Nucor Corporation $NUE Shares Purchased by CX Institutional

CX Institutional lifted its stake in shares of Nucor Corporation (NYSE:NUE) by 21.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 64,890 shares of the basic materials company’s stock after purchasing an additional 11,592 shares during the quarter. CX Institutional’s holdings in Nucor were worth $15,168,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. BlackRock Inc. bought a new stake in Nucor during the second quarter worth about $4,452,563,000. Dimensional Fund Advisors LP raised its position in shares of Nucor by 0.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,539,044 shares of the basic materials company’s stock valued at $429,298,000 after buying an additional 22,718 shares in the last quarter. Bank of America Corp DE bought a new stake in shares of Nucor during the 2nd quarter worth approximately $462,886,000. Berkshire Hathaway Inc bought a new stake in shares of Nucor during the 2nd quarter worth approximately $413,814,000. Finally, Bank of New York Mellon Corp boosted its position in shares of 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 worth $306,054,000 after acquiring an additional 29,476 shares in the last quarter. Institutional investors own 76.48% of the company’s stock.

Nucor Price Performance

Nucor stock traded up $4.33 during mid-day trading on Friday, reaching $240.31. The company had a trading volume of 1,052,856 shares, compared to its average volume of 1,566,693. The business has a fifty day simple moving average of $256.23 and a 200 day simple moving average of $231.70. The company has a market cap of $54.52 billion, a P/E ratio of 19.16, a P/E/G ratio of 0.83 and a beta of 1.84. Nucor Corporation has a fifty-two week low of $131.32 and a fifty-two week high of $280.11. The company has a current ratio of 2.51, a quick ratio of 1.36 and a debt-to-equity ratio of 0.27.

Nucor (NYSE:NUE) last announced its quarterly earnings results on Monday, July 27th. The basic materials company reported $4.84 EPS for the quarter, beating 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 company had revenue of $10.40 billion during the quarter, compared to analysts’ expectations of $10.15 billion. During the same period in the prior year, the company earned $2.60 EPS. Nucor’s revenue was up 23.0% compared to the same quarter last year. On average, equities research analysts predict that Nucor Corporation will post 18.89 earnings per share for the current year.

Nucor Announces Dividend

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

Insider Activity

In other news, COO Stephen Laxton sold 3,968 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $20,008,704.32. The trade was a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Thomas Batterbee sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $261.02, for a total transaction of $1,044,080.00. Following the completion of the transaction, the executive vice president owned 16,138 shares of the company’s stock, valued at approximately $4,212,340.76. This trade represents a 19.86% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.62% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on NUE. Wells Fargo & Company lowered their price objective on shares of Nucor from $285.00 to $280.00 and set an “overweight” rating for the company in a research report on Friday, September 18th. Wall Street Zen downgraded Nucor from a “strong-buy” rating to a “buy” rating in a report on Saturday, September 26th. Bank of America decreased their price target on Nucor from $290.00 to $280.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. KeyCorp upgraded Nucor from a “sector weight” rating to an “overweight” rating and set a $274.00 price objective for the company in a research report on Wednesday, June 24th. Finally, Morgan Stanley set a $270.00 price objective on Nucor in a research note on Wednesday, July 29th. Thirteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $276.07.

Nucor Profile

Nucor Corporation is a Charlotte, North Carolina-based steel producer and one of the largest steel companies in North America. The company operates electric arc furnace (EAF) steel mills that use recycled scrap steel as a primary raw material, along with facilities that manufacture and process steel products for construction, manufacturing, transportation, energy and other industrial markets.

Nucor’s product portfolio includes carbon and alloy steel in sheet, plate, bar and structural forms, as well as reinforcing steel, wire and wire mesh.