Summit Wealth Group LLC Co. Acquires 2,612 Shares of Nucor Corporation $NUE

Summit Wealth Group LLC Co. acquired a new stake in Nucor Corporation (NYSE:NUE) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,612 shares of the basic materials company’s stock, valued at approximately $611,000.

A number of other large investors have also made changes to their positions in NUE. Trek Financial LLC purchased a new position in Nucor in the 3rd quarter valued at about $5,710,000. Bank Julius Baer & Co. Ltd Zurich boosted its stake in shares of Nucor by 102.5% during the 3rd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 9,205 shares of the basic materials company’s stock worth $2,162,000 after purchasing an additional 4,659 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Nucor during the 3rd quarter worth about $16,308,000. Vise Technologies Inc. grew its holdings in shares of Nucor by 18.0% during the third quarter. Vise Technologies Inc. now owns 12,997 shares of the basic materials company’s stock worth $3,038,000 after buying an additional 1,983 shares in the last quarter. Finally, Investment Partners LTD. grew its holdings in shares of Nucor by 11.2% during the third quarter. Investment Partners LTD. now owns 1,116 shares of the basic materials company’s stock worth $261,000 after buying an additional 112 shares in the last quarter. Institutional investors and hedge funds own 76.48% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on NUE. Piper Sandler set a $304.00 price objective on shares of Nucor in a research report on Friday. The Goldman Sachs Group restated a “buy” rating and set a $335.00 target price on shares of Nucor in a research report on Wednesday, October 28th. BMO Capital Markets lifted their target price on shares of Nucor from $285.00 to $295.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 29th. JPMorgan Chase & Co. boosted their price target on Nucor from $296.00 to $304.00 and gave the company an “overweight” rating in a report on Wednesday, October 28th. Finally, KeyCorp cut their price target on Nucor from $288.00 to $286.00 and set an “overweight” rating for the company in a report on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Nucor presently has an average rating of “Moderate Buy” and a consensus price target of $286.44.

Nucor Stock Down 1.5%

Shares of NYSE:NUE opened at $273.38 on Wednesday. The stock’s 50-day moving average price is $255.05 and its two-hundred day moving average price is $224.47. The company has a current ratio of 2.46, a quick ratio of 1.43 and a debt-to-equity ratio of 0.26. Nucor Corporation has a 12-month low of $140.93 and a 12-month high of $287.70. The firm has a market cap of $62.03 billion, a price-to-earnings ratio of 17.40, a PEG ratio of 0.68 and a beta of 1.81.

Nucor (NYSE:NUE) last posted its quarterly earnings results on Monday, October 26th. The basic materials company reported $5.80 EPS for the quarter, missing the consensus estimate of $5.84 by ($0.04). Nucor had a net margin of 9.26% and a return on equity of 15.53%. The business had revenue of $11.25 billion during the quarter, compared to analysts’ expectations of $10.84 billion. During the same quarter last year, the firm earned $2.63 EPS. The firm’s quarterly revenue was up 32.0% compared to the same quarter last year. On average, research analysts forecast that Nucor Corporation will post 19.61 EPS for the current year.

Nucor Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 10th. Investors of record on Wednesday, September 30th will be given a $0.56 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $2.24 annualized dividend and a dividend yield of 0.8%. Nucor’s dividend payout ratio (DPR) is currently 14.26%.

Nucor News Summary

Here are the key news stories impacting Nucor this week:

• Positive Sentiment: Nucor’s third-quarter revenue rose 32% year over year to $11.25 billion, topping estimates, while earnings per share of $5.80 came in just below consensus. Fourth-quarter guidance was described as steady to slightly better than recent results. Article: Nucor Could Be 5% Undervalued After Strong Earnings And Steady Guidance
• Positive Sentiment: A strong balance sheet and cash flow are supporting shareholder returns—reported at $1.36 billion—and leave room for continued investment, buybacks and dividend growth. Article: Can NUE’s Strong Balance Sheet Power Bigger Shareholder Returns Ahead?
• Neutral Sentiment: Despite the quarterly EPS miss, revenue exceeded expectations, and the results point to substantial year-over-year improvement. The mixed beat-and-miss may temper the otherwise positive earnings read-through.
• Negative Sentiment: Two executives recently disclosed stock sales: EVP Allen Behr sold 11,846 shares, reducing his holdings by 16.95%, and Michael Keller sold 1,136 shares, trimming his position by 6.79%. Insider sales can be planned or personal, but may add near-term caution among investors. SEC filing for Allen Behr sale SEC filing for Michael Keller sale

Insider Buying and Selling

In related news, EVP Allen Behr sold 11,846 shares of the company’s stock in a transaction that occurred on Thursday, October 29th. The shares were sold at an average price of $272.90, for a total transaction of $3,232,773.40. Following the completion of the transaction, the executive vice president owned 58,022 shares of the company’s stock, valued at approximately $15,834,203.80. This represents a 16.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Noah C. Hanners sold 5,190 shares of the stock in a transaction that occurred on Thursday, October 29th. The stock was sold at an average price of $275.03, for a total transaction of $1,427,405.70. Following the transaction, the executive vice president directly owned 44,073 shares in the company, valued at approximately $12,121,397.19. This represents a 10.54% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 18,172 shares of company stock valued at $4,977,498. Insiders own 0.62% of the company’s stock.

Nucor Profile

Nucor Corporation is a steel producer headquartered in Charlotte, North Carolina. Through its operating subsidiaries, the company manufactures steel and steel products for customers in construction, automotive, energy, heavy equipment, transportation and other industrial markets.

Nucor’s operations include electric arc furnace steel mills, which produce carbon, alloy and galvanized steel products. Its product portfolio includes sheet steel, plate, beams, bars, wire and wire mesh, steel joists, deck, piling, fabricated concrete reinforcing steel and other downstream products.