Bessemer Group Inc. Acquires 6,466 Shares of Nucor Co. (NYSE:NUE)

Bessemer Group Inc. raised its holdings in Nucor Co. (NYSE:NUE) by 43.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 21,400 shares of the basic materials company’s stock after acquiring an additional 6,466 shares during the quarter. Bessemer Group Inc.’s holdings in Nucor were worth $4,235,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of NUE. CVA Family Office LLC bought a new position in Nucor in the fourth quarter valued at approximately $146,000. Kingswood Wealth Advisors LLC bought a new position in Nucor in the fourth quarter valued at approximately $539,000. Douglas Lane & Associates LLC boosted its stake in Nucor by 32.0% in the fourth quarter. Douglas Lane & Associates LLC now owns 73,934 shares of the basic materials company’s stock valued at $12,867,000 after acquiring an additional 17,919 shares during the last quarter. Waterway Wealth Management LLC bought a new position in Nucor in the fourth quarter valued at approximately $480,000. Finally, IFG Advisory LLC boosted its stake in Nucor by 5.3% in the fourth quarter. IFG Advisory LLC now owns 6,549 shares of the basic materials company’s stock valued at $1,140,000 after acquiring an additional 328 shares during the last quarter. 76.48% of the stock is owned by institutional investors.

Nucor Stock Down 4.2 %

NUE traded down $6.73 during trading on Wednesday, hitting $154.82. The company had a trading volume of 2,553,595 shares, compared to its average volume of 1,478,732. The company has a market capitalization of $37.12 billion, a PE ratio of 9.11 and a beta of 1.57. Nucor Co. has a one year low of $140.07 and a one year high of $203.00. The firm’s 50-day moving average price is $161.45 and its 200 day moving average price is $175.94. The company has a quick ratio of 2.48, a current ratio of 4.02 and a debt-to-equity ratio of 0.31.

Nucor (NYSE:NUE) last posted its quarterly earnings data on Monday, July 22nd. The basic materials company reported $2.68 EPS for the quarter, beating the consensus estimate of $2.31 by $0.37. Nucor had a net margin of 10.45% and a return on equity of 15.68%. The business had revenue of $8.08 billion for the quarter, compared to analysts’ expectations of $7.69 billion. During the same period in the previous year, the firm posted $5.81 EPS. The firm’s revenue was down 15.2% compared to the same quarter last year. As a group, equities analysts expect that Nucor Co. will post 10.72 earnings per share for the current year.

Nucor Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 9th. Shareholders of record on Friday, June 28th will be paid a $0.54 dividend. The ex-dividend date is Friday, June 28th. This represents a $2.16 annualized dividend and a yield of 1.40%. Nucor’s payout ratio is currently 12.71%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on NUE. JPMorgan Chase & Co. reduced their price target on shares of Nucor from $180.00 to $170.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 16th. StockNews.com cut shares of Nucor from a “buy” rating to a “hold” rating in a research report on Tuesday, April 23rd. BMO Capital Markets reduced their price target on shares of Nucor from $185.00 to $175.00 and set a “market perform” rating on the stock in a research report on Monday, June 17th. Jefferies Financial Group began coverage on shares of Nucor in a research report on Monday, May 20th. They set a “hold” rating and a $190.00 price target on the stock. Finally, Bank of America reduced their price target on shares of Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, June 26th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $191.29.

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.