Novare Capital Management LLC Invests $245,000 in Nucor Corporation $NUE

Novare Capital Management LLC purchased a new position in shares of Nucor Corporation (NYSE:NUE) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,890 shares of the basic materials company’s stock, valued at approximately $245,000.

Several other large investors have also modified their holdings of NUE. Matrix Trust Co lifted its position in shares of Nucor by 53.8% during the second quarter. Matrix Trust Co now owns 240 shares of the basic materials company’s stock worth $31,000 after purchasing an additional 84 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in shares of Nucor by 81.8% during the first quarter. Geneos Wealth Management Inc. now owns 340 shares of the basic materials company’s stock worth $41,000 after purchasing an additional 153 shares during the last quarter. Spirit of America Management Corp NY bought a new position in shares of Nucor during the first quarter worth about $48,000. Meeder Asset Management Inc. lifted its position in shares of Nucor by 209.6% during the first quarter. Meeder Asset Management Inc. now owns 418 shares of the basic materials company’s stock worth $50,000 after purchasing an additional 283 shares during the last quarter. Finally, Putney Financial Group LLC raised its stake in Nucor by 86.8% during the first quarter. Putney Financial Group LLC now owns 467 shares of the basic materials company’s stock worth $56,000 after acquiring an additional 217 shares during the period. Institutional investors own 76.48% of the company’s stock.

Insider Activity at Nucor

In related news, EVP Kenneth Rex Query sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $144.90, for a total transaction of $1,449,000.00. Following the transaction, the executive vice president owned 84,080 shares in the company, valued at $12,183,192. This trade represents a 10.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Allen C. Behr sold 8,021 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive vice president owned 82,703 shares in the company, valued at $11,857,956.14. This represents a 8.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 31,309 shares of company stock worth $4,553,771 over the last ninety days. Insiders own 0.46% of the company’s stock.

Nucor Price Performance

Shares of NYSE:NUE opened at $131.70 on Friday. The firm’s 50 day moving average is $140.92 and its two-hundred day moving average is $129.76. Nucor Corporation has a 52 week low of $97.59 and a 52 week high of $170.52. The firm has a market capitalization of $30.23 billion, a P/E ratio of 23.77, a PEG ratio of 0.94 and a beta of 1.75. The company has a current ratio of 2.83, a quick ratio of 1.51 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 EPS for the quarter, beating the consensus estimate 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 quarter last year, the business earned $2.68 earnings per share. Nucor’s revenue was up 4.7% compared to the same quarter last year. Analysts anticipate that Nucor Corporation will post 7.64 earnings per share for the current year.

Nucor Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Investors 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%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on NUE. Bank of America increased their price objective 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. Weiss Ratings reiterated a “hold (c)” rating on shares of Nucor in a research note on Wednesday, October 8th. JPMorgan Chase & Co. increased their price objective on shares of Nucor from $165.00 to $172.00 and gave the stock an “overweight” rating in a research note on Monday, October 13th. Wells Fargo & Company dropped their price objective on shares of Nucor from $146.00 to $140.00 and set an “equal weight” rating on the stock 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 increased their price objective for the stock from $135.00 to $170.00 in a research note on Thursday, July 31st. Eight equities research 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 company has an average rating of “Moderate Buy” and an average target price of $157.60.

Nucor 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.