Nucor Corporation $NUE Shares Acquired by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC grew its stake in Nucor Corporation (NYSE:NUE) by 355.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 539,310 shares of the basic materials company’s stock after buying an additional 420,970 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.23% of Nucor worth $72,327,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Nucor by 17.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,595 shares of the basic materials company’s stock valued at $3,853,000 after buying an additional 4,763 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Nucor by 21.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 101,459 shares of the basic materials company’s stock valued at $12,210,000 after buying an additional 17,861 shares during the period. Assenagon Asset Management S.A. lifted its holdings in shares of Nucor by 20.5% in the 1st quarter. Assenagon Asset Management S.A. now owns 28,886 shares of the basic materials company’s stock valued at $3,476,000 after buying an additional 4,914 shares during the period. Robeco Institutional Asset Management B.V. raised its holdings in Nucor by 138.5% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 121,543 shares of the basic materials company’s stock worth $15,745,000 after purchasing an additional 70,581 shares during the period. Finally, Envestnet Asset Management Inc. raised its holdings in Nucor by 12.4% in the 1st 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. Institutional investors and hedge funds own 76.48% of the company’s stock.

Nucor Price Performance

NYSE:NUE opened at $136.82 on Tuesday. Nucor Corporation has a 12 month low of $97.59 and a 12 month high of $170.52. The stock has a 50 day moving average of $141.24 and a two-hundred day moving average of $129.44. The company has a current ratio of 2.83, a quick ratio of 1.51 and a debt-to-equity ratio of 0.31. The firm has a market cap of $31.41 billion, a P/E ratio of 24.70, a price-to-earnings-growth ratio of 0.92 and a beta of 1.75.

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

Nucor Announces Dividend

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

Analyst Ratings Changes

A number of research firms recently weighed in on NUE. Bank of America upped their price target on Nucor from $150.00 to $165.00 and gave the stock a “buy” rating in a report on Monday, September 15th. Morgan Stanley upped their price target on Nucor from $134.00 to $149.00 and gave the stock an “overweight” rating in a report on Friday, June 20th. JPMorgan Chase & Co. upped their price target on Nucor from $165.00 to $172.00 and gave the stock an “overweight” rating in a report on Monday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nucor in a report on Wednesday, October 8th. Finally, Wells Fargo & Company reduced their price target on Nucor from $146.00 to $140.00 and set an “equal weight” rating for the company in a report on Thursday, September 18th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $157.60.

Insider Buying and Selling

In other news, EVP Daniel R. Needham sold 7,200 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $146.00, for a total value of $1,051,200.00. Following the completion of the sale, the executive vice president directly owned 92,179 shares in the company, valued at $13,458,134. This represents a 7.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Kenneth Rex Query sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $144.90, for a total value of $1,449,000.00. Following the completion of the sale, the executive vice president owned 84,080 shares of the company’s stock, valued at $12,183,192. This trade represents a 10.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 31,309 shares of company stock valued at $4,553,771 over the last ninety days. 0.71% of the stock is currently owned by company insiders.

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.