Nucor Corporation $NUE Shares Acquired by Modern Wealth Management LLC

Modern Wealth Management LLC grew its position in Nucor Corporation (NYSE:NUE) by 45.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,007 shares of the basic materials company’s stock after purchasing an additional 942 shares during the quarter. Modern Wealth Management LLC’s holdings in Nucor were worth $362,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in Nucor by 17.8% in the first 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 acquiring an additional 4,763 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Nucor by 21.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 101,459 shares of the basic materials company’s stock valued at $12,210,000 after acquiring an additional 17,861 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in Nucor by 20.5% in the first quarter. Assenagon Asset Management S.A. now owns 28,886 shares of the basic materials company’s stock valued at $3,476,000 after acquiring an additional 4,914 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in Nucor by 12.4% in the first quarter. Envestnet Asset Management Inc. now owns 305,006 shares of the basic materials company’s stock valued at $36,704,000 after acquiring an additional 33,700 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Nucor by 48.6% in the first quarter. GAMMA Investing LLC now owns 4,203 shares of the basic materials company’s stock valued at $506,000 after acquiring an additional 1,375 shares in the last quarter. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Daniel R. Needham sold 7,200 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $146.00, for a total value of $1,051,200.00. Following the completion of the transaction, the executive vice president owned 92,179 shares of the company’s stock, valued at $13,458,134. The trade was a 7.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Allen C. Behr sold 8,021 shares of the business’s stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $143.38, for a total transaction of $1,150,050.98. Following the completion of the transaction, the executive vice president directly owned 82,703 shares of the company’s stock, valued at approximately $11,857,956.14. This represents a 8.84% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 48,397 shares of company stock worth $6,763,814. Corporate insiders own 0.71% of the company’s stock.

Nucor Stock Down 1.6%

Shares of NYSE NUE opened at $141.47 on Monday. The firm’s 50-day moving average is $143.11 and its two-hundred day moving average is $128.37. The company has a market capitalization of $32.47 billion, a PE ratio of 25.54, a price-to-earnings-growth ratio of 0.89 and a beta of 1.76. Nucor Corporation has a 12-month low of $97.59 and a 12-month high of $170.52. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.83 and a quick ratio of 1.51.

Nucor (NYSE:NUE) last announced its earnings results on Monday, July 28th. The basic materials company reported $2.60 EPS for the quarter, beating analysts’ consensus estimates of $2.54 by $0.06. The firm had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.47 billion. Nucor had a return on equity of 6.65% and a net margin of 4.21%.Nucor’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.68 EPS. Equities analysts anticipate that Nucor Corporation will post 7.64 EPS for the current fiscal year.

Nucor Dividend Announcement

The company also recently disclosed 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. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Tuesday, September 30th. Nucor’s payout ratio is currently 39.71%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Morgan Stanley upped their price objective on shares of Nucor from $134.00 to $149.00 and gave the company an “overweight” rating in a research note on Friday, June 20th. UBS Group dropped their price objective on shares of Nucor from $153.00 to $147.00 and set a “buy” rating on the stock in a research note on Thursday, May 29th. JPMorgan Chase & Co. lifted their price objective on shares of Nucor from $143.00 to $162.00 and gave the company an “overweight” rating in a research note on Monday, July 14th. Jefferies Financial Group upgraded shares of Nucor from a “hold” rating to a “buy” rating and lifted their price objective for the company from $135.00 to $170.00 in a research note on Thursday, July 31st. Finally, BMO Capital Markets upgraded shares of Nucor from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $140.00 to $145.00 in a research note on Monday, June 2nd. Seven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $155.78.

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.