Nucor Co. (NYSE:NUE) Shares Bought by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC raised its holdings in shares of Nucor Co. (NYSE:NUE) by 7.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 50,068 shares of the basic materials company’s stock after purchasing an additional 3,639 shares during the period. Wedge Capital Management L L P NC’s holdings in Nucor were worth $7,527,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Pacer Advisors Inc. increased its position in Nucor by 29.7% during the 2nd quarter. Pacer Advisors Inc. now owns 2,884,802 shares of the basic materials company’s stock valued at $456,030,000 after buying an additional 660,866 shares in the last quarter. Global Assets Advisory LLC purchased a new position in shares of Nucor in the 1st quarter valued at approximately $90,216,000. Swedbank AB acquired a new stake in Nucor in the 1st quarter worth approximately $37,395,000. Captrust Financial Advisors boosted its stake in Nucor by 23.5% in the 1st quarter. Captrust Financial Advisors now owns 804,150 shares of the basic materials company’s stock worth $159,141,000 after purchasing an additional 153,077 shares in the last quarter. Finally, Trinity Street Asset Management LLP purchased a new stake in Nucor during the 2nd quarter worth approximately $19,213,000. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Nucor Stock Up 0.7 %

Shares of NUE stock opened at $152.98 on Tuesday. The company has a current ratio of 2.93, a quick ratio of 1.85 and a debt-to-equity ratio of 0.26. Nucor Co. has a twelve month low of $133.42 and a twelve month high of $203.00. The stock has a 50 day moving average of $146.72 and a 200 day moving average of $161.43. The stock has a market cap of $36.68 billion, a P/E ratio of 9.00 and a beta of 1.55.

Nucor (NYSE:NUE) last posted its earnings results on Monday, July 22nd. The basic materials company reported $2.68 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.37. Nucor had a net margin of 10.45% and a return on equity of 15.69%. The firm had revenue of $8.08 billion during the quarter, compared to analyst estimates of $7.69 billion. During the same period in the previous year, the firm earned $5.81 EPS. The business’s quarterly revenue was down 15.2% on a year-over-year basis. As a group, sell-side analysts expect that Nucor Co. will post 9.1 EPS for the current year.

Nucor Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Friday, September 27th will be paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 1.41%. The ex-dividend date is Friday, September 27th. Nucor’s payout ratio is currently 12.71%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Morgan Stanley lowered their price objective on shares of Nucor from $176.00 to $170.00 and set an “overweight” rating for the company in a research note on Wednesday, September 18th. JPMorgan Chase & Co. lowered their price target on Nucor from $174.00 to $170.00 and set an “overweight” rating for the company in a research report on Wednesday, October 9th. Argus raised Nucor to a “strong-buy” rating in a report on Monday, August 26th. Bank of America decreased their target price 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 cut their price target on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a report on Wednesday, September 18th. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Nucor currently has an average rating of “Moderate Buy” and a consensus price target of $191.43.

Insider Activity

In related news, EVP Daniel R. Needham sold 8,624 shares of the company’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $160.00, for a total value of $1,379,840.00. Following the completion of the transaction, the executive vice president now owns 99,049 shares of the company’s stock, valued at approximately $15,847,840. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.46% of the company’s stock.

Nucor 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.