Westmount Partners LLC Invests $379,000 in Nucor Corporation $NUE

Westmount Partners LLC bought a new position in shares of Nucor Corporation (NYSE:NUE) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 2,929 shares of the basic materials company’s stock, valued at approximately $379,000.

Other institutional investors also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. raised its stake in Nucor by 17.8% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,595 shares of the basic materials company’s stock worth $3,853,000 after purchasing an additional 4,763 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in Nucor by 21.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 101,459 shares of the basic materials company’s stock worth $12,210,000 after purchasing an additional 17,861 shares during the period. Assenagon Asset Management S.A. raised its stake in Nucor by 20.5% during the first quarter. Assenagon Asset Management S.A. now owns 28,886 shares of the basic materials company’s stock worth $3,476,000 after purchasing an additional 4,914 shares during the period. Envestnet Asset Management Inc. raised its stake in Nucor by 12.4% during the first quarter. Envestnet Asset Management Inc. now owns 305,006 shares of the basic materials company’s stock worth $36,704,000 after purchasing an additional 33,700 shares during the period. Finally, GAMMA Investing LLC raised its stake in Nucor by 48.6% during the first quarter. GAMMA Investing LLC now owns 4,203 shares of the basic materials company’s stock worth $506,000 after purchasing an additional 1,375 shares during the period. 76.48% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NUE has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lifted their price target on shares of Nucor from $143.00 to $162.00 and gave the company an “overweight” rating in a research report on Monday, July 14th. Wells Fargo & Company lifted their price target on shares of Nucor from $145.00 to $146.00 and gave the company an “equal weight” rating in a research report on Monday. Jefferies Financial Group upgraded shares of Nucor from a “hold” rating to a “buy” rating and lifted their price target for the company from $135.00 to $170.00 in a research report on Thursday, July 31st. Bank of America lifted their price objective on shares of Nucor from $150.00 to $165.00 and gave the company a “buy” rating in a report on Monday. Finally, UBS Group dropped their price objective on shares of Nucor from $153.00 to $147.00 and set a “buy” rating for the company in a report on Thursday, May 29th. Eight investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $156.80.

Nucor Stock Up 0.1%

Shares of NYSE:NUE opened at $141.48 on Tuesday. The company has a market capitalization of $32.48 billion, a PE ratio of 25.54, a P/E/G ratio of 0.89 and a beta of 1.76. The company has a current ratio of 2.83, a quick ratio of 1.51 and a debt-to-equity ratio of 0.31. Nucor Corporation has a twelve month low of $97.59 and a twelve month high of $170.52. The firm has a 50 day simple moving average of $143.19 and a 200-day simple moving average of $128.40.

Nucor (NYSE:NUE) last issued its quarterly earnings data on Monday, July 28th. The basic materials company reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.54 by $0.06. Nucor had a net margin of 4.21% and a return on equity of 6.65%. The business had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.47 billion. During the same quarter in the previous year, the firm earned $2.68 EPS. The company’s revenue was up 4.7% compared to the same quarter last year. On average, equities analysts predict that Nucor Corporation will post 7.64 EPS for the current fiscal year.

Nucor Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Investors of record on Tuesday, September 30th will be paid a dividend of $0.55 per share. The ex-dividend date is Tuesday, September 30th. This represents a $2.20 dividend on an annualized basis and a yield of 1.6%. Nucor’s dividend payout ratio is currently 39.71%.

Insider Buying and Selling at Nucor

In related news, EVP Kenneth Rex Query sold 10,000 shares of the stock in a transaction on Monday, August 18th. The shares were sold at an average price of $144.90, for a total transaction of $1,449,000.00. Following the completion of the sale, the executive vice president owned 84,080 shares in the company, valued at $12,183,192. This represents a 10.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Daniel R. Needham sold 7,200 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $146.00, for a total transaction of $1,051,200.00. Following the sale, the executive vice president owned 92,179 shares of the company’s stock, valued at approximately $13,458,134. This represents a 7.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 48,397 shares of company stock worth $6,763,814 in the last quarter. 0.71% of the stock is currently owned by company insiders.

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.