Nucor Corporation $NUE Shares Newly Purchased by Polaris Financial Partners

Polaris Financial Partners acquired a new position in Nucor Corporation (NYSE:NUE) during the third quarter, Holdings Channel reports. The institutional investor acquired 2,618 shares of the basic materials company’s stock, valued at approximately $619,000.

Several other large investors have also made changes to their positions in the business. BlackRock Inc. bought a new stake in Nucor during the 2nd quarter valued at approximately $4,452,563,000. Bank of America Corp DE acquired a new position in shares of Nucor during the second quarter worth approximately $462,886,000. Berkshire Hathaway Inc acquired a new position in shares of Nucor during the second quarter worth approximately $413,814,000. Bank of New York Mellon Corp bought a new stake in shares of Nucor in the second quarter valued at approximately $330,902,000. Finally, Legal & General Group Plc bought a new stake in shares of Nucor in the second quarter valued at approximately $324,154,000. Institutional investors and hedge funds own 76.48% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Thomas 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 value of $1,044,080.00. Following the sale, the executive vice president owned 16,138 shares in the company, valued at approximately $4,212,340.76. The trade was a 19.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Stephen Laxton sold 3,968 shares of the stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $256.96, for a total transaction of $1,019,617.28. Following the sale, the chief operating officer owned 77,867 shares of the company’s stock, valued at $20,008,704.32. This trade represents a 4.85% decrease in their position. The SEC filing for this sale provides additional information. 0.62% of the stock is currently owned by company insiders.

Nucor Price Performance

NUE traded up $4.33 during midday trading on Friday, reaching $240.31. 1,052,856 shares of the company’s stock were exchanged, compared to its average volume of 1,566,693. 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 50-day simple moving average of $256.23 and a two-hundred day simple moving average of $231.70. The firm has a market capitalization of $54.52 billion, a price-to-earnings ratio of 19.16, a price-to-earnings-growth ratio of 0.83 and a beta of 1.84. Nucor Corporation has a one year low of $131.32 and a one year high of $280.11.

Nucor (NYSE:NUE) last issued its earnings results on Monday, July 27th. The basic materials company reported $4.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.46 by $0.38. The business had revenue of $10.40 billion during the quarter, compared to analysts’ expectations of $10.15 billion. Nucor had a return on equity of 12.73% and a net margin of 7.99%.Nucor’s quarterly revenue was up 23.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.60 EPS. As a group, research analysts predict that Nucor Corporation will post 18.89 EPS for the current year.

Nucor Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 10th. Shareholders of record on Wednesday, September 30th will be paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 0.9%. The ex-dividend date is Wednesday, September 30th. Nucor’s dividend payout ratio is currently 17.86%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Zacks Research downgraded shares of Nucor from a “strong-buy” rating to a “hold” rating in a report on Monday, June 29th. JPMorgan Chase & Co. upped their price objective on shares of Nucor from $294.00 to $308.00 and gave the company an “overweight” rating in a research report on Wednesday, September 9th. KeyCorp upgraded shares of Nucor from a “sector weight” rating to an “overweight” rating and set a $274.00 target price for the company in a research note on Wednesday, June 24th. 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. Finally, Weiss Ratings upgraded Nucor from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 25th. Thirteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $276.07.

Nucor Company Profile

Nucor Corporation is a Charlotte, North Carolina-based steel producer and one of the largest steel companies in North America. The company operates electric arc furnace (EAF) steel mills that use recycled scrap steel as a primary raw material, along with facilities that manufacture and process steel products for construction, manufacturing, transportation, energy and other industrial markets.

Nucor’s product portfolio includes carbon and alloy steel in sheet, plate, bar and structural forms, as well as reinforcing steel, wire and wire mesh.