Summit Global Investments Purchases 2,474 Shares of Nucor Corporation $NUE

Summit Global Investments grew its holdings in shares of Nucor Corporation (NYSE:NUE) by 157.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,043 shares of the basic materials company’s stock after buying an additional 2,474 shares during the period. Summit Global Investments’ holdings in Nucor were worth $945,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Cantor Fitzgerald Investment Advisors L.P. raised its stake in Nucor by 0.5% during the 3rd quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 8,091 shares of the basic materials company’s stock valued at $1,891,000 after acquiring an additional 40 shares in the last quarter. Venture Visionary Partners LLC grew its stake in shares of Nucor by 2.4% in the third quarter. Venture Visionary Partners LLC now owns 1,932 shares of the basic materials company’s stock worth $452,000 after purchasing an additional 46 shares in the last quarter. Smith Thornton Advisors LLC increased its holdings in shares of Nucor by 3.1% during the third quarter. Smith Thornton Advisors LLC now owns 1,545 shares of the basic materials company’s stock valued at $361,000 after purchasing an additional 47 shares during the period. Focus Financial Network Inc. increased its holdings in shares of Nucor by 3.6% during the second quarter. Focus Financial Network Inc. now owns 1,417 shares of the basic materials company’s stock valued at $316,000 after purchasing an additional 49 shares during the period. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors increased its holdings in shares of Nucor by 3.7% during the third quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 1,395 shares of the basic materials company’s stock valued at $326,000 after purchasing an additional 50 shares during the period. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Nucor Stock Down 0.1%

NYSE NUE opened at $273.47 on Monday. Nucor Corporation has a 12 month low of $140.93 and a 12 month high of $280.11. The company has a market capitalization of $62.04 billion, a P/E ratio of 17.41, a PEG ratio of 0.67 and a beta of 1.81. The company’s 50 day simple moving average is $253.79 and its 200 day simple moving average is $223.43. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.46 and a quick ratio of 1.43.

Nucor (NYSE:NUE) last issued its earnings results on Monday, October 26th. The basic materials company reported $5.80 earnings per share for the quarter, missing analysts’ consensus estimates of $5.84 by ($0.04). The business had revenue of $11.25 billion for the quarter, compared to the consensus estimate of $10.84 billion. Nucor had a return on equity of 15.53% and a net margin of 9.26%. The company’s quarterly revenue was up 32.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.63 earnings per share. Equities research analysts expect that Nucor Corporation will post 19.61 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 10th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.56 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 0.8%. Nucor’s payout ratio is 14.26%.

Insider Activity at Nucor

In other news, EVP Noah Hanners sold 5,190 shares of the company’s stock in a transaction on Thursday, October 29th. The stock was sold at an average price of $275.03, for a total transaction of $1,427,405.70. Following the completion of the sale, the executive vice president directly owned 44,073 shares of the company’s stock, valued at $12,121,397.19. This represents a 10.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.62% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently weighed in on NUE. Wells Fargo & Company upped their price objective on shares of Nucor from $280.00 to $305.00 and gave the stock an “overweight” rating in a report on Wednesday. UBS Group raised their target price on shares of Nucor from $224.00 to $256.00 and gave the company a “neutral” rating in a research note on Tuesday, July 28th. Wall Street Zen downgraded shares of Nucor from a “strong-buy” rating to a “buy” rating in a research report on Saturday. KeyCorp reduced their price target on shares of Nucor from $288.00 to $286.00 and set an “overweight” rating for the company in a research note on Monday, October 5th. Finally, Morgan Stanley set a $270.00 target price on Nucor in a report on Wednesday, July 29th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $284.00.

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.