Kingsview Wealth Management LLC Invests $752,000 in Nucor Corporation $NUE

Kingsview Wealth Management LLC purchased a new position in Nucor Corporation (NYSE:NUE) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,377 shares of the basic materials company’s stock, valued at approximately $752,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NUE. BlackRock Inc. bought a new position in shares of Nucor during the second quarter valued at $4,452,563,000. Morgan Stanley boosted its stake in Nucor by 1.1% in the 4th quarter. Morgan Stanley now owns 3,853,205 shares of the basic materials company’s stock worth $628,497,000 after purchasing an additional 41,728 shares in the last quarter. Norges Bank purchased a new stake in Nucor during the 4th quarter valued at about $609,002,000. Dimensional Fund Advisors LP grew its position in Nucor by 0.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,539,044 shares of the basic materials company’s stock valued at $429,298,000 after purchasing an additional 22,718 shares during the last quarter. Finally, Bank of America Corp DE bought a new stake in Nucor during the 2nd quarter valued at about $462,886,000. Institutional investors own 76.48% of the company’s stock.

Insiders Place Their Bets

In other news, COO Stephen D. Laxton sold 3,968 shares of the stock in a transaction on 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 transaction, the chief operating officer directly owned 77,867 shares of the company’s stock, valued at $20,008,704.32. This represents a 4.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Thomas J. Batterbee sold 4,000 shares of the 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 transaction, the executive vice president directly owned 16,138 shares in the company, valued at $4,212,340.76. The trade was a 19.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 18,528 shares of company stock valued at $4,793,035. Company insiders own 0.62% of the company’s stock.

Nucor Price Performance

NUE opened at $250.84 on Monday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.36 and a current ratio of 2.51. The stock has a market capitalization of $56.91 billion, a P/E ratio of 20.00, a P/E/G ratio of 0.93 and a beta of 1.89. The company’s 50-day simple moving average is $246.64 and its two-hundred day simple moving average is $219.15. Nucor Corporation has a 52-week low of $131.32 and a 52-week high of $280.11.

Nucor (NYSE:NUE) last announced its quarterly earnings results on Monday, July 27th. The basic materials company reported $4.84 EPS for the quarter, topping 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 firm had revenue of $10.40 billion during the quarter, compared to analyst estimates of $10.15 billion. During the same period in the previous year, the business posted $2.60 earnings per share. The business’s revenue for the quarter was up 23.0% on a year-over-year basis. As a group, analysts predict that Nucor Corporation will post 17.95 EPS for the current year.

Nucor Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 11th. Shareholders of record on Tuesday, June 30th were given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Tuesday, June 30th. Nucor’s payout ratio is 17.86%.

Analyst Ratings Changes

Several research analysts have issued reports on NUE shares. The Goldman Sachs Group lifted their target price on shares of Nucor from $260.00 to $284.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th. KeyCorp raised shares of Nucor from a “sector weight” rating to an “overweight” rating and set a $274.00 price target for the company in a research report on Wednesday, June 24th. BMO Capital Markets boosted their price objective on shares of Nucor from $285.00 to $295.00 and gave the stock an “outperform” rating in a report on Wednesday, July 29th. Zacks Research cut Nucor from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 29th. Finally, Seaport Research Partners increased their target price on Nucor from $245.00 to $285.00 and gave the company a “buy” rating in a research note on Wednesday, June 10th. 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, the company presently has a consensus rating of “Moderate Buy” and an average price target of $272.38.

About Nucor

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.