Silver Grove Financial Group Inc. Purchases 2,300 Shares of Nucor Corporation $NUE

Silver Grove Financial Group Inc. increased its position in shares of Nucor Corporation (NYSE:NUE) by 2,190.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,405 shares of the basic materials company’s stock after purchasing an additional 2,300 shares during the period. Silver Grove Financial Group Inc.’s holdings in Nucor were worth $562,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in NUE. Illinois Municipal Retirement Fund lifted its stake in Nucor by 18.7% in the third quarter. Illinois Municipal Retirement Fund now owns 30,441 shares of the basic materials company’s stock worth $7,116,000 after purchasing an additional 4,793 shares during the last quarter. Mesirow Financial Investment Management Inc. grew its stake in shares of Nucor by 8.0% during the third quarter. Mesirow Financial Investment Management Inc. now owns 8,118 shares of the basic materials company’s stock valued at $1,898,000 after buying an additional 600 shares during the last quarter. Csenge Advisory Group bought a new position in shares of Nucor during the third quarter valued at approximately $237,000. 71 West Capital Partners grew its stake in shares of Nucor by 2.8% during the third quarter. 71 West Capital Partners now owns 5,847 shares of the basic materials company’s stock valued at $1,367,000 after buying an additional 160 shares during the last quarter. Finally, Montis Financial LLC purchased a new stake in shares of Nucor in the third quarter worth approximately $206,000. 76.48% of the stock is currently owned by institutional investors.

Nucor Price Performance

Shares of NUE stock opened at $256.72 on Wednesday. The company has a market capitalization of $58.24 billion, a P/E ratio of 16.34, a P/E/G ratio of 0.61 and a beta of 1.81. The company’s 50-day simple moving average is $255.28 and its two-hundred day simple moving average is $226.38. Nucor Corporation has a one year low of $141.33 and a one year high of $287.70. 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 posted its quarterly earnings results on Monday, October 26th. The basic materials company reported $5.80 earnings per share for the quarter, missing the consensus estimate of $5.84 by ($0.04). The company had revenue of $11.25 billion for the quarter, compared to the consensus estimate of $10.84 billion. Nucor had a net margin of 9.26% and a return on equity of 15.53%. The business’s revenue was up 32.0% on a year-over-year basis. During the same period in the prior year, the firm posted $2.63 EPS. As a group, equities analysts anticipate that Nucor Corporation will post 19.63 EPS for the current year.

Nucor Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 10th. Shareholders of record on Wednesday, September 30th were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 0.9%. The ex-dividend date was Wednesday, September 30th. Nucor’s dividend payout ratio (DPR) is presently 14.26%.

Insider Transactions at Nucor

In other news, EVP Allen Behr sold 11,846 shares of the stock in a transaction on Thursday, October 29th. The stock was sold at an average price of $272.90, for a total transaction of $3,232,773.40. Following the transaction, the executive vice president owned 58,022 shares of the company’s stock, valued at approximately $15,834,203.80. This represents a 16.95% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael D. Keller sold 1,136 shares of the firm’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $279.33, for a total value of $317,318.88. Following the transaction, the insider owned 15,588 shares in the company, valued at approximately $4,354,196.04. This represents a 6.79% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 28,732 shares of company stock valued at $7,881,287. Company insiders own 0.62% of the company’s stock.

Analysts Set New Price Targets

NUE has been the subject of a number of research analyst reports. Wells Fargo & Company raised their price target on Nucor from $280.00 to $305.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 28th. Zacks Research raised Nucor from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 13th. Cfra upgraded Nucor from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 4th. Morgan Stanley set a $270.00 target price on Nucor in a research note on Wednesday, July 29th. Finally, JPMorgan Chase & Co. lifted their target price on Nucor from $296.00 to $304.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $287.38.

About Nucor

Nucor Corporation is a U.S.-based steel and steel products manufacturer. Its steel mills produce sheet, plate, bar, structural steel and reinforcing bar used in construction, manufacturing, transportation and other industries. The company also makes downstream products such as steel joists, decking, fasteners, wire products and metal building components. Its operations include recycling ferrous scrap and producing direct reduced iron, materials used in steelmaking. Nucor traces its roots to 1905 and developed into a steel producer during the mid-20th century.