L1 Capital Pty Ltd Increases Stock Position in Nucor Corporation $NUE

L1 Capital Pty Ltd raised its holdings in Nucor Corporation (NYSE:NUE) by 1,688.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 203,632 shares of the basic materials company’s stock after purchasing an additional 192,246 shares during the period. Nucor accounts for approximately 1.7% of L1 Capital Pty Ltd’s portfolio, making the stock its 11th largest holding. L1 Capital Pty Ltd owned approximately 0.09% of Nucor worth $33,214,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of NUE. Empirical Asset Management LLC boosted its stake in shares of Nucor by 2.6% in the fourth quarter. Empirical Asset Management LLC now owns 2,130 shares of the basic materials company’s stock valued at $347,000 after purchasing an additional 54 shares during the period. Krilogy Financial LLC boosted its stake in shares of Nucor by 4.1% in the fourth quarter. Krilogy Financial LLC now owns 1,531 shares of the basic materials company’s stock valued at $272,000 after purchasing an additional 61 shares during the period. Rosenberg Matthew Hamilton boosted its stake in shares of Nucor by 3.6% in the fourth quarter. Rosenberg Matthew Hamilton now owns 2,011 shares of the basic materials company’s stock valued at $328,000 after purchasing an additional 69 shares during the period. HUB Investment Partners LLC boosted its stake in shares of Nucor by 1.9% in the second quarter. HUB Investment Partners LLC now owns 4,099 shares of the basic materials company’s stock valued at $531,000 after purchasing an additional 75 shares during the period. Finally, Global Assets Advisory LLC boosted its stake in shares of Nucor by 3.0% in the fourth quarter. Global Assets Advisory LLC now owns 2,677 shares of the basic materials company’s stock valued at $437,000 after purchasing an additional 77 shares during the period. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on NUE. BofA upped their target price on shares of Nucor from $265.00 to $290.00 in a research note on Friday. Barclays began coverage on shares of Nucor in a research note on Thursday, May 21st. They issued an “overweight” rating and a $270.00 target price for the company. Jefferies Financial Group upped their target price on shares of Nucor from $225.00 to $250.00 and gave the company a “buy” rating in a research note on Tuesday, April 28th. KeyCorp began coverage on shares of Nucor in a research note on Wednesday, March 25th. They issued a “sector weight” rating for the company. Finally, BMO Capital Markets increased their price objective on shares of Nucor from $250.00 to $285.00 and gave the company an “outperform” rating in a research note on Wednesday, June 3rd. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $261.54.

Insider Activity at Nucor

In other Nucor news, EVP Allen C. Behr sold 10,096 shares of the stock in a transaction on Monday, May 4th. The shares were sold at an average price of $226.08, for a total transaction of $2,282,503.68. Following the sale, the executive vice president directly owned 62,871 shares of the company’s stock, valued at approximately $14,213,875.68. This represents a 13.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John J. Hollatz sold 10,560 shares of the stock in a transaction on 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 sale, the executive vice president directly owned 97,865 shares in the company, valued at $25,294,187.90. This trade represents a 9.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 82,378 shares of company stock valued at $18,963,930 in the last ninety days. 0.62% of the stock is owned by insiders.

Nucor Trading Up 2.0%

NYSE NUE opened at $266.06 on Friday. Nucor Corporation has a 12 month low of $117.21 and a 12 month high of $268.80. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.90 and a quick ratio of 1.55. The company has a market capitalization of $60.59 billion, a price-to-earnings ratio of 26.34, a price-to-earnings-growth ratio of 0.67 and a beta of 1.88. The company’s fifty day moving average price is $222.60 and its two-hundred day moving average price is $188.67.

Nucor (NYSE:NUE) last posted its quarterly earnings data on Monday, April 27th. The basic materials company reported $3.23 EPS for the quarter, beating analysts’ consensus estimates of $2.82 by $0.41. Nucor had a net margin of 6.82% and a return on equity of 10.68%. The firm had revenue of $9.50 billion for the quarter, compared to the consensus estimate of $8.88 billion. During the same period in the prior year, the firm posted $0.77 EPS. The firm’s revenue was up 21.3% compared to the same quarter last year. As a group, research analysts predict that Nucor Corporation will post 15.29 earnings per share for the current fiscal year.

Nucor Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 11th. Shareholders of record on Tuesday, June 30th will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Tuesday, June 30th. Nucor’s dividend payout ratio is 22.18%.

Nucor announced that its Board of Directors has authorized a share buyback program on Friday, February 20th that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the basic materials company to repurchase up to 9.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.

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.