Cullen Frost Bankers Inc. Grows Position in Nucor Corporation $NUE

Cullen Frost Bankers Inc. lifted its holdings in shares of Nucor Corporation (NYSE:NUE) by 2.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 48,624 shares of the basic materials company’s stock after purchasing an additional 938 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Nucor were worth $6,299,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. RFG Advisory LLC grew its holdings in shares of Nucor by 2.9% during the 2nd quarter. RFG Advisory LLC now owns 2,462 shares of the basic materials company’s stock worth $319,000 after purchasing an additional 69 shares during the period. Matrix Trust Co lifted its stake in Nucor by 53.8% during the 2nd quarter. Matrix Trust Co now owns 240 shares of the basic materials company’s stock worth $31,000 after acquiring an additional 84 shares in the last quarter. Dorsey & Whitney Trust CO LLC lifted its stake in Nucor by 2.2% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 4,247 shares of the basic materials company’s stock worth $511,000 after acquiring an additional 93 shares in the last quarter. Denali Advisors LLC lifted its stake in Nucor by 2.5% during the 1st quarter. Denali Advisors LLC now owns 4,117 shares of the basic materials company’s stock worth $495,000 after acquiring an additional 102 shares in the last quarter. Finally, Applied Finance Capital Management LLC lifted its stake in Nucor by 1.8% during the 2nd quarter. Applied Finance Capital Management LLC now owns 5,908 shares of the basic materials company’s stock worth $765,000 after acquiring an additional 103 shares in the last quarter. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on NUE. The Goldman Sachs Group decreased their target price on Nucor from $182.00 to $173.00 and set a “buy” rating on the stock in a research note on Monday, September 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of Nucor in a research note on Wednesday, October 8th. JPMorgan Chase & Co. increased their target price on Nucor from $165.00 to $172.00 and gave the stock an “overweight” rating in a research note on Monday, October 13th. Wells Fargo & Company decreased their target price on Nucor from $146.00 to $140.00 and set an “equal weight” rating on the stock in a research note on Thursday, September 18th. Finally, Jefferies Financial Group raised Nucor from a “hold” rating to a “buy” rating and increased their price target for the company from $135.00 to $170.00 in a research report on Thursday, July 31st. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Nucor presently has an average rating of “Moderate Buy” and a consensus target price of $157.60.

Nucor Price Performance

NUE stock opened at $136.51 on Thursday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.83 and a quick ratio of 1.51. The firm has a market capitalization of $31.33 billion, a P/E ratio of 24.64, a P/E/G ratio of 1.00 and a beta of 1.75. The business’s 50-day moving average is $140.70 and its two-hundred day moving average is $130.25. Nucor Corporation has a 1 year low of $97.59 and a 1 year high of $170.52.

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

Nucor Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Tuesday, September 30th. Nucor’s dividend payout ratio (DPR) is 39.71%.

Insiders Place Their Bets

In other news, insider Michael D. Keller sold 6,088 shares of the firm’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $148.41, for a total transaction 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 trade represents a 21.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kenneth Rex Query sold 10,000 shares of the firm’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $144.90, for a total value of $1,449,000.00. Following the sale, the executive vice president directly owned 84,080 shares in the company, valued at $12,183,192. This trade represents a 10.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 31,309 shares of company stock worth $4,553,771 over the last 90 days. Insiders own 0.46% of the company’s stock.

Nucor 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.