Glenview Trust Co Makes New $1.67 Million Investment in Nucor Corporation $NUE

Glenview Trust Co purchased a new stake in Nucor Corporation (NYSE:NUE) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 7,482 shares of the basic materials company’s stock, valued at approximately $1,667,000.

A number of other institutional investors and hedge funds also recently modified their holdings of NUE. Northwestern Mutual Wealth Management Co. lifted its position in shares of Nucor by 745.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 83,463 shares of the basic materials company’s stock valued at $13,614,000 after acquiring an additional 73,588 shares in the last quarter. California Public Employees Retirement System boosted its stake in Nucor by 19.3% in the 1st quarter. California Public Employees Retirement System now owns 510,331 shares of the basic materials company’s stock worth $86,297,000 after purchasing an additional 82,668 shares during the period. Pacific Heights Asset Management LLC grew its holdings in Nucor by 12.9% during the 4th quarter. Pacific Heights Asset Management LLC now owns 175,000 shares of the basic materials company’s stock valued at $28,544,000 after buying an additional 20,000 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Nucor by 1.7% during the first quarter. Bank of New York Mellon Corp now owns 1,809,899 shares of the basic materials company’s stock valued at $306,054,000 after buying an additional 29,476 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. bought a new stake in shares of Nucor during the fourth quarter valued at approximately $23,804,000. Institutional investors and hedge funds own 76.48% of the company’s stock.

Nucor Stock Down 0.6%

Shares of NUE opened at $250.84 on Friday. The company has a quick ratio of 1.36, a current ratio of 2.51 and a debt-to-equity ratio of 0.27. The business has a fifty day moving average of $246.64 and a 200 day moving average of $218.97. The company has a market cap of $56.91 billion, a PE ratio of 20.00, a P/E/G ratio of 0.94 and a beta of 1.89. Nucor Corporation has a 52-week low of $131.32 and a 52-week high of $280.11.

Nucor (NYSE:NUE) last posted its quarterly earnings data on Monday, July 27th. The basic materials company reported $4.84 earnings per share for the quarter, beating analysts’ consensus estimates of $4.46 by $0.38. Nucor had a net margin of 7.99% and a return on equity of 12.73%. The business had revenue of $10.40 billion for the quarter, compared to analysts’ expectations of $10.15 billion. During the same quarter in the previous year, the business posted $2.60 earnings per share. The business’s revenue was up 23.0% compared to the same quarter last year. On average, sell-side analysts expect that Nucor Corporation will post 17.95 EPS for the current year.

Nucor Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 11th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Tuesday, June 30th. Nucor’s dividend payout ratio (DPR) is 17.86%.

Insider Transactions at Nucor

In other news, EVP Thomas J. Batterbee sold 4,000 shares of the business’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $261.02, for a total transaction of $1,044,080.00. Following the completion of the sale, the executive vice president directly owned 16,138 shares of the company’s stock, valued at approximately $4,212,340.76. The trade was a 19.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John J. Hollatz sold 10,560 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $258.46, for a total transaction of $2,729,337.60. Following the completion of the transaction, the executive vice president owned 97,865 shares in the company, valued at approximately $25,294,187.90. The trade was a 9.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 18,528 shares of company stock worth $4,793,035. 0.62% of the stock is currently owned by insiders.

Analyst Ratings Changes

NUE has been the subject of a number of research reports. Argus upped their target price on shares of Nucor from $200.00 to $262.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. KeyCorp upgraded shares of Nucor from a “sector weight” rating to an “overweight” rating and set a $274.00 price target on the stock in a research note on Wednesday, June 24th. The Goldman Sachs Group increased their price objective on shares of Nucor from $260.00 to $284.00 and gave the company a “buy” rating in a report on Tuesday, June 16th. Citigroup reaffirmed a “buy” rating on shares of Nucor in a report on Wednesday, July 29th. Finally, Bank of America decreased their target price on Nucor from $290.00 to $280.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Thirteen investment analysts have rated the stock with a Buy rating and three have assigned 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 $272.38.

Nucor Company Profile

Nucor Corporation (NYSE: NUE) is an American steel producer headquartered in Charlotte, North Carolina. The company is primarily engaged in the manufacture and sale of steel and steel products, operating a network of steel mills, recycling facilities and fabrication plants across the United States and North America. Nucor’s operations emphasize electric arc furnace steelmaking using recycled scrap metal, which supports a decentralized, mill-based production model focused on efficiency and flexibility.

Product offerings span a broad range of basic and value?added steel items, including sheet, plate, merchant bar, structural beams, reinforcing bar, tubing, fasteners and fabricated components.