Allegiance Financial Group Advisory Services LLC Acquires Shares of 2,024 Nucor Corporation $NUE

Allegiance Financial Group Advisory Services LLC purchased a new stake in Nucor Corporation (NYSE:NUE) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 2,024 shares of the basic materials company’s stock, valued at approximately $263,000.

Several other large investors have also modified their holdings of NUE. Wedmont Private Capital raised its holdings in shares of Nucor by 6.2% in the 1st quarter. Wedmont Private Capital now owns 2,737 shares of the basic materials company’s stock valued at $304,000 after purchasing an additional 159 shares in the last quarter. Park Avenue Securities LLC raised its holdings in shares of Nucor by 5.8% in the 1st quarter. Park Avenue Securities LLC now owns 7,501 shares of the basic materials company’s stock valued at $903,000 after purchasing an additional 413 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Nucor by 25.1% in the 1st quarter. Farther Finance Advisors LLC now owns 2,344 shares of the basic materials company’s stock valued at $280,000 after purchasing an additional 470 shares in the last quarter. Yousif Capital Management LLC raised its holdings in shares of Nucor by 12.7% in the 1st quarter. Yousif Capital Management LLC now owns 92,532 shares of the basic materials company’s stock valued at $11,135,000 after purchasing an additional 10,462 shares in the last quarter. Finally, Harbor Capital Advisors Inc. bought a new stake in shares of Nucor in the 1st quarter valued at about $717,000. Institutional investors own 76.48% of the company’s stock.

Insider Buying and Selling at Nucor

In other news, EVP Daniel R. Needham sold 7,200 shares of the company’s stock in a transaction on 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 directly owned 92,179 shares of the company’s stock, valued at $13,458,134. This represents a 7.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Allen C. Behr sold 8,021 shares of the company’s stock in a transaction 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 completion of the sale, the executive vice president directly owned 82,703 shares in the company, valued at $11,857,956.14. This trade represents a 8.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 31,309 shares of company stock valued at $4,553,771 over the last quarter. Insiders own 0.46% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Morgan Stanley boosted their price objective on shares of Nucor from $134.00 to $149.00 and gave the stock an “overweight” rating in a research note on Friday, June 20th. Weiss Ratings reiterated a “hold (c)” rating on shares of Nucor in a research note on Wednesday. The Goldman Sachs Group reduced their price objective on shares of Nucor from $182.00 to $173.00 and set a “buy” rating for the company in a research note on Monday, September 22nd. Wells Fargo & Company reduced their price objective on shares of Nucor from $146.00 to $140.00 and set an “equal weight” rating for the company in a research note on Thursday, September 18th. Finally, Jefferies Financial Group upgraded shares of Nucor from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $135.00 to $170.00 in a research note on Thursday, July 31st. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $156.60.

Nucor Stock Up 1.4%

NYSE:NUE opened at $137.73 on Thursday. The company has a market cap of $31.61 billion, a PE ratio of 24.86, a P/E/G ratio of 0.94 and a beta of 1.75. Nucor Corporation has a twelve month low of $97.59 and a twelve month high of $170.52. 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 company’s 50 day moving average is $141.45 and its two-hundred day moving average is $129.19.

Nucor (NYSE:NUE) last released its earnings results on Monday, July 28th. The basic materials company reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.54 by $0.06. The company had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.47 billion. Nucor had a net margin of 4.21% and a return on equity of 6.65%. Nucor’s revenue was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.68 EPS. Analysts anticipate that Nucor Corporation will post 7.64 EPS for the current year.

Nucor Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Tuesday, September 30th will be issued a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Tuesday, September 30th. Nucor’s dividend payout ratio is 39.71%.

Nucor Company 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.