Legacy CG LLC Purchases New Position in Nucor Co. (NYSE:NUE)

Legacy CG LLC bought a new position in shares of Nucor Co. (NYSE:NUE) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 13,937 shares of the basic materials company’s stock, valued at approximately $1,627,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Ashton Thomas Securities LLC acquired a new stake in Nucor during the 3rd quarter worth approximately $26,000. Coastline Trust Co purchased a new stake in shares of Nucor during the third quarter worth approximately $29,000. Brown Lisle Cummings Inc. purchased a new position in Nucor in the 3rd quarter valued at $30,000. Salomon & Ludwin LLC increased its stake in Nucor by 45.6% in the 3rd quarter. Salomon & Ludwin LLC now owns 230 shares of the basic materials company’s stock valued at $35,000 after buying an additional 72 shares during the period. Finally, Crews Bank & Trust purchased a new position in Nucor during the 4th quarter worth $29,000. Institutional investors and hedge funds own 76.48% of the company’s stock.

Nucor Stock Performance

Nucor stock opened at $133.33 on Thursday. The company has a market capitalization of $31.31 billion, a price-to-earnings ratio of 15.85 and a beta of 1.60. The stock has a fifty day moving average of $127.56 and a two-hundred day moving average of $141.59. Nucor Co. has a fifty-two week low of $112.25 and a fifty-two week high of $203.00. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.48 and a current ratio of 2.51.

Nucor (NYSE:NUE) last posted its quarterly earnings data on Monday, January 27th. The basic materials company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.28. Nucor had a net margin of 6.60% and a return on equity of 9.85%. During the same period last year, the firm earned $3.16 earnings per share. On average, analysts anticipate that Nucor Co. will post 7.88 EPS for the current fiscal year.

Nucor Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 11th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.55 per share. This is a boost from Nucor’s previous quarterly dividend of $0.54. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $2.20 annualized dividend and a dividend yield of 1.65%. Nucor’s dividend payout ratio (DPR) is 26.16%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. UBS Group reaffirmed a “neutral” rating and issued a $156.00 target price (down previously from $171.00) on shares of Nucor in a report on Thursday, December 12th. Citigroup lowered their price objective on Nucor from $240.00 to $160.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. Jefferies Financial Group increased their target price on Nucor from $125.00 to $135.00 and gave the stock a “hold” rating in a research note on Wednesday, January 29th. The Goldman Sachs Group started coverage on Nucor in a report on Monday, December 2nd. They set a “buy” rating and a $190.00 price objective on the stock. Finally, Morgan Stanley reduced their target price on Nucor from $166.00 to $154.00 and set an “overweight” rating for the company in a report on Monday. One analyst has rated the stock with a sell rating, three have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $163.13.

Insider Activity

In other Nucor news, EVP Allen C. Behr sold 4,968 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $159.72, for a total transaction of $793,488.96. Following the transaction, the executive vice president now owns 85,376 shares of the company’s stock, valued at $13,636,254.72. This trade represents a 5.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.64% of the company’s stock.

Nucor 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.