Tyche Wealth Partners LLC Takes $384,000 Position in Nucor Co. (NYSE:NUE)

Tyche Wealth Partners LLC bought a new position in Nucor Co. (NYSE:NUE) during the fourth quarter, according to the company in its most recent filing with the SEC. The firm bought 2,208 shares of the basic materials company’s stock, valued at approximately $384,000.

Several other hedge funds have also added to or reduced their stakes in the business. Moneta Group Investment Advisors LLC boosted its stake in shares of Nucor by 127,059.1% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 155,232,061 shares of the basic materials company’s stock valued at $20,461,138,000 after purchasing an additional 155,109,984 shares during the period. Morgan Stanley raised its holdings in Nucor by 30.0% during the 4th quarter. Morgan Stanley now owns 4,247,626 shares of the basic materials company’s stock valued at $559,880,000 after buying an additional 979,824 shares during the last quarter. Norges Bank purchased a new stake in Nucor during the 4th quarter valued at $111,725,000. International Assets Investment Management LLC bought a new stake in Nucor in the 4th quarter worth $108,747,000. Finally, Imprint Wealth LLC increased its position in shares of Nucor by 21,987.3% in the second quarter. Imprint Wealth LLC now owns 528,992 shares of the basic materials company’s stock valued at $52,899,000 after acquiring an additional 526,597 shares during the period. 76.48% of the stock is owned by institutional investors.

Nucor Stock Up 0.3 %

NUE stock opened at $192.78 on Thursday. Nucor Co. has a fifty-two week low of $129.79 and a fifty-two week high of $203.00. The company has a market capitalization of $46.26 billion, a price-to-earnings ratio of 10.72 and a beta of 1.61. The business’s 50 day moving average price is $191.00 and its two-hundred day moving average price is $173.20. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.35 and a current ratio of 3.57.

Nucor (NYSE:NUE) last announced its quarterly earnings data on Monday, January 29th. The basic materials company reported $3.16 EPS for the quarter, beating the consensus estimate of $2.83 by $0.33. Nucor had a return on equity of 21.42% and a net margin of 13.03%. The business had revenue of $7.70 billion during the quarter, compared to analyst estimates of $7.64 billion. During the same quarter last year, the firm posted $4.89 earnings per share. The company’s revenue for the quarter was down 11.7% on a year-over-year basis. As a group, analysts forecast that Nucor Co. will post 13 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 10th. Investors of record on Thursday, March 28th will be given a $0.54 dividend. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $2.16 annualized dividend and a yield of 1.12%. Nucor’s dividend payout ratio (DPR) is presently 12.01%.

Insider Activity at Nucor

In related news, EVP Douglas J. Jellison sold 19,506 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $193.41, for a total transaction of $3,772,655.46. Following the transaction, the executive vice president now owns 120,738 shares in the company, valued at $23,351,936.58. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, EVP Kenneth Rex Query sold 5,500 shares of the firm’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $186.37, for a total value of $1,025,035.00. Following the transaction, the executive vice president now owns 85,326 shares of the company’s stock, valued at $15,902,206.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Douglas J. Jellison sold 19,506 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $193.41, for a total value of $3,772,655.46. Following the transaction, the executive vice president now owns 120,738 shares of the company’s stock, valued at $23,351,936.58. The disclosure for this sale can be found here. Insiders have sold 38,151 shares of company stock valued at $7,308,683 over the last ninety days. Insiders own 0.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on NUE shares. JPMorgan Chase & Co. increased their target price on shares of Nucor from $180.00 to $195.00 and gave the stock a “neutral” rating in a report on Tuesday. Citigroup upgraded Nucor from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $180.00 to $240.00 in a report on Wednesday, March 13th. UBS Group initiated coverage on Nucor in a research note on Tuesday, January 16th. They set a “buy” rating and a $210.00 target price on the stock. Finally, StockNews.com raised Nucor from a “hold” rating to a “buy” rating in a research note on Wednesday, April 10th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $192.83.

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.