Tocqueville Asset Management L.P. Acquires New Stake in Nucor Corporation $NUE

Tocqueville Asset Management L.P. acquired a new stake in shares of Nucor Corporation (NYSE:NUE) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 111,734 shares of the basic materials company’s stock, valued at approximately $24,889,000.

Several other hedge funds have also added to or reduced their stakes in NUE. Northwestern Mutual Wealth Management Co. increased its position in shares of Nucor by 745.2% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 83,463 shares of the basic materials company’s stock valued at $13,614,000 after acquiring an additional 73,588 shares in the last quarter. California Public Employees Retirement System lifted its position in Nucor by 19.3% in the 1st quarter. California Public Employees Retirement System now owns 510,331 shares of the basic materials company’s stock valued at $86,297,000 after acquiring an additional 82,668 shares in the last quarter. Pacific Heights Asset Management LLC lifted its position in Nucor by 12.9% in the 4th quarter. Pacific Heights Asset Management LLC now owns 175,000 shares of the basic materials company’s stock valued at $28,544,000 after acquiring an additional 20,000 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Nucor by 1.7% during the 1st quarter. Bank of New York Mellon Corp now owns 1,809,899 shares of the basic materials company’s stock valued at $306,054,000 after purchasing an additional 29,476 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in Nucor during the 4th quarter valued at $23,804,000. 76.48% of the stock is owned by institutional investors.

Insider Transactions at Nucor

In other news, COO Stephen D. Laxton sold 3,968 shares of the stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $256.96, for a total value of $1,019,617.28. Following the transaction, the chief operating officer owned 77,867 shares in the company, valued at $20,008,704.32. This represents a 4.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP John J. Hollatz sold 10,560 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $258.46, for a total transaction of $2,729,337.60. Following the completion of the transaction, the executive vice president directly owned 97,865 shares in the company, valued at approximately $25,294,187.90. The trade was a 9.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 18,528 shares of company stock worth $4,793,035 in the last quarter. Company insiders own 0.62% of the company’s stock.

Nucor Stock Performance

Shares of NUE opened at $248.72 on Thursday. The firm has a market capitalization of $56.43 billion, a P/E ratio of 19.83, a PEG ratio of 0.59 and a beta of 1.89. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.51 and a quick ratio of 1.36. Nucor Corporation has a one year low of $131.32 and a one year high of $280.11. The business has a fifty day moving average of $247.72 and a 200 day moving average of $216.16.

Nucor (NYSE:NUE) last posted its earnings results on Monday, July 27th. The basic materials company reported $4.84 earnings per share for the quarter, beating analysts’ consensus estimates of $4.46 by $0.38. The company had revenue of $10.40 billion for the quarter, compared to the consensus estimate of $10.15 billion. Nucor had a return on equity of 12.73% and a net margin of 7.99%.Nucor’s revenue was up 23.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.60 earnings per share. As a group, sell-side analysts anticipate that Nucor Corporation will post 17.95 EPS for the current year.

Nucor Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 11th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.56 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $2.24 annualized dividend and a dividend yield of 0.9%. Nucor’s dividend payout ratio is presently 17.86%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on NUE. BNP Paribas Exane boosted their price target on Nucor from $210.00 to $248.00 and gave the stock an “outperform” rating in a research note on Monday, May 4th. Zacks Research cut Nucor from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 29th. Wells Fargo & Company lifted their price objective on Nucor from $283.00 to $297.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Wall Street Zen raised Nucor from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 16th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Nucor in a research note on Tuesday, August 11th. Twelve research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $273.31.

Nucor Profile

Nucor Corporation (NYSE: NUE) is an American steel producer headquartered in Charlotte, North Carolina. The company is primarily engaged in the manufacture and sale of steel and steel products, operating a network of steel mills, recycling facilities and fabrication plants across the United States and North America. Nucor’s operations emphasize electric arc furnace steelmaking using recycled scrap metal, which supports a decentralized, mill-based production model focused on efficiency and flexibility.

Product offerings span a broad range of basic and value‑added steel items, including sheet, plate, merchant bar, structural beams, reinforcing bar, tubing, fasteners and fabricated components.