 shares in the company, valued at $13,458,134. This trade represents a 7.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Allen C. Behr sold 8,021 shares of the firm's stock in a transaction dated 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 transaction, the executive vice president directly owned 82,703 shares in the company, valued at approximately $11,857,956.14. This represents a 8.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 48,397 shares of company stock worth $6,763,814 in the last ninety days. 0.71% of the stock is owned by company insiders.

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.

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