CX Institutional Boosts Stock Position in Nucor Corporation $NUE

CX Institutional boosted its stake in shares of Nucor Corporation (NYSE:NUE) by 20.9% in the second quarter, Holdings Channel reports. The institutional investor owned 53,298 shares of the basic materials company’s stock after purchasing an additional 9,201 shares during the period. CX Institutional’s holdings in Nucor were worth $11,872,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Norges Bank bought a new stake in Nucor in the fourth quarter worth $609,002,000. AQR Capital Management LLC increased its holdings in shares of Nucor by 580.9% during the second quarter. AQR Capital Management LLC now owns 653,845 shares of the basic materials company’s stock valued at $84,699,000 after acquiring an additional 557,819 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Nucor by 27.5% during the fourth quarter. Bank of New York Mellon Corp now owns 1,780,423 shares of the basic materials company’s stock valued at $290,405,000 after acquiring an additional 383,952 shares in the last quarter. M&T Bank Corp raised its position in shares of Nucor by 494.5% in the 4th quarter. M&T Bank Corp now owns 434,511 shares of the basic materials company’s stock worth $70,873,000 after purchasing an additional 361,417 shares during the last quarter. Finally, Encompass Capital Advisors LLC purchased a new position in shares of Nucor in the 4th quarter worth about $51,135,000. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. UBS Group upped their price target on shares of Nucor from $224.00 to $256.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 28th. Argus raised their price objective on shares of Nucor from $200.00 to $262.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Seaport Research Partners lifted their target price on shares of Nucor from $245.00 to $285.00 and gave the stock a “buy” rating in a report on Wednesday, June 10th. KeyCorp upgraded shares of Nucor from a “sector weight” rating to an “overweight” rating and set a $274.00 target price on the stock in a research note on Wednesday, June 24th. Finally, Zacks Research downgraded shares of Nucor from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 29th. Twelve research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $273.31.

Insider Activity

In related news, COO Stephen D. Laxton sold 3,968 shares of the stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $256.96, for a total transaction of $1,019,617.28. Following the transaction, the chief operating officer owned 77,867 shares in the company, valued at $20,008,704.32. This represents a 4.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Randy J. Spicer sold 2,500 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $225.00, for a total transaction of $562,500.00. Following the transaction, the executive vice president owned 20,510 shares in the company, valued at approximately $4,614,750. This trade represents a 10.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 17,028 shares of company stock valued at $4,311,455 over the last three months. Insiders own 0.62% of the company’s stock.

Nucor Price Performance

NYSE NUE opened at $261.06 on Tuesday. Nucor Corporation has a one year low of $131.32 and a one year high of $270.90. The stock has a 50-day moving average of $243.52 and a 200 day moving average of $208.26. The company has a market capitalization of $59.45 billion, a price-to-earnings ratio of 20.82, a PEG ratio of 0.58 and a beta of 1.91. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.36 and a current ratio of 2.51.

Nucor (NYSE:NUE) last issued its earnings results on Monday, July 27th. The basic materials company reported $4.84 earnings per share for the quarter, topping analysts’ consensus estimates of $4.46 by $0.38. The business had revenue of $10.40 billion during the quarter, compared to analyst estimates of $10.15 billion. Nucor had a return on equity of 12.73% and a net margin of 7.99%.Nucor’s revenue was up 23.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.60 EPS. On average, sell-side analysts forecast that Nucor Corporation will post 17.84 EPS for the current year.

Nucor Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 11th. Stockholders of record on Tuesday, June 30th will be issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Tuesday, June 30th. Nucor’s payout ratio is presently 17.86%.

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.