Oak Harvest Investment Services Makes New $4.34 Million Investment in Nucor Co. (NYSE:NUE)

Oak Harvest Investment Services purchased a new position in Nucor Co. (NYSE:NUE) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 21,912 shares of the basic materials company’s stock, valued at approximately $4,336,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Criterion Capital Advisors LLC purchased a new stake in shares of Nucor in the fourth quarter worth approximately $25,000. Rise Advisors LLC purchased a new stake in shares of Nucor in the first quarter worth approximately $27,000. Tompkins Financial Corp raised its stake in shares of Nucor by 208.0% in the first quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 104 shares during the last quarter. Fortitude Family Office LLC raised its stake in shares of Nucor by 54.1% in the first quarter. Fortitude Family Office LLC now owns 168 shares of the basic materials company’s stock worth $33,000 after purchasing an additional 59 shares during the last quarter. Finally, Valley National Advisers Inc. raised its stake in shares of Nucor by 716.7% in the fourth quarter. Valley National Advisers Inc. now owns 196 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 172 shares during the last quarter. Institutional investors own 76.48% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on NUE shares. Jefferies Financial Group started coverage on Nucor in a research note on Monday, May 20th. They issued a “hold” rating and a $190.00 price objective for the company. BMO Capital Markets decreased their price target on Nucor from $185.00 to $175.00 and set a “market perform” rating for the company in a research report on Monday, June 17th. Bank of America decreased their price target on Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. JPMorgan Chase & Co. decreased their price target on Nucor from $190.00 to $180.00 and set a “neutral” rating for the company in a research report on Tuesday, June 11th. Finally, Citigroup raised Nucor from a “neutral” rating to a “buy” rating and increased their price target for the company from $180.00 to $240.00 in a research report on Wednesday, March 13th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Nucor presently has a consensus rating of “Hold” and an average target price of $189.67.

Nucor Stock Performance

Shares of Nucor stock traded down $0.04 during trading hours on Thursday, reaching $156.42. The company had a trading volume of 737,493 shares, compared to its average volume of 1,707,046. Nucor Co. has a one year low of $140.07 and a one year high of $203.00. The business has a fifty day simple moving average of $165.08 and a 200 day simple moving average of $177.51. The company has a debt-to-equity ratio of 0.31, a current ratio of 4.02 and a quick ratio of 2.48. The firm has a market cap of $37.50 billion, a PE ratio of 9.20 and a beta of 1.57.

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

Nucor Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 9th. Stockholders of record on Friday, June 28th will be issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date is Friday, June 28th. Nucor’s payout ratio is currently 12.71%.

Nucor Company Profile

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.