Nucor Corporation $NUE Holdings Boosted by Summit Global Investments

by · The Cerbat Gem

Summit Global Investments raised its position in shares of Nucor Corporation (NYSE:NUE – Free Report) by 157.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,043 shares of the basic materials company’s stock after purchasing an additional 2,474 shares during the quarter. Summit Global Investments’ holdings in Nucor were worth $945,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of NUE. Transamerica Financial Advisors LLC purchased a new position in shares of Nucor during the second quarter valued at $25,000. GK Wealth Management LLC acquired a new stake in Nucor during the 3rd quarter worth about $28,000. Manning & Napier Advisors LLC acquired a new stake in Nucor during the 2nd quarter worth about $27,000. Bell Investment Advisors Inc purchased a new position in Nucor during the 2nd quarter valued at about $28,000. Finally, Markowski Investments purchased a new position in Nucor during the 2nd quarter valued at about $29,000. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Insiders Place Their Bets

In other Nucor news, EVP Noah Hanners sold 5,190 shares of the company’s stock in a transaction that occurred on Thursday, October 29th. The stock was sold at an average price of $275.03, for a total transaction of $1,427,405.70. Following the completion of the sale, the executive vice president owned 44,073 shares of the company’s stock, valued at $12,121,397.19. This represents a 10.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.62% of the company’s stock.

Analysts Set New Price Targets

NUE has been the subject of a number of research analyst reports. Wells Fargo & Company increased their price target on shares of Nucor from $280.00 to $305.00 and gave the stock an “overweight” rating in a research report on Wednesday. KeyCorp lowered their target price on Nucor from $288.00 to $286.00 and set an “overweight” rating on the stock in a research note on Monday, October 5th. Citigroup reaffirmed a “buy” rating on shares of Nucor in a research note on Wednesday, July 29th. Weiss Ratings upgraded Nucor from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 15th. Finally, Wall Street Zen cut Nucor from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $284.00.

View Our Latest Analysis on Nucor

Nucor Trading Down 0.1%

Shares of NYSE:NUE opened at $273.47 on Monday. The stock has a market capitalization of $62.04 billion, a PE ratio of 17.41, a P/E/G ratio of 0.67 and a beta of 1.81. Nucor Corporation has a 1 year low of $140.93 and a 1 year high of $280.11. The firm has a fifty day moving average price of $253.79 and a 200 day moving average price of $223.43. The company has a current ratio of 2.46, a quick ratio of 1.43 and a debt-to-equity ratio of 0.26.

Nucor (NYSE:NUE – Get Free Report) last announced its quarterly earnings results on Monday, October 26th. The basic materials company reported $5.80 earnings per share for the quarter, missing analysts’ consensus estimates of $5.84 by ($0.04). The company had revenue of $11.25 billion during the quarter, compared to analyst estimates of $10.84 billion. Nucor had a return on equity of 15.53% and a net margin of 9.26%. Nucor’s quarterly revenue was up 32.0% on a year-over-year basis. During the same period in the prior year, the firm earned $2.63 EPS. Analysts expect that Nucor Corporation will post 19.61 EPS for the current fiscal year.

Nucor Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 10th. Investors of record on Wednesday, September 30th will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 0.8%. The ex-dividend date is Wednesday, September 30th. Nucor’s payout ratio is 14.26%.

About Nucor

(Free Report)

Nucor Corporation is a steel producer headquartered in Charlotte, North Carolina. Through its operating subsidiaries, the company manufactures steel and steel products for customers in construction, automotive, energy, heavy equipment, transportation and other industrial markets.

Nucor’s operations include electric arc furnace steel mills, which produce carbon, alloy and galvanized steel products. Its product portfolio includes sheet steel, plate, beams, bars, wire and wire mesh, steel joists, deck, piling, fabricated concrete reinforcing steel and other downstream products.

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