Nucor Corporation $NUE Shares Newly Bought by USA Financial Formulas

USA Financial Formulas purchased a new stake in shares of Nucor Corporation (NYSE:NUE) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 2,132 shares of the basic materials company’s stock, valued at approximately $498,000.

Other institutional investors have also made changes to their positions in the company. Transamerica Financial Advisors LLC bought a new position in Nucor during the second quarter valued at approximately $25,000. Manning & Napier Advisors LLC acquired a new stake in Nucor in the second quarter valued at approximately $27,000. Bell Investment Advisors Inc acquired a new stake in Nucor in the second quarter valued at approximately $28,000. GK Wealth Management LLC acquired a new stake in Nucor in the third quarter valued at approximately $28,000. Finally, Markowski Investments bought a new stake in Nucor in the second quarter worth approximately $29,000. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Nucor Stock Up 0.6%

Shares of NUE stock opened at $256.32 on Friday. The stock’s 50 day simple moving average is $253.71 and its 200 day simple moving average is $238.02. Nucor Corporation has a twelve month low of $131.32 and a twelve month high of $280.11. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.36 and a current ratio of 2.51. The company has a market capitalization of $58.15 billion, a price-to-earnings ratio of 20.44, a PEG ratio of 0.63 and a beta of 1.84.

Nucor (NYSE:NUE) last announced its earnings results on Monday, July 27th. The basic materials company reported $4.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.46 by $0.38. Nucor had a return on equity of 12.73% and a net margin of 7.99%. The firm had revenue of $10.40 billion during the quarter, compared to analysts’ expectations of $10.15 billion. During the same quarter in the prior year, the business earned $2.60 earnings per share. The company’s revenue was up 23.0% on a year-over-year basis. As a group, research analysts predict that Nucor Corporation will post 19.62 EPS for the current year.

Nucor Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 10th. Stockholders of record on Wednesday, September 30th will be paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Wednesday, September 30th. Nucor’s payout ratio is presently 17.86%.

Insiders Place Their Bets

In related news, EVP Thomas J. Batterbee sold 4,000 shares of the firm’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $261.02, for a total value of $1,044,080.00. Following the transaction, the executive vice president directly owned 16,138 shares in the company, valued at approximately $4,212,340.76. This trade represents a 19.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Stephen D. Laxton sold 3,968 shares of Nucor stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $256.96, for a total transaction of $1,019,617.28. Following the completion of the transaction, the chief operating officer owned 77,867 shares in the company, valued at $20,008,704.32. This trade represents a 4.85% decrease in their position. The SEC filing for this sale provides additional information. 0.62% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Freedom Broker lowered shares of Nucor from a “buy” rating to a “hold” rating and dropped their price target for the stock from $305.00 to $285.00 in a research note on Friday, September 18th. Wells Fargo & Company reduced their price objective on shares of Nucor from $285.00 to $280.00 and set an “overweight” rating for the company in a research note on Friday, September 18th. Zacks Research raised shares of Nucor from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 13th. Bank of America decreased their price objective on shares of Nucor from $290.00 to $280.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Finally, UBS Group increased their target price on shares of Nucor from $224.00 to $256.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Nucor currently has a consensus rating of “Moderate Buy” and a consensus target price of $276.07.

About Nucor

Nucor Corporation is a steel producer headquartered in Charlotte, North Carolina. Through its operating subsidiaries, the company manufactures steel and steel products for customers in construction, automotive, energy, heavy equipment, transportation and other industrial markets.

Nucor’s operations include electric arc furnace steel mills, which produce carbon, alloy and galvanized steel products. Its product portfolio includes sheet steel, plate, beams, bars, wire and wire mesh, steel joists, deck, piling, fabricated concrete reinforcing steel and other downstream products.