Means Investment CO. Inc. Boosts Position in Nucor Corporation $NUE

Means Investment CO. Inc. lifted its position in Nucor Corporation (NYSE:NUE) by 2.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,646 shares of the basic materials company’s stock after purchasing an additional 202 shares during the quarter. Means Investment CO. Inc.’s holdings in Nucor were worth $1,250,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Nucor by 17.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,595 shares of the basic materials company’s stock worth $3,853,000 after buying an additional 4,763 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Nucor by 21.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 101,459 shares of the basic materials company’s stock worth $12,210,000 after acquiring an additional 17,861 shares during the period. Assenagon Asset Management S.A. increased its stake in Nucor by 20.5% during the first quarter. Assenagon Asset Management S.A. now owns 28,886 shares of the basic materials company’s stock worth $3,476,000 after acquiring an additional 4,914 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its stake in Nucor by 138.5% during the second quarter. Robeco Institutional Asset Management B.V. now owns 121,543 shares of the basic materials company’s stock worth $15,745,000 after acquiring an additional 70,581 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its position in Nucor by 12.4% in the first quarter. Envestnet Asset Management Inc. now owns 305,006 shares of the basic materials company’s stock valued at $36,704,000 after purchasing an additional 33,700 shares during the period. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Nucor Trading Down 3.2%

NYSE NUE opened at $133.68 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.51 and a current ratio of 2.83. The firm has a market cap of $30.68 billion, a price-to-earnings ratio of 24.13, a PEG ratio of 0.92 and a beta of 1.75. The firm has a 50 day simple moving average of $141.25 and a 200-day simple moving average of $129.32. Nucor Corporation has a one year low of $97.59 and a one year high of $170.52.

Nucor (NYSE:NUE) last released its earnings results on Monday, July 28th. The basic materials company reported $2.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.54 by $0.06. Nucor had a net margin of 4.21% and a return on equity of 6.65%. The company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.47 billion. During the same period in the prior year, the business earned $2.68 EPS. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. Equities research analysts anticipate 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. Investors of record on Tuesday, September 30th will be issued a $0.55 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $2.20 dividend on an annualized basis and a yield of 1.6%. Nucor’s dividend payout ratio (DPR) is 39.71%.

Insider Buying and Selling

In other news, EVP Allen C. Behr sold 8,021 shares of the business’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 of the company’s stock, valued at approximately $11,857,956.14. The trade was a 8.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Kenneth Rex Query sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $144.90, for a total transaction of $1,449,000.00. Following the sale, the executive vice president owned 84,080 shares in the company, valued at $12,183,192. The trade was a 10.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 31,309 shares of company stock valued at $4,553,771. Company insiders own 0.46% of the company’s stock.

Wall Street Analysts Forecast Growth

NUE has been the subject of a number of research analyst reports. Jefferies Financial Group upgraded Nucor from a “hold” rating to a “buy” rating and increased their price target for the stock from $135.00 to $170.00 in a report on Thursday, July 31st. Bank of America increased their target price on shares of Nucor from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Monday, September 15th. JPMorgan Chase & Co. boosted their price target on shares of Nucor from $143.00 to $162.00 and gave the company an “overweight” rating in a research note on Monday, July 14th. Morgan Stanley upped their price objective on shares of Nucor from $134.00 to $149.00 and gave the stock an “overweight” rating in a report on Friday, June 20th. Finally, Wells Fargo & Company dropped their target price on shares of Nucor from $146.00 to $140.00 and set an “equal weight” rating for the company in a report on Thursday, September 18th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $156.60.

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.