Sierra Summit Advisors LLC Purchases 317 Shares of Nucor Co. (NYSE:NUE)

Sierra Summit Advisors LLC raised its position in shares of Nucor Co. (NYSE:NUE) by 13.0% in the second quarter, Holdings Channel reports. The firm owned 2,752 shares of the basic materials company’s stock after acquiring an additional 317 shares during the quarter. Sierra Summit Advisors LLC’s holdings in Nucor were worth $435,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of NUE. McClarren Financial Advisors Inc. increased its position in shares of Nucor by 129.0% during the second quarter. McClarren Financial Advisors Inc. now owns 158 shares of the basic materials company’s stock valued at $25,000 after acquiring an additional 89 shares in the last quarter. Rise Advisors LLC purchased a new stake in Nucor during the 1st quarter valued at $27,000. Chilton Capital Management LLC increased its holdings in shares of Nucor by 94.2% in the 1st quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 65 shares in the last quarter. Central Pacific Bank Trust Division purchased a new position in shares of Nucor in the first quarter worth $28,000. Finally, Tompkins Financial Corp raised its stake in shares of Nucor by 208.0% in the first quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 104 shares during the last quarter. 76.48% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on NUE. Bank of America reduced their price objective on Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. BMO Capital Markets reduced their price target on shares of Nucor from $185.00 to $175.00 and set a “market perform” rating for the company in a research note on Monday, June 17th. Morgan Stanley upgraded shares of Nucor from an “equal weight” rating to an “overweight” rating and lowered their price objective for the company from $187.00 to $176.00 in a research report on Thursday, August 15th. Argus raised shares of Nucor to a “strong-buy” rating in a research report on Monday, August 26th. Finally, JPMorgan Chase & Co. raised Nucor from a “neutral” rating to an “overweight” rating and increased their price target for the company from $170.00 to $174.00 in a report on Monday, September 9th. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $195.00.

Nucor Stock Up 2.1 %

NUE opened at $143.59 on Monday. The stock has a market cap of $34.43 billion, a price-to-earnings ratio of 8.45 and a beta of 1.55. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.85 and a current ratio of 2.93. The firm’s fifty day moving average is $150.71 and its 200 day moving average is $167.41. Nucor Co. has a fifty-two week low of $133.42 and a fifty-two week high of $203.00.

Nucor (NYSE:NUE) last announced its quarterly earnings data on Monday, July 22nd. The basic materials company reported $2.68 EPS for the quarter, beating the consensus estimate of $2.31 by $0.37. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The business had revenue of $8.08 billion for the quarter, compared to the consensus estimate of $7.69 billion. During the same period in the previous year, the business earned $5.81 earnings per share. The business’s revenue was down 15.2% on a year-over-year basis. On average, sell-side analysts forecast that Nucor Co. will post 9.95 earnings per share for the current fiscal year.

Nucor Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Friday, September 27th will be given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 1.50%. The ex-dividend date of this dividend is Friday, September 27th. Nucor’s payout ratio is currently 12.71%.

Insider Activity

In related news, EVP Daniel R. Needham sold 8,624 shares of the firm’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total transaction of $1,379,840.00. Following the completion of the transaction, the executive vice president now directly owns 99,049 shares of the company’s stock, valued at $15,847,840. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.46% of the company’s stock.

Nucor Company Profile

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.