Douglas Lane & Associates LLC Increases Stock Holdings in Nucor Corporation $NUE

Douglas Lane & Associates LLC boosted its position in shares of Nucor Corporation (NYSE:NUE) by 6.6% in the second quarter, HoldingsChannel.com reports. The fund owned 246,846 shares of the basic materials company’s stock after purchasing an additional 15,375 shares during the period. Douglas Lane & Associates LLC’s holdings in Nucor were worth $31,976,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Nucor by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 28,959,327 shares of the basic materials company’s stock valued at $3,484,965,000 after acquiring an additional 745,671 shares during the period. Price T Rowe Associates Inc. MD raised its position in Nucor by 18.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,309,452 shares of the basic materials company’s stock valued at $277,920,000 after purchasing an additional 355,364 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Nucor by 5.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,772,831 shares of the basic materials company’s stock valued at $213,342,000 after purchasing an additional 92,363 shares in the last quarter. Diamond Hill Capital Management Inc. acquired a new stake in Nucor in the 1st quarter valued at about $194,804,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Nucor by 16.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,610,933 shares of the basic materials company’s stock valued at $193,863,000 after purchasing an additional 226,343 shares in the last quarter. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. JPMorgan Chase & Co. increased their price target on Nucor from $143.00 to $162.00 and gave the company an “overweight” rating in a research report on Monday, July 14th. UBS Group reduced their price target on Nucor from $153.00 to $147.00 and set a “buy” rating on the stock in a research report on Thursday, May 29th. BMO Capital Markets raised 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 report on Monday, June 2nd. Morgan Stanley increased their price target on Nucor from $134.00 to $149.00 and gave the company an “overweight” rating in a research report on Friday, June 20th. Finally, Wells Fargo & Company raised Nucor to a “hold” rating in a research report on Thursday, August 14th. Seven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $155.78.

Insider Transactions at Nucor

In other Nucor news, EVP Kenneth Rex Query sold 10,000 shares of Nucor stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $130.37, for a total transaction of $1,303,700.00. Following the transaction, the executive vice president owned 94,080 shares of the company’s stock, valued at $12,265,209.60. The trade was a 9.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Michael D. Keller sold 6,088 shares of Nucor stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $148.41, for a total value of $903,520.08. Following the transaction, the insider directly owned 22,464 shares in the company, valued at approximately $3,333,882.24. This trade represents a 21.32% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 48,397 shares of company stock worth $6,763,814. 0.46% of the stock is currently owned by corporate insiders.

Nucor Stock Performance

Shares of Nucor stock opened at $141.47 on Friday. The firm has a market capitalization of $32.47 billion, a P/E ratio of 25.54, a P/E/G ratio of 0.91 and a beta of 1.76. Nucor Corporation has a 52 week low of $97.59 and a 52 week high of $170.52. The company has a quick ratio of 1.51, a current ratio of 2.83 and a debt-to-equity ratio of 0.31. The firm’s 50 day moving average is $143.11 and its two-hundred day moving average is $128.41.

Nucor (NYSE:NUE) last announced its quarterly earnings results on Monday, July 28th. The basic materials company reported $2.60 EPS for the quarter, beating the consensus estimate of $2.54 by $0.06. The company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.47 billion. Nucor had a net margin of 4.21% and a return on equity of 6.65%. The firm’s revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the firm posted $2.68 earnings per share. Research analysts forecast that Nucor Corporation will post 7.64 EPS for the current fiscal year.

Nucor Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.55 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $2.20 annualized dividend and a yield of 1.6%. Nucor’s payout ratio is 39.71%.

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.