Nordea Investment Management AB Buys 177,420 Shares of Nucor Corporation $NUE

Nordea Investment Management AB lifted its stake in shares of Nucor Corporation (NYSE:NUE) by 10.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,856,100 shares of the basic materials company’s stock after acquiring an additional 177,420 shares during the period. Nordea Investment Management AB owned approximately 0.80% of Nucor worth $244,059,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Praxis Investment Management Inc. increased its position in shares of Nucor by 8.3% during the second quarter. Praxis Investment Management Inc. now owns 6,410 shares of the basic materials company’s stock worth $830,000 after acquiring an additional 490 shares in the last quarter. WealthPlan Investment Management LLC increased its position in shares of Nucor by 14.3% during the second quarter. WealthPlan Investment Management LLC now owns 68,834 shares of the basic materials company’s stock worth $8,917,000 after acquiring an additional 8,624 shares in the last quarter. Mutual Advisors LLC increased its position in shares of Nucor by 7.7% during the second quarter. Mutual Advisors LLC now owns 15,264 shares of the basic materials company’s stock worth $1,977,000 after acquiring an additional 1,086 shares in the last quarter. Cypress Wealth Services LLC bought a new stake in shares of Nucor during the second quarter worth $207,000. Finally, Bayforest Capital Ltd bought a new position in Nucor in the second quarter valued at $229,000. Institutional investors own 76.48% of the company’s stock.

Nucor Stock Performance

Shares of NUE stock opened at $132.55 on Friday. The stock has a market cap of $30.43 billion, a P/E ratio of 23.93, a P/E/G ratio of 0.97 and a beta of 1.75. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.83 and a quick ratio of 1.51. The company has a fifty day moving average price of $141.07 and a two-hundred day moving average price of $129.63. Nucor Corporation has a one year low of $97.59 and a one year high of $170.52.

Nucor (NYSE:NUE) last announced its quarterly earnings results on Monday, July 28th. The basic materials company reported $2.60 EPS for the quarter, beating analysts’ consensus estimates of $2.54 by $0.06. The firm had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.47 billion. Nucor had a net margin of 4.21% and a return on equity of 6.65%. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter last year, the company posted $2.68 earnings per share. As a group, equities analysts predict that Nucor Corporation will post 7.64 EPS for the current year.

Nucor Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Tuesday, September 30th. Nucor’s dividend payout ratio (DPR) is currently 39.71%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. raised their target price on shares of Nucor from $165.00 to $172.00 and gave the company an “overweight” rating in a research report on Monday. Wells Fargo & Company decreased their target price on shares of Nucor from $146.00 to $140.00 and set an “equal weight” rating for the company in a research report on Thursday, September 18th. Bank of America raised their target price on shares of Nucor from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Monday, September 15th. Morgan Stanley raised their target price on shares of Nucor from $134.00 to $149.00 and gave the company an “overweight” rating in a research report on Friday, June 20th. Finally, Jefferies Financial Group raised shares of Nucor from a “hold” rating to a “buy” rating and raised their target price for the company from $135.00 to $170.00 in a research report on Thursday, July 31st. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $157.60.

Insider Activity at Nucor

In other news, EVP Daniel R. Needham sold 7,200 shares of the firm’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $146.00, for a total transaction of $1,051,200.00. Following the completion of the sale, the executive vice president owned 92,179 shares in the company, valued at approximately $13,458,134. This trade represents a 7.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Kenneth Rex Query sold 10,000 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $12,183,192. This represents a 10.63% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 31,309 shares of company stock worth $4,553,771. 0.46% of the stock is owned by corporate insiders.

About Nucor

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.