Green Square Capital LLC Buys New Position in Nucor Co. (NUE)
Green Square Capital LLC bought a new stake in shares of Nucor Co. (NYSE:NUE) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 79,292 shares of the basic materials company’s stock, valued at approximately $4,473,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Boys Arnold & Co. Inc. boosted its stake in Nucor by 0.3% during the second quarter. Boys Arnold & Co. Inc. now owns 16,679 shares of the basic materials company’s stock worth $965,000 after acquiring an additional 50 shares in the last quarter. Chartwell Investment Partners LLC boosted its stake in Nucor by 0.5% during the second quarter. Chartwell Investment Partners LLC now owns 12,180 shares of the basic materials company’s stock worth $705,000 after acquiring an additional 55 shares in the last quarter. Sigma Planning Corp boosted its stake in Nucor by 1.4% during the second quarter. Sigma Planning Corp now owns 4,647 shares of the basic materials company’s stock worth $269,000 after acquiring an additional 62 shares in the last quarter. Security National Bank of Sioux City Iowa IA boosted its stake in Nucor by 0.4% during the second quarter. Security National Bank of Sioux City Iowa IA now owns 21,597 shares of the basic materials company’s stock worth $1,249,000 after acquiring an additional 77 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in Nucor by 1.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 7,278 shares of the basic materials company’s stock worth $421,000 after acquiring an additional 97 shares in the last quarter. 74.55% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Nucor Co. (NYSE NUE) traded up $1.10 during midday trading on Tuesday, hitting $61.27. 5,465,300 shares of the stock traded hands, compared to its average volume of 2,701,814. The company has a market capitalization of $19,119.51, a P/E ratio of 17.69, a PEG ratio of 1.36 and a beta of 1.58. Nucor Co. has a 52-week low of $51.67 and a 52-week high of $66.00. The company has a current ratio of 2.11, a quick ratio of 1.12 and a debt-to-equity ratio of 0.37.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 9th. Stockholders of record on Friday, December 29th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.48%. This is a boost from Nucor’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, December 28th. Nucor’s payout ratio is presently 43.90%.
In other news, insider D. Chad Utermark sold 9,003 shares of the business’s stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $59.72, for a total transaction of $537,659.16. Following the completion of the transaction, the insider now directly owns 73,883 shares of the company’s stock, valued at $4,412,292.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Victoria F. Haynes sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 19th. The shares were sold at an average price of $55.16, for a total transaction of $137,900.00. Following the transaction, the director now directly owns 33,573 shares of the company’s stock, valued at $1,851,886.68. The disclosure for this sale can be found here. Insiders have sold 44,217 shares of company stock valued at $2,608,231 over the last three months. 0.70% of the stock is owned by corporate insiders.
NUE has been the topic of several research reports. Credit Suisse Group boosted their price objective on shares of Nucor from $63.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, October 20th. BMO Capital Markets set a $70.00 price objective on shares of Nucor and gave the stock a “hold” rating in a research note on Saturday, August 26th. Macquarie started coverage on shares of Nucor in a research note on Wednesday, September 6th. They issued a “neutral” rating and a $57.00 target price on the stock. Morgan Stanley downgraded shares of Nucor from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $78.00 to $60.00 in a research note on Tuesday, September 12th. Finally, KeyCorp reiterated a “hold” rating on shares of Nucor in a research note on Thursday, October 19th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $67.32.
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Nucor Corporation (Nucor) manufactures steel and steel products. The Company produces direct reduced iron (DRI) for use in its steel mills. It operates in three segments: steel mills, steel products and raw materials. The steel mills segment produces and distributes sheet steel (hot-rolled, cold-rolled and galvanized), plate steel, structural steel (wide-flange beams, beam blanks, H-piling and sheet piling) and bar steel (blooms, billets, concrete reinforcing bar, merchant bar, wire rod and special bar quality).
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