Oppenheimer Asset Management Inc. Takes $7.95 Million Position in Nucor Corporation $NUE

Oppenheimer Asset Management Inc. bought a new position in shares of Nucor Corporation (NYSE:NUE) during the second quarter, HoldingsChannel.com reports. The institutional investor bought 35,707 shares of the basic materials company’s stock, valued at approximately $7,954,000.

Several other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Nucor by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 28,407,540 shares of the basic materials company’s stock valued at $4,633,554,000 after purchasing an additional 144,038 shares during the period. Morgan Stanley increased its position in Nucor by 1.1% during the 4th quarter. Morgan Stanley now owns 3,853,205 shares of the basic materials company’s stock worth $628,497,000 after buying an additional 41,728 shares during the period. Norges Bank bought a new position in Nucor during the 4th quarter worth $609,002,000. Dimensional Fund Advisors LP lifted its holdings in shares of Nucor by 0.9% during the first quarter. Dimensional Fund Advisors LP now owns 2,539,044 shares of the basic materials company’s stock worth $429,298,000 after buying an additional 22,718 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Nucor by 3.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,919,883 shares of the basic materials company’s stock worth $313,152,000 after buying an additional 56,565 shares in the last quarter. 76.48% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Randy J. Spicer sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $225.00, for a total value of $562,500.00. Following the completion of the transaction, the executive vice president directly owned 20,510 shares in the company, valued at approximately $4,614,750. The trade was a 10.86% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Stephen D. Laxton sold 3,968 shares of the company’s stock in a transaction that occurred 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 sale, the chief operating officer directly owned 77,867 shares of the company’s stock, valued at approximately $20,008,704.32. This trade represents a 4.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 21,028 shares of company stock valued at $5,355,535. Corporate insiders own 0.62% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on NUE shares. Barclays boosted their target price on shares of Nucor from $272.00 to $295.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Morgan Stanley set a $270.00 price objective on shares of Nucor in a research note on Wednesday, July 29th. Wells Fargo & Company lifted their price objective on shares of Nucor from $283.00 to $297.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. The Goldman Sachs Group boosted their price objective on shares of Nucor from $260.00 to $284.00 and gave the company a “buy” rating in a report on Tuesday, June 16th. Finally, Bank of America decreased their target price on shares of Nucor from $290.00 to $280.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Twelve equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $273.31.

Nucor Stock Performance

NYSE:NUE opened at $268.11 on Friday. The stock has a fifty day moving average price of $247.15 and a 200-day moving average price of $214.08. The company has a market cap of $60.83 billion, a price-to-earnings ratio of 21.38, a PEG ratio of 0.61 and a beta of 1.89. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.36 and a current ratio of 2.51. Nucor Corporation has a fifty-two week low of $131.32 and a fifty-two week high of $280.11.

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

Nucor Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 11th. Shareholders of record on Tuesday, June 30th were paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Tuesday, June 30th. Nucor’s dividend payout ratio is presently 17.86%.

About Nucor

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.