FAS Wealth Partners Inc. Raises Position in Nucor Co. (NYSE:NUE)

FAS Wealth Partners Inc. grew its position in Nucor Co. (NYSE:NUE) by 10.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 2,006 shares of the basic materials company’s stock after buying an additional 186 shares during the period. FAS Wealth Partners Inc.’s holdings in Nucor were worth $317,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of NUE. International Assets Investment Management LLC bought a new stake in shares of Nucor in the fourth quarter worth approximately $625,000. Bailard Inc. bought a new stake in shares of Nucor in the fourth quarter worth approximately $233,000. Golden State Equity Partners bought a new stake in shares of Nucor in the fourth quarter worth approximately $237,000. Citizens Financial Group Inc. RI bought a new stake in shares of Nucor in the fourth quarter worth approximately $226,000. Finally, Sargent Investment Group LLC bought a new stake in shares of Nucor in the fourth quarter worth approximately $219,000. 76.48% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on NUE shares. Argus upgraded shares of Nucor to a “strong-buy” rating in a research note on Monday. Bank of America cut their target price on shares of Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. Jefferies Financial Group started coverage on shares of Nucor in a research report on Monday, May 20th. They set a “hold” rating and a $190.00 target price for the company. Morgan Stanley upgraded shares of Nucor from an “equal weight” rating to an “overweight” rating and cut their target price for the company from $187.00 to $176.00 in a research report on Thursday, August 15th. Finally, JPMorgan Chase & Co. cut their target price on shares of Nucor from $180.00 to $170.00 and set a “neutral” rating for the company in a research report on Tuesday, July 16th. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $194.43.

Nucor Price Performance

NYSE:NUE traded up $1.98 during trading hours on Thursday, hitting $150.02. 982,828 shares of the stock traded hands, compared to its average volume of 1,455,865. Nucor Co. has a 1 year low of $139.41 and a 1 year high of $203.00. The stock has a 50 day moving average price of $153.54 and a 200 day moving average price of $171.02. The company has a quick ratio of 1.85, a current ratio of 2.93 and a debt-to-equity ratio of 0.26. The company has a market cap of $35.97 billion, a price-to-earnings ratio of 8.82 and a beta of 1.57.

Nucor (NYSE:NUE) last released its earnings results on Monday, July 22nd. The basic materials company reported $2.68 EPS for the quarter, topping the consensus estimate of $2.31 by $0.37. Nucor had a net margin of 10.45% and a return on equity of 15.69%. The firm had revenue of $8.08 billion for the quarter, compared to the consensus estimate of $7.69 billion. During the same quarter in the previous year, the firm earned $5.81 earnings per share. The company’s quarterly revenue was down 15.2% compared to the same quarter last year. Sell-side analysts forecast that Nucor Co. will post 10.57 EPS for the current fiscal year.

Nucor Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 9th. Stockholders of record on Friday, June 28th were issued a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 1.44%. The ex-dividend date was Friday, June 28th. Nucor’s dividend payout ratio (DPR) is presently 12.71%.

Insider Transactions at Nucor

In related news, EVP Daniel R. Needham sold 8,624 shares of the company’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total transaction of $1,379,840.00. Following the sale, the executive vice president now owns 99,049 shares of the company’s stock, valued at $15,847,840. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.46% of the company’s stock.

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.