Waterway Wealth Management LLC Buys 343 Shares of Nucor Co. (NYSE:NUE)

Waterway Wealth Management LLC boosted its holdings in shares of Nucor Co. (NYSE:NUE) by 12.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,102 shares of the basic materials company’s stock after buying an additional 343 shares during the period. Nucor makes up 0.3% of Waterway Wealth Management LLC’s holdings, making the stock its 28th largest position. Waterway Wealth Management LLC’s holdings in Nucor were worth $614,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in NUE. Dark Forest Capital Management LP acquired a new position in Nucor during the 3rd quarter valued at about $234,000. Synovus Financial Corp increased its holdings in shares of Nucor by 5.3% in the third quarter. Synovus Financial Corp now owns 17,279 shares of the basic materials company’s stock valued at $2,702,000 after purchasing an additional 863 shares during the period. Bank of Nova Scotia increased its holdings in shares of Nucor by 262.1% in the third quarter. Bank of Nova Scotia now owns 62,599 shares of the basic materials company’s stock valued at $9,787,000 after purchasing an additional 45,312 shares during the period. Itau Unibanco Holding S.A. increased its holdings in shares of Nucor by 72.6% in the third quarter. Itau Unibanco Holding S.A. now owns 654 shares of the basic materials company’s stock valued at $102,000 after purchasing an additional 275 shares during the period. Finally, CWA Asset Management Group LLC increased its holdings in shares of Nucor by 5.5% in the third quarter. CWA Asset Management Group LLC now owns 1,566 shares of the basic materials company’s stock valued at $245,000 after purchasing an additional 81 shares during the period. 76.48% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on NUE shares. StockNews.com lowered Nucor from a “buy” rating to a “hold” rating in a report on Tuesday, April 23rd. JPMorgan Chase & Co. cut their price objective on Nucor from $190.00 to $180.00 and set a “neutral” rating on the stock in a report on Tuesday, June 11th. BMO Capital Markets cut their price objective on Nucor from $185.00 to $175.00 and set a “market perform” rating on the stock in a report on Monday, June 17th. Bank of America cut their price objective on Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Jefferies Financial Group initiated coverage on Nucor in a research note on Monday, May 20th. They issued a “hold” rating and a $190.00 target price on the stock. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $189.67.

Nucor Price Performance

Shares of NYSE:NUE traded up $3.90 during trading on Friday, reaching $158.08. 3,517,842 shares of the company’s stock traded hands, compared to its average volume of 1,678,765. The company has a quick ratio of 2.48, a current ratio of 4.02 and a debt-to-equity ratio of 0.31. The firm has a market cap of $37.90 billion, a PE ratio of 9.30 and a beta of 1.60. The company has a 50-day simple moving average of $166.46 and a 200-day simple moving average of $177.87. Nucor Co. has a fifty-two week low of $140.07 and a fifty-two week high of $203.00.

Nucor (NYSE:NUE) last released its quarterly earnings results on Monday, April 22nd. The basic materials company reported $3.46 earnings per share for the quarter, missing the consensus estimate of $3.62 by ($0.16). The company had revenue of $8.14 billion for the quarter, compared to analyst estimates of $8.26 billion. Nucor had a return on equity of 19.62% and a net margin of 12.40%. The firm’s revenue for the quarter was down 6.6% on a year-over-year basis. During the same quarter last year, the company earned $4.45 EPS. As a group, analysts predict that Nucor Co. will post 10.84 earnings per share for the current year.

Nucor Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 9th. Stockholders of record on Friday, June 28th will be paid a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 1.37%. The ex-dividend date is Friday, June 28th. Nucor’s dividend payout ratio is currently 12.71%.

About Nucor

Nucor Corporation engages in manufacture and sale of steel and steel products. It operates in three segments: steel mills, steel products, and raw materials. The 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 structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products; and engages in the steel trading and rebar distribution businesses.