Waterway Wealth Management LLC Grows Position in Nucor Co. (NYSE:NUE)

Waterway Wealth Management LLC increased its position in shares of Nucor Co. (NYSE:NUE) by 7.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,740 shares of the basic materials company’s stock after purchasing an additional 264 shares during the period. Waterway Wealth Management LLC’s holdings in Nucor were worth $562,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in NUE. McClarren Financial Advisors Inc. boosted its position in Nucor by 129.0% in the 2nd quarter. McClarren Financial Advisors Inc. now owns 158 shares of the basic materials company’s stock valued at $25,000 after buying an additional 89 shares during the period. Chilton Capital Management LLC raised its holdings in shares of Nucor by 94.2% in the 1st quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 65 shares in the last quarter. Central Pacific Bank Trust Division bought a new stake in shares of Nucor in the 1st quarter valued at about $28,000. Brown Lisle Cummings Inc. bought a new stake in shares of Nucor in the 3rd quarter valued at about $30,000. Finally, Salomon & Ludwin LLC bought a new stake in shares of Nucor in the 1st quarter valued at about $31,000. 76.48% of the stock is owned by hedge funds and other institutional investors.

Nucor Stock Performance

NUE opened at $156.11 on Tuesday. The firm’s fifty day simple moving average is $147.74 and its two-hundred day simple moving average is $159.90. Nucor Co. has a 52-week low of $133.42 and a 52-week high of $203.00. The company has a market cap of $37.43 billion, a price-to-earnings ratio of 9.18 and a beta of 1.55. The company has a quick ratio of 1.85, a current ratio of 2.93 and a debt-to-equity ratio of 0.26.

Nucor (NYSE:NUE) last announced its earnings results on Monday, July 22nd. The basic materials company reported $2.68 earnings per share (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 15.69%. The business had revenue of $8.08 billion for the quarter, compared to analyst estimates of $7.69 billion. During the same quarter last year, the business earned $5.81 earnings per share. The company’s revenue for the quarter was down 15.2% compared to the same quarter last year. Equities analysts anticipate that Nucor Co. will post 9.08 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Friday, September 27th will be paid a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 1.38%. The ex-dividend date is Friday, September 27th. Nucor’s dividend payout ratio is currently 12.71%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. JPMorgan Chase & Co. reduced their price target on shares of Nucor from $174.00 to $170.00 and set an “overweight” rating for the company in a report on Wednesday, October 9th. BMO Capital Markets reduced their price objective on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating for the company in a research note on Wednesday, September 18th. Bank of America reduced their price objective on shares of Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. Morgan Stanley reduced their price objective on shares of Nucor from $176.00 to $170.00 and set an “overweight” rating for the company in a research note on Wednesday, September 18th. Finally, Argus upgraded shares of Nucor to a “strong-buy” rating in a research note on Monday, August 26th. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $191.43.

Insider Transactions at Nucor

In other news, EVP Daniel R. Needham sold 8,624 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total value of $1,379,840.00. Following the transaction, the executive vice president now directly owns 99,049 shares of the company’s stock, valued at approximately $15,847,840. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.46% of the company’s stock.

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.