Nucor Corporation (NYSE:NUE) Stake Increased by Spire Wealth Management

by · The Markets Daily

Spire Wealth Management increased its stake in Nucor Corporation (NYSE:NUE – Free Report) by 103.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,591 shares of the basic materials company’s stock after buying an additional 6,401 shares during the period. Spire Wealth Management’s holdings in Nucor were worth $1,515,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Bank of New York Mellon Corp increased its stake in Nucor by 6.6% during the fourth quarter. Bank of New York Mellon Corp now owns 1,679,176 shares of the basic materials company’s stock valued at $195,977,000 after purchasing an additional 104,238 shares during the last quarter. Lake Street Advisors Group LLC increased its stake in Nucor by 8.8% during the fourth quarter. Lake Street Advisors Group LLC now owns 1,851 shares of the basic materials company’s stock valued at $217,000 after purchasing an additional 150 shares during the last quarter. Bryn Mawr Capital Management LLC increased its stake in Nucor by 2.2% during the fourth quarter. Bryn Mawr Capital Management LLC now owns 9,240 shares of the basic materials company’s stock valued at $1,078,000 after purchasing an additional 198 shares during the last quarter. Mn Services Vermogensbeheer B.V. increased its stake in Nucor by 3.9% during the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 42,981 shares of the basic materials company’s stock valued at $5,016,000 after purchasing an additional 1,600 shares during the last quarter. Finally, Oppenheimer & Co. Inc. increased its stake in Nucor by 13.2% during the fourth quarter. Oppenheimer & Co. Inc. now owns 14,168 shares of the basic materials company’s stock valued at $1,654,000 after purchasing an additional 1,650 shares during the last quarter. Institutional investors own 76.48% of the company’s stock.

Nucor Stock Performance

NUE stock opened at $130.75 on Friday. The company has a market capitalization of $30.17 billion, a P/E ratio of 23.27, a PEG ratio of 0.83 and a beta of 1.67. The company has a 50-day simple moving average of $117.76 and a 200 day simple moving average of $122.25. Nucor Corporation has a fifty-two week low of $97.59 and a fifty-two week high of $170.52. The company has a quick ratio of 1.48, a current ratio of 2.52 and a debt-to-equity ratio of 0.32.

Nucor (NYSE:NUE – Get Free Report) last posted its quarterly earnings data on Monday, April 28th. The basic materials company reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.92 by ($0.15). The company had revenue of $7.83 billion during the quarter, compared to analyst estimates of $7.25 billion. Nucor had a return on equity of 6.82% and a net margin of 4.40%. The business’s revenue for the quarter was down 3.8% compared to the same quarter last year. During the same period in the previous year, the company earned $3.46 EPS. Sell-side analysts predict that Nucor Corporation will post 7.64 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 11th. Shareholders of record on Monday, June 30th will be issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date is Monday, June 30th. Nucor’s payout ratio is 39.15%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on NUE shares. BMO Capital Markets raised shares of Nucor from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $140.00 to $145.00 in a report on Monday, June 2nd. Wall Street Zen downgraded shares of Nucor from a “hold” rating to a “sell” rating in a report on Wednesday, April 30th. Argus set a $155.00 price target on shares of Nucor in a report on Wednesday, March 5th. UBS Group reduced their price target on shares of Nucor from $153.00 to $147.00 and set a “buy” rating for the company in a report on Thursday, May 29th. Finally, Morgan Stanley boosted 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. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $150.00.

View Our Latest Stock Report on Nucor

Insider Buying and Selling at Nucor

In other Nucor news, EVP Daniel R. Needham sold 7,088 shares of the company’s stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $127.87, for a total value of $906,342.56. Following the completion of the sale, the executive vice president now directly owns 99,379 shares of the company’s stock, valued at approximately $12,707,592.73. This represents a 6.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Leon J. Topalian sold 34,238 shares of the company’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $120.19, for a total transaction of $4,115,065.22. Following the completion of the sale, the chief executive officer now directly owns 162,993 shares of the company’s stock, valued at $19,590,128.67. The trade was a 17.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.46% of the stock is owned by corporate insiders.

Nucor Profile

(Free Report)

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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