Nucor Co. (NYSE:NUE) Shares Bought by Granite Bay Wealth Management LLC

Granite Bay Wealth Management LLC increased its stake in Nucor Co. (NYSE:NUE) by 103.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 25,619 shares of the basic materials company’s stock after purchasing an additional 13,038 shares during the quarter. Granite Bay Wealth Management LLC’s holdings in Nucor were worth $4,050,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of NUE. TD Asset Management Inc boosted its stake in Nucor by 4.4% during the fourth quarter. TD Asset Management Inc now owns 85,183 shares of the basic materials company’s stock valued at $14,825,000 after buying an additional 3,567 shares in the last quarter. Focus Financial Network Inc. ADV bought a new position in shares of Nucor during the 4th quarter valued at about $404,000. KBC Group NV boosted its position in shares of Nucor by 25.6% during the 4th quarter. KBC Group NV now owns 116,616 shares of the basic materials company’s stock valued at $20,295,000 after purchasing an additional 23,759 shares in the last quarter. CWA Asset Management Group LLC grew its stake in shares of Nucor by 83.1% in the 4th quarter. CWA Asset Management Group LLC now owns 2,868 shares of the basic materials company’s stock worth $499,000 after purchasing an additional 1,302 shares during the last quarter. Finally, NEOS Investment Management LLC raised its holdings in shares of Nucor by 17.1% in the 4th quarter. NEOS Investment Management LLC now owns 3,481 shares of the basic materials company’s stock worth $606,000 after purchasing an additional 508 shares in the last quarter. Institutional investors own 76.48% of the company’s stock.

Wall Street Analyst Weigh In

NUE has been the subject of a number of research reports. BMO Capital Markets reduced their target price on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating for the company in a report on Wednesday, September 18th. JPMorgan Chase & Co. raised Nucor from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $170.00 to $174.00 in a research note on Monday, September 9th. Bank of America cut their target price on Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, June 26th. Morgan Stanley reduced their target price on Nucor from $176.00 to $170.00 and set an “overweight” rating for the company in a report on Wednesday, September 18th. Finally, Argus raised Nucor to a “strong-buy” rating in a research note on Monday, August 26th. Three analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $192.00.

Insider Buying and Selling at Nucor

In other news, EVP Daniel R. Needham sold 8,624 shares of the company’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total value of $1,379,840.00. Following the transaction, the executive vice president now directly owns 99,049 shares of the company’s stock, valued at $15,847,840. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.46% of the company’s stock.

Nucor Stock Performance

Shares of NUE stock opened at $150.35 on Tuesday. The company has a market capitalization of $36.05 billion, a price-to-earnings ratio of 8.84 and a beta of 1.55. Nucor Co. has a 1-year low of $133.42 and a 1-year high of $203.00. The company has a current ratio of 2.93, a quick ratio of 1.85 and a debt-to-equity ratio of 0.26. The stock’s fifty day simple moving average is $147.88 and its 200-day simple moving average is $164.42.

Nucor (NYSE:NUE) last released its earnings results on Monday, July 22nd. The basic materials company reported $2.68 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.37. The company had revenue of $8.08 billion for the quarter, compared to analysts’ expectations of $7.69 billion. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The business’s revenue for the quarter was down 15.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.81 EPS. On average, sell-side analysts predict that Nucor Co. will post 9.28 earnings per share for the current fiscal year.

Nucor Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Friday, September 27th will be given a $0.54 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.16 dividend on an annualized basis and a yield of 1.44%. Nucor’s payout ratio is 12.71%.

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.