Van ECK Associates Corp Buys 9,263 Shares of Nucor Corporation $NUE

Van ECK Associates Corp lifted its stake in Nucor Corporation (NYSE:NUE) by 14.9% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 71,337 shares of the basic materials company’s stock after buying an additional 9,263 shares during the quarter. Van ECK Associates Corp’s holdings in Nucor were worth $15,890,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NUE. BlackRock Inc. purchased a new position in Nucor during the 2nd quarter valued at approximately $4,452,563,000. Norges Bank bought a new position in shares of Nucor during the 4th quarter valued at approximately $609,002,000. Bank of America Corp DE bought a new position in shares of Nucor during the 2nd quarter valued at approximately $462,886,000. Berkshire Hathaway Inc purchased a new position in shares of Nucor in the second quarter valued at $413,814,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Nucor in the second quarter valued at $330,902,000. Institutional investors own 76.48% of the company’s stock.

Insider Buying and Selling

In related news, EVP John J. Hollatz sold 10,560 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $258.46, for a total transaction of $2,729,337.60. Following the transaction, the executive vice president directly owned 97,865 shares in the company, valued at approximately $25,294,187.90. This represents a 9.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Thomas J. Batterbee sold 4,000 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $261.02, for a total transaction of $1,044,080.00. Following the completion of the sale, the executive vice president directly owned 16,138 shares in the company, valued at $4,212,340.76. This trade represents a 19.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 18,528 shares of company stock valued at $4,793,035. Company insiders own 0.62% of the company’s stock.

Nucor Stock Down 0.4%

Shares of NUE opened at $249.61 on Tuesday. The company has a market cap of $56.63 billion, a PE ratio of 19.91, a P/E/G ratio of 0.93 and a beta of 1.89. The business has a fifty day moving average of $246.74 and a 200 day moving average of $219.56. Nucor Corporation has a 52-week low of $131.32 and a 52-week high of $280.11. The company has a quick ratio of 1.36, a current ratio of 2.51 and a debt-to-equity ratio of 0.27.

Nucor (NYSE:NUE) last posted its quarterly earnings data on Monday, July 27th. The basic materials company reported $4.84 EPS for the quarter, topping the consensus estimate of $4.46 by $0.38. Nucor had a net margin of 7.99% and a return on equity of 12.73%. The company had revenue of $10.40 billion during the quarter, compared to analyst estimates of $10.15 billion. During the same period in the previous year, the firm earned $2.60 earnings per share. Nucor’s quarterly revenue was up 23.0% compared to the same quarter last year. On average, sell-side analysts expect that Nucor Corporation will post 17.95 EPS for the current year.

Nucor Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 11th. Investors of record on Tuesday, June 30th were paid a dividend of $0.56 per share. The ex-dividend date of this dividend was 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 currently 17.86%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on NUE shares. Seaport Research Partners upped their price target on shares of Nucor from $245.00 to $285.00 and gave the company a “buy” rating in a research note on Wednesday, June 10th. Wells Fargo & Company dropped their price objective on shares of Nucor from $297.00 to $285.00 and set an “overweight” rating for the company in a research note on Monday, August 24th. JPMorgan Chase & Co. upped their target price on shares of Nucor from $240.00 to $282.00 and gave the company an “overweight” rating in a research report on Wednesday, June 10th. BMO Capital Markets upped their target price on shares of Nucor from $285.00 to $295.00 and gave the company an “outperform” rating in a research report on Wednesday, July 29th. Finally, CICC Research initiated coverage on shares of Nucor in a report on Monday, May 25th. They issued an “outperform” rating for the company. Thirteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Nucor has an average rating of “Moderate Buy” and an average price target of $272.38.

About Nucor

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.