Counterweight Ventures LLC Raises Holdings in Nucor Co. (NYSE:NUE)

Counterweight Ventures LLC boosted its position in Nucor Co. (NYSE:NUE) by 3.5% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 11,809 shares of the basic materials company’s stock after purchasing an additional 404 shares during the quarter. Counterweight Ventures LLC’s holdings in Nucor were worth $1,867,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Rise Advisors LLC acquired a new position in Nucor in the 1st quarter valued at $27,000. Chilton Capital Management LLC grew its holdings in Nucor by 94.2% in the 1st quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock valued at $27,000 after buying an additional 65 shares in the last quarter. Central Pacific Bank Trust Division purchased a new stake in Nucor in the 1st quarter valued at $28,000. Tompkins Financial Corp grew its holdings in Nucor by 208.0% in the 1st quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock valued at $30,000 after buying an additional 104 shares in the last quarter. Finally, Salomon & Ludwin LLC purchased a new stake in Nucor in the 1st quarter valued at $31,000. 76.48% of the stock is owned by institutional investors and hedge funds.

Nucor Stock Performance

Shares of Nucor stock opened at $138.79 on Friday. The business has a 50-day moving average of $152.27 and a 200 day moving average of $169.28. Nucor Co. has a 12 month low of $137.91 and a 12 month high of $203.00. The stock has a market capitalization of $33.28 billion, a price-to-earnings ratio of 8.16 and a beta of 1.55. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.93 and a quick ratio of 1.85.

Nucor (NYSE:NUE) last announced its earnings results on Monday, July 22nd. The basic materials company reported $2.68 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.37. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The company had revenue of $8.08 billion during the quarter, compared to analysts’ expectations of $7.69 billion. During the same period last year, the business posted $5.81 EPS. Nucor’s revenue for the quarter was down 15.2% on a year-over-year basis. As a group, sell-side analysts forecast that Nucor Co. will post 9.91 earnings per share for the current year.

Insider Buying and Selling at Nucor

In related news, EVP Daniel R. Needham sold 8,624 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $160.00, for a total transaction of $1,379,840.00. Following the transaction, the executive vice president now owns 99,049 shares in the company, valued at approximately $15,847,840. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.46% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on NUE. Jefferies Financial Group began coverage on Nucor in a report on Monday, May 20th. They issued a “hold” rating and a $190.00 target price for the company. JPMorgan Chase & Co. dropped their target price on Nucor from $180.00 to $170.00 and set a “neutral” rating for the company in a report on Tuesday, July 16th. Argus upgraded Nucor to a “strong-buy” rating in a report on Monday, August 26th. Bank of America lowered their price target on Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. Finally, BMO Capital Markets lowered their price target on Nucor from $185.00 to $175.00 and set a “market perform” rating for the company in a report on Monday, June 17th. Four equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $194.43.

About Nucor

Nucor Corporation engages in manufacture and sale of steel and steel products. It operates in three segments: steel mills, steel products, and raw materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products; and engages in the steel trading and rebar distribution businesses.