Mirae Asset Global Investments Co. Ltd. Purchases New Shares in Nucor Corporation $NUE

Mirae Asset Global Investments Co. Ltd. acquired a new stake in Nucor Corporation (NYSE:NUE) during the third quarter, Holdings Channel reports. The fund acquired 69,766 shares of the basic materials company’s stock, valued at approximately $16,308,000.

Other large investors have also recently added to or reduced their stakes in the company. Vise Technologies Inc. raised its position in Nucor by 18.0% in the third quarter. Vise Technologies Inc. now owns 12,997 shares of the basic materials company’s stock valued at $3,038,000 after purchasing an additional 1,983 shares during the period. Investment Partners LTD. lifted its stake in shares of Nucor by 11.2% in the 3rd quarter. Investment Partners LTD. now owns 1,116 shares of the basic materials company’s stock valued at $261,000 after purchasing an additional 112 shares during the last quarter. Global Assets Advisory LLC acquired a new position in shares of Nucor in the 3rd quarter valued at $215,000. Summit Global Investments grew its holdings in shares of Nucor by 157.7% during the 3rd quarter. Summit Global Investments now owns 4,043 shares of the basic materials company’s stock worth $945,000 after purchasing an additional 2,474 shares during the period. Finally, Modera Wealth Management LLC increased its position in shares of Nucor by 2.2% during the 3rd quarter. Modera Wealth Management LLC now owns 7,894 shares of the basic materials company’s stock worth $1,845,000 after purchasing an additional 170 shares during the last quarter. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on NUE. Morgan Stanley set a $270.00 price objective on shares of Nucor in a report on Wednesday, July 29th. Wall Street Zen lowered shares of Nucor from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Weiss Ratings upgraded shares of Nucor from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 15th. UBS Group boosted their price target on shares of Nucor from $224.00 to $256.00 and gave the company a “neutral” rating in a research note on Tuesday, July 28th. Finally, Freedom Broker raised shares of Nucor from a “hold” rating to a “buy” rating and boosted their price target for the company from $285.00 to $304.00 in a research note on Friday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $286.44.

Insider Activity at Nucor

In other news, EVP Allen Behr sold 11,846 shares of Nucor stock in a transaction dated Thursday, October 29th. The stock was sold at an average price of $272.90, for a total transaction of $3,232,773.40. Following the sale, the executive vice president owned 58,022 shares in the company, valued at approximately $15,834,203.80. The trade was a 16.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael D. Keller sold 1,136 shares of Nucor stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $279.33, for a total value of $317,318.88. Following the sale, the insider owned 15,588 shares in the company, valued at $4,354,196.04. This trade represents a 6.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 18,172 shares of company stock valued at $4,977,498 over the last ninety days. Insiders own 0.62% of the company’s stock.

Key Headlines Impacting Nucor

Here are the key news stories impacting Nucor this week:

• Positive Sentiment: Nucor’s third-quarter revenue rose 32% year over year to $11.25 billion, topping estimates, while earnings per share of $5.80 came in just below consensus. Fourth-quarter guidance was described as steady to slightly better than recent results. Article: Nucor Could Be 5% Undervalued After Strong Earnings And Steady Guidance
• Positive Sentiment: A strong balance sheet and cash flow are supporting shareholder returns—reported at $1.36 billion—and leave room for continued investment, buybacks and dividend growth. Article: Can NUE’s Strong Balance Sheet Power Bigger Shareholder Returns Ahead?
• Neutral Sentiment: Despite the quarterly EPS miss, revenue exceeded expectations, and the results point to substantial year-over-year improvement. The mixed beat-and-miss may temper the otherwise positive earnings read-through.
• Negative Sentiment: Two executives recently disclosed stock sales: EVP Allen Behr sold 11,846 shares, reducing his holdings by 16.95%, and Michael Keller sold 1,136 shares, trimming his position by 6.79%. Insider sales can be planned or personal, but may add near-term caution among investors. SEC filing for Allen Behr sale SEC filing for Michael Keller sale

Nucor Price Performance

Shares of NUE opened at $273.38 on Wednesday. Nucor Corporation has a fifty-two week low of $140.93 and a fifty-two week high of $287.70. The firm’s 50 day moving average price is $255.05 and its 200 day moving average price is $224.47. The company has a market cap of $62.03 billion, a P/E ratio of 17.40, a PEG ratio of 0.68 and a beta of 1.81. The company has a quick ratio of 1.43, a current ratio of 2.46 and a debt-to-equity ratio of 0.26.

Nucor (NYSE:NUE) last issued its quarterly earnings data on Monday, October 26th. The basic materials company reported $5.80 earnings per share for the quarter, missing the consensus estimate of $5.84 by ($0.04). Nucor had a return on equity of 15.53% and a net margin of 9.26%. The company had revenue of $11.25 billion for the quarter, compared to analysts’ expectations of $10.84 billion. During the same quarter in the prior year, the firm posted $2.63 EPS. The firm’s quarterly revenue was up 32.0% compared to the same quarter last year. On average, research analysts forecast that Nucor Corporation will post 19.61 earnings per share for the current fiscal year.

Nucor Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 10th. Investors of record on Wednesday, September 30th will be given a $0.56 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $2.24 dividend on an annualized basis and a yield of 0.8%. Nucor’s payout ratio is 14.26%.

Nucor Company Profile

Nucor Corporation is a steel producer headquartered in Charlotte, North Carolina. Through its operating subsidiaries, the company manufactures steel and steel products for customers in construction, automotive, energy, heavy equipment, transportation and other industrial markets.

Nucor’s operations include electric arc furnace steel mills, which produce carbon, alloy and galvanized steel products. Its product portfolio includes sheet steel, plate, beams, bars, wire and wire mesh, steel joists, deck, piling, fabricated concrete reinforcing steel and other downstream products.