Morningstar Investment Management LLC Buys New Holdings in Nucor Corporation $NUE

Morningstar Investment Management LLC purchased a new position in Nucor Corporation (NYSE:NUE) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 6,247 shares of the basic materials company’s stock, valued at approximately $1,056,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Stance Capital LLC purchased a new stake in Nucor during the 3rd quarter valued at approximately $25,000. Strive Financial Group LLC purchased a new position in shares of Nucor in the fourth quarter worth $27,000. Motiv8 Investments LLC purchased a new position in shares of Nucor in the fourth quarter worth $32,000. Bartlett & CO. Wealth Management LLC boosted its position in shares of Nucor by 49.2% during the first quarter. Bartlett & CO. Wealth Management LLC now owns 191 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 63 shares during the last quarter. Finally, Mcguire Capital Advisors Inc. bought a new position in shares of Nucor during the fourth quarter worth $32,000. 76.48% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP Allen C. Behr sold 10,096 shares of the stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $226.08, for a total value of $2,282,503.68. Following the completion of the transaction, the executive vice president owned 62,871 shares of the company’s stock, valued at approximately $14,213,875.68. This trade represents a 13.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Bradley Ford sold 2,240 shares of Nucor stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $232.13, for a total value of $519,971.20. Following the completion of the transaction, the executive vice president owned 43,649 shares of the company’s stock, valued at approximately $10,132,242.37. This represents a 4.88% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 82,378 shares of company stock worth $18,963,930. 0.62% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Jefferies Financial Group lifted their price target on shares of Nucor from $225.00 to $250.00 and gave the company a “buy” rating in a report on Tuesday, April 28th. BMO Capital Markets increased their price objective on shares of Nucor from $250.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, June 3rd. BNP Paribas Exane raised their price objective on Nucor from $210.00 to $248.00 and gave the company an “outperform” rating in a research report on Monday, May 4th. UBS Group cut Nucor from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $190.00 to $224.00 in a report on Tuesday, April 28th. Finally, CICC Research started coverage on Nucor in a research report on Monday, May 25th. They issued an “outperform” rating on the stock. Twelve analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $266.31.

Nucor Trading Up 2.8%

Shares of NUE opened at $247.81 on Friday. The company’s fifty day moving average is $239.91 and its 200 day moving average is $204.18. Nucor Corporation has a fifty-two week low of $131.32 and a fifty-two week high of $270.90. The stock has a market capitalization of $56.44 billion, a PE ratio of 24.54, a P/E/G ratio of 0.57 and a beta of 1.91. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.55 and a current ratio of 2.90.

Nucor (NYSE:NUE) last released its quarterly earnings results on Monday, April 27th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.82 by $0.41. Nucor had a net margin of 6.82% and a return on equity of 10.68%. The company had revenue of $9.50 billion for the quarter, compared to the consensus estimate of $8.88 billion. During the same quarter in the prior year, the firm earned $0.77 earnings per share. Nucor’s revenue was up 21.3% on a year-over-year basis. Sell-side analysts expect that Nucor Corporation will post 17.53 earnings per share for the current fiscal year.

Nucor Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 11th. Stockholders of record on Tuesday, June 30th will be issued a $0.56 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 0.9%. Nucor’s payout ratio is 22.18%.

Nucor Profile

Nucor Corporation (NYSE: NUE) is an American steel producer headquartered in Charlotte, North Carolina. The company is primarily engaged in the manufacture and sale of steel and steel products, operating a network of steel mills, recycling facilities and fabrication plants across the United States and North America. Nucor’s operations emphasize electric arc furnace steelmaking using recycled scrap metal, which supports a decentralized, mill-based production model focused on efficiency and flexibility.

Product offerings span a broad range of basic and value?added steel items, including sheet, plate, merchant bar, structural beams, reinforcing bar, tubing, fasteners and fabricated components.