SPC Financial Inc. Purchases 154 Shares of Nucor Co. (NYSE:NUE)

17 Oct 2024, 16:08 by Mitch Edgeman · The Markets Daily

SPC Financial Inc. boosted its position in shares of Nucor Co. (NYSE:NUE – Free Report) by 1.7% in the third quarter, HoldingsChannel reports. The institutional investor owned 9,051 shares of the basic materials company’s stock after acquiring an additional 154 shares during the quarter. SPC Financial Inc.’s holdings in Nucor were worth $1,361,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NUE. McClarren Financial Advisors Inc. raised its holdings in Nucor by 129.0% during the 2nd quarter. McClarren Financial Advisors Inc. now owns 158 shares of the basic materials company’s stock valued at $25,000 after buying an additional 89 shares during the last quarter. Rise Advisors LLC bought a new stake in Nucor during the 1st quarter valued at $27,000. Chilton Capital Management LLC raised its holdings in Nucor by 94.2% during the 1st quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock valued at $27,000 after buying an additional 65 shares during the last quarter. Central Pacific Bank Trust Division purchased a new position in Nucor during the 1st quarter valued at $28,000. Finally, Tompkins Financial Corp increased its position in Nucor by 208.0% during the 1st quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 104 shares during the period. 76.48% of the stock is currently owned by institutional investors.

Insider Transactions at Nucor

In other news, EVP Daniel R. Needham sold 8,624 shares of the stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total value of $1,379,840.00. Following the transaction, the executive vice president now owns 99,049 shares in the company, valued at $15,847,840. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.46% of the company’s stock.

Wall Street Analysts Forecast Growth

NUE has been the topic of a number of research analyst reports. JPMorgan Chase & Co. reduced their price objective on shares of Nucor from $174.00 to $170.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 9th. Bank of America reduced their price objective on shares of Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, June 26th. Argus raised shares of Nucor to a “strong-buy” rating in a research report on Monday, August 26th. BMO Capital Markets reduced their price objective on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a research report on Wednesday, September 18th. Finally, Morgan Stanley reduced their price objective on shares of Nucor from $176.00 to $170.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 18th. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $191.43.

Check Out Our Latest Research Report on Nucor

Nucor Price Performance

NUE opened at $154.26 on Thursday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.85 and a current ratio of 2.93. The stock has a market capitalization of $36.99 billion, a P/E ratio of 9.07 and a beta of 1.55. The company’s 50-day simple moving average is $146.93 and its two-hundred day simple moving average is $161.06. Nucor Co. has a 52-week low of $133.42 and a 52-week high of $203.00.

Nucor (NYSE:NUE – Get Free Report) last issued its quarterly earnings data on Monday, July 22nd. The basic materials company reported $2.68 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.37. Nucor had a net margin of 10.45% and a return on equity of 15.69%. The firm had revenue of $8.08 billion for the quarter, compared to analysts’ expectations of $7.69 billion. During the same quarter in the prior year, the business earned $5.81 EPS. The business’s quarterly revenue was down 15.2% on a year-over-year basis. As a group, analysts predict that Nucor Co. will post 9.1 EPS for the current year.

Nucor Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Friday, September 27th will be paid a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 1.40%. The ex-dividend date is Friday, September 27th. Nucor’s dividend payout ratio (DPR) is presently 12.71%.

Nucor Company 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.