Fifth Third Bancorp Has $1.17 Million Position in Nucor Corporation $NUE

Fifth Third Bancorp trimmed its position in shares of Nucor Corporation (NYSE:NUE) by 7.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,056 shares of the basic materials company’s stock after selling 706 shares during the quarter. Fifth Third Bancorp’s holdings in Nucor were worth $1,173,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Matrix Trust Co increased its position in Nucor by 53.8% in the 2nd quarter. Matrix Trust Co now owns 240 shares of the basic materials company’s stock valued at $31,000 after acquiring an additional 84 shares during the period. MV Capital Management Inc. grew its stake in shares of Nucor by 73.5% in the first quarter. MV Capital Management Inc. now owns 281 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 119 shares during the last quarter. Geneos Wealth Management Inc. increased its holdings in Nucor by 81.8% in the first quarter. Geneos Wealth Management Inc. now owns 340 shares of the basic materials company’s stock valued at $41,000 after purchasing an additional 153 shares during the period. Spirit of America Management Corp NY bought a new position in Nucor during the 1st quarter worth $48,000. Finally, Meeder Asset Management Inc. raised its position in Nucor by 209.6% during the 1st quarter. Meeder Asset Management Inc. now owns 418 shares of the basic materials company’s stock worth $50,000 after purchasing an additional 283 shares during the last quarter. Institutional investors and hedge funds own 76.48% of the company’s stock.

Insider Transactions at Nucor

In other Nucor news, EVP Daniel R. Needham sold 7,200 shares of the firm’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 owned 92,179 shares of the company’s stock, valued at approximately $13,458,134. This trade represents a 7.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Michael D. Keller sold 6,088 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $148.41, for a total value of $903,520.08. Following the sale, the insider owned 22,464 shares of the company’s stock, valued at approximately $3,333,882.24. This represents a 21.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 31,309 shares of company stock worth $4,553,771 in the last three months. Insiders own 0.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on NUE shares. Bank of America increased their price target on Nucor from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Monday, September 15th. Morgan Stanley upped their target price on Nucor from $134.00 to $149.00 and gave the company an “overweight” rating in a report on Friday, June 20th. BMO Capital Markets raised shares of Nucor from a “market perform” rating to an “outperform” rating and increased their target price for the company from $140.00 to $145.00 in a research report on Monday, June 2nd. Jefferies Financial Group upgraded shares of Nucor from a “hold” rating to a “buy” rating and boosted their price target for the stock from $135.00 to $170.00 in a research report on Thursday, July 31st. Finally, Wells Fargo & Company reduced their price objective on shares of Nucor from $146.00 to $140.00 and set an “equal weight” rating on the stock in a research note on Thursday, September 18th. Eight research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $156.60.

Nucor Stock Up 2.5%

Nucor stock opened at $138.13 on Monday. The company has a market capitalization of $31.71 billion, a PE ratio of 24.93, a PEG ratio of 0.95 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 firm’s fifty day moving average is $142.54 and its 200 day moving average is $128.77. The company has a quick ratio of 1.51, a current ratio of 2.83 and a debt-to-equity ratio of 0.31.

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

Nucor Dividend Announcement

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

About Nucor

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.