Global Assets Advisory LLC Makes New $512,000 Investment in Nucor Corporation (NYSE:NUE)

Global Assets Advisory LLC bought a new position in shares of Nucor Corporation (NYSE:NUE) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 4,533 shares of the basic materials company’s stock, valued at approximately $512,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Voya Investment Management LLC lifted its position in shares of Nucor by 528.6% during the 4th quarter. Voya Investment Management LLC now owns 507,715 shares of the basic materials company’s stock worth $59,235,000 after buying an additional 426,949 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Nucor by 21.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 101,459 shares of the basic materials company’s stock worth $12,210,000 after acquiring an additional 17,861 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Nucor by 20.5% in the first quarter. Assenagon Asset Management S.A. now owns 28,886 shares of the basic materials company’s stock worth $3,476,000 after acquiring an additional 4,914 shares during the last quarter. Kingswood Wealth Advisors LLC lifted its holdings in shares of Nucor by 25.6% in the first quarter. Kingswood Wealth Advisors LLC now owns 4,179 shares of the basic materials company’s stock worth $501,000 after acquiring an additional 852 shares during the last quarter. Finally, DoubleLine ETF Adviser LP bought a new position in shares of Nucor in the fourth quarter worth about $3,100,000. 76.48% of the stock is currently owned by institutional investors.

Nucor Stock Performance

Shares of NUE stock opened at $128.27 on Thursday. The business’s 50 day simple moving average is $117.36 and its 200 day simple moving average is $122.35. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.52 and a quick ratio of 1.48. Nucor Corporation has a one year low of $97.59 and a one year high of $170.52. The stock has a market capitalization of $29.60 billion, a PE ratio of 22.82, a PEG ratio of 0.83 and a beta of 1.67.

Nucor (NYSE:NUE) last announced its earnings results on Monday, April 28th. The basic materials company reported $0.77 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.15). The business had revenue of $7.83 billion for the quarter, compared to the consensus estimate of $7.25 billion. Nucor had a net margin of 4.40% and a return on equity of 6.82%. The firm’s revenue for the quarter was down 3.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.46 EPS. As a group, research analysts forecast that Nucor Corporation will post 7.64 earnings per share for the current year.

Nucor Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 11th. Stockholders of record on Monday, June 30th will be given a dividend of $0.55 per share. The ex-dividend date is Monday, June 30th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.72%. Nucor’s dividend payout ratio (DPR) is presently 39.15%.

Insiders Place Their Bets

In other Nucor news, CEO Leon J. Topalian sold 34,238 shares of the company’s stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $120.19, for a total transaction of $4,115,065.22. Following the transaction, the chief executive officer now owns 162,993 shares in the company, valued at approximately $19,590,128.67. This represents a 17.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.46% of the company’s stock.

Analysts Set New Price Targets

NUE has been the subject of a number of research reports. Wall Street Zen cut shares of Nucor from a “hold” rating to a “sell” rating in a report on Wednesday, April 30th. Argus set a $155.00 price objective on shares of Nucor in a research note on Wednesday, March 5th. The Goldman Sachs Group dropped their price target on Nucor from $175.00 to $169.00 and set a “buy” rating for the company in a research note on Monday, April 7th. BMO Capital Markets upgraded Nucor from a “market perform” rating to an “outperform” rating and increased their price target for the company from $140.00 to $145.00 in a research note on Monday, June 2nd. Finally, JPMorgan Chase & Co. cut their price target on Nucor from $156.00 to $140.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, one has given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $155.56.

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.