IFP Advisors Inc Boosts Stock Position in Nucor Corporation $NUE

IFP Advisors Inc raised its stake in Nucor Corporation (NYSE:NUE) by 4.5% during the 2nd quarter, Holdings Channel.com reports. The firm owned 4,988 shares of the basic materials company’s stock after buying an additional 216 shares during the quarter. IFP Advisors Inc’s holdings in Nucor were worth $646,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Nucor by 17.8% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,595 shares of the basic materials company’s stock worth $3,853,000 after acquiring an additional 4,763 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Nucor by 21.4% during 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 last quarter. Assenagon Asset Management S.A. grew its stake in shares of 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. grew its stake in shares of 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. grew its stake in shares of Nucor by 12.4% during the first quarter. Envestnet Asset Management Inc. now owns 305,006 shares of the basic materials company’s stock worth $36,704,000 after acquiring an additional 33,700 shares during the last quarter. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Nucor Price Performance

Shares of NYSE NUE opened at $136.82 on Tuesday. The business’s 50 day moving average price is $141.24 and its 200 day moving average price is $129.44. The firm has a market cap of $31.41 billion, a P/E ratio of 24.70, a P/E/G ratio of 0.92 and a beta of 1.75. Nucor Corporation has a 52 week low of $97.59 and a 52 week high of $170.52. The company has a quick ratio of 1.51, a current ratio of 2.83 and a debt-to-equity ratio of 0.31.

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

Nucor Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on NUE. The Goldman Sachs Group dropped their price target on Nucor from $182.00 to $173.00 and set a “buy” rating on the stock in a research note on Monday, September 22nd. JPMorgan Chase & Co. boosted their price target on Nucor from $165.00 to $172.00 and gave the stock an “overweight” rating in a research note on Monday. Weiss Ratings restated a “hold (c)” rating on shares of Nucor in a research note on Wednesday, October 8th. Morgan Stanley boosted their price target on Nucor from $134.00 to $149.00 and gave the stock an “overweight” rating in a research note on Friday, June 20th. Finally, Wells Fargo & Company dropped their target price on Nucor from $146.00 to $140.00 and set an “equal weight” rating on the stock in a research report on Thursday, September 18th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $157.60.

Insider Buying and Selling

In other Nucor news, EVP Kenneth Rex Query sold 10,000 shares of the business’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 value of $1,449,000.00. Following the completion of the transaction, the executive vice president directly owned 84,080 shares of the company’s stock, valued at approximately $12,183,192. The trade was a 10.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Michael D. Keller sold 6,088 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $148.41, for a total value of $903,520.08. Following the completion of the transaction, the insider directly owned 22,464 shares of the company’s stock, valued at $3,333,882.24. The trade was a 21.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 31,309 shares of company stock valued at $4,553,771. Insiders own 0.71% of the company’s stock.

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.