L2 Asset Management LLC Purchases Shares of 3,190 Nucor Co. (NYSE:NUE)

L2 Asset Management LLC bought a new stake in Nucor Co. (NYSE:NUEGet Rating) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 3,190 shares of the basic materials company’s stock, valued at approximately $364,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. FMR LLC raised its position in Nucor by 123.0% during the first quarter. FMR LLC now owns 674,154 shares of the basic materials company’s stock valued at $39,337,000 after purchasing an additional 371,876 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Nucor by 18.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,831,049 shares of the basic materials company’s stock valued at $209,014,000 after purchasing an additional 290,534 shares during the period. Allspring Global Investments Holdings LLC bought a new stake in Nucor during the fourth quarter valued at $30,594,000. Todd Asset Management LLC bought a new stake in Nucor during the fourth quarter valued at $23,240,000. Finally, Teachers Retirement System of The State of Kentucky boosted its position in Nucor by 870.3% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 224,379 shares of the basic materials company’s stock valued at $25,613,000 after acquiring an additional 201,254 shares during the last quarter. 77.70% of the stock is currently owned by hedge funds and other institutional investors.

NYSE NUE traded down $0.85 during trading hours on Friday, hitting $123.79. The company’s stock had a trading volume of 3,377,586 shares, compared to its average volume of 3,543,291. Nucor Co. has a 52 week low of $87.71 and a 52 week high of $187.90. The company has a market capitalization of $33.27 billion, a PE ratio of 4.43 and a beta of 1.22. The company has a current ratio of 2.88, a quick ratio of 1.66 and a debt-to-equity ratio of 0.38. The company’s 50-day simple moving average is $147.76 and its two-hundred day simple moving average is $125.60.

Nucor (NYSE:NUEGet Rating) last announced its quarterly earnings results on Thursday, April 21st. The basic materials company reported $7.67 earnings per share for the quarter, beating the consensus estimate of $7.39 by $0.28. Nucor had a net margin of 19.97% and a return on equity of 55.61%. The business had revenue of $10.49 billion for the quarter, compared to analysts’ expectations of $10.72 billion. During the same quarter last year, the firm earned $3.10 EPS. The firm’s revenue for the quarter was up 49.5% compared to the same quarter last year. Research analysts anticipate that Nucor Co. will post 27.04 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 11th. Investors of record on Thursday, March 31st were given a $0.50 dividend. The ex-dividend date of this dividend was Wednesday, March 30th. This represents a $2.00 annualized dividend and a yield of 1.62%. Nucor’s payout ratio is 7.15%.

In other Nucor news, EVP Allen C. Behr sold 3,014 shares of the stock in a transaction dated Monday, March 21st. The shares were sold at an average price of $143.40, for a total value of $432,207.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Leon J. Topalian sold 16,589 shares of the stock in a transaction dated Wednesday, March 23rd. The shares were sold at an average price of $148.28, for a total transaction of $2,459,816.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 31,639 shares of company stock valued at $4,736,302. Company insiders own 0.46% of the company’s stock.

A number of analysts have commented on the stock. Argus upped their price target on shares of Nucor from $140.00 to $190.00 and gave the company a “buy” rating in a research report on Monday, April 25th. Credit Suisse Group upped their price target on shares of Nucor from $142.00 to $175.00 and gave the company an “outperform” rating in a research report on Friday, April 22nd. StockNews.com began coverage on shares of Nucor in a research report on Thursday, March 31st. They set a “buy” rating on the stock. Morgan Stanley increased their price objective on shares of Nucor from $107.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Monday, January 31st. Finally, BMO Capital Markets increased their price objective on shares of Nucor from $152.00 to $168.00 in a research report on Friday, April 22nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $143.64.

Nucor Profile (Get Rating)

Nucor Corporation manufactures and sells steel and steel products. The company's 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 products; and bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and special bar quality products.

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Institutional Ownership by Quarter for Nucor (NYSE:NUE)

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