Cary Street Partners Investment Advisory LLC lifted its holdings in Nucor Co. (NYSE:NUE – Free Report) by 1,193.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,904 shares of the basic materials company’s stock after buying an additional 4,525 shares during the quarter. Cary Street Partners Investment Advisory LLC’s holdings in Nucor were worth $804,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. Mach 1 Financial Group LLC purchased a new stake in shares of Nucor in the first quarter valued at approximately $20,853,000. Avalon Trust Co purchased a new stake in shares of Nucor in the first quarter valued at approximately $25,000. Nelson Van Denburg & Campbell Wealth Management Group LLC purchased a new stake in shares of Nucor in the first quarter valued at approximately $32,000. AdvisorNet Financial Inc raised its holdings in Nucor by 57.4% during the first quarter. AdvisorNet Financial Inc now owns 244 shares of the basic materials company’s stock worth $38,000 after purchasing an additional 89 shares during the last quarter. Finally, Kalos Management Inc. acquired a new position in Nucor during the first quarter worth $38,000. 77.76% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several equities analysts recently issued reports on NUE shares. Morgan Stanley reduced their price objective on Nucor from $162.00 to $154.00 and set an “equal weight” rating for the company in a report on Tuesday, October 31st. Citigroup lifted their price objective on Nucor from $160.00 to $180.00 and gave the stock a “neutral” rating in a report on Thursday, July 27th. JPMorgan Chase & Co. raised Nucor from an “underweight” rating to a “neutral” rating and set a $151.00 price objective for the company in a report on Monday, October 16th. Finally, StockNews.com started coverage on Nucor in a report on Thursday, October 5th. They set a “hold” rating for the company. Eight analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Nucor currently has a consensus rating of “Hold” and an average price target of $164.56.
Nucor Stock Performance
NYSE NUE opened at $156.76 on Monday. Nucor Co. has a fifty-two week low of $129.46 and a fifty-two week high of $182.68. The stock has a market cap of $38.54 billion, a price-to-earnings ratio of 7.95 and a beta of 1.64. The business has a fifty day moving average of $152.87 and a 200-day moving average of $155.83. The company has a quick ratio of 2.50, a current ratio of 3.72 and a debt-to-equity ratio of 0.31.
Nucor (NYSE:NUE – Get Free Report) last released its earnings results on Tuesday, October 24th. The basic materials company reported $4.57 EPS for the quarter, beating the consensus estimate of $4.19 by $0.38. The firm had revenue of $8.78 billion during the quarter, compared to analyst estimates of $8.37 billion. Nucor had a return on equity of 24.38% and a net margin of 13.98%. The business’s quarterly revenue was down 16.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $6.50 earnings per share. As a group, analysts predict that Nucor Co. will post 17.82 earnings per share for the current fiscal year.
Nucor Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 9th. Investors of record on Friday, September 29th were paid a $0.51 dividend. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $2.04 annualized dividend and a yield of 1.30%. Nucor’s payout ratio is currently 10.34%.
Nucor Corporation engages in manufacture and sale of 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 engineered special bar quality products.
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