Grace & White Inc. NY Buys 1,500 Shares of Nucor Corporation $NUE

Grace & White Inc. NY lifted its stake in shares of Nucor Corporation (NYSE:NUE) by 1.2% during the second quarter, Holdings Channel.com reports. The fund owned 125,739 shares of the basic materials company’s stock after purchasing an additional 1,500 shares during the period. Nucor accounts for about 3.0% of Grace & White Inc. NY’s holdings, making the stock its 7th biggest holding. Grace & White Inc. NY’s holdings in Nucor were worth $16,288,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. grew its position in Nucor by 17.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,595 shares of the basic materials company’s stock worth $3,853,000 after buying an additional 4,763 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in 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 buying an additional 17,861 shares during the last quarter. Assenagon Asset Management S.A. grew its position in 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 buying an additional 4,914 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its position in Nucor by 138.5% in the second quarter. Robeco Institutional Asset Management B.V. now owns 121,543 shares of the basic materials company’s stock worth $15,745,000 after buying an additional 70,581 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its position in Nucor by 12.4% in the first quarter. Envestnet Asset Management Inc. now owns 305,006 shares of the basic materials company’s stock worth $36,704,000 after buying an additional 33,700 shares during the last quarter. Institutional investors and hedge funds own 76.48% of the company’s stock.

Nucor Trading Down 3.2%

Shares of NYSE:NUE opened at $133.68 on Friday. The firm has a fifty day moving average of $141.25 and a two-hundred day moving average of $129.31. The firm has a market capitalization of $30.68 billion, a P/E ratio of 24.13, a price-to-earnings-growth ratio of 0.95 and a beta of 1.75. Nucor Corporation has a 12-month low of $97.59 and a 12-month 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.

Nucor (NYSE:NUE) last issued its earnings results on Monday, July 28th. The basic materials company reported $2.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.54 by $0.06. The company had revenue of $8.46 billion during 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 company’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter last year, the business posted $2.68 EPS. On average, equities analysts expect that Nucor Corporation will post 7.64 EPS for the current fiscal year.

Nucor Dividend Announcement

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

Insider Activity at Nucor

In other Nucor news, EVP Daniel R. Needham sold 7,200 shares of Nucor stock in a transaction on Monday, August 18th. The shares were sold at an average price of $146.00, for a total transaction of $1,051,200.00. Following the completion of the sale, the executive vice president owned 92,179 shares of the company’s stock, valued at $13,458,134. This trade represents a 7.24% decrease in their position. The sale 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 on Friday, August 22nd. The shares were sold at an average price of $148.41, for a total transaction of $903,520.08. Following the sale, the insider directly owned 22,464 shares of the company’s stock, valued at $3,333,882.24. This trade represents a 21.32% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 31,309 shares of company stock worth $4,553,771. Corporate insiders own 0.46% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Morgan Stanley lifted their price target on shares of Nucor from $134.00 to $149.00 and gave the stock an “overweight” rating in a research report on Friday, June 20th. Jefferies Financial Group upgraded shares of Nucor from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $135.00 to $170.00 in a research report on Thursday, July 31st. Weiss Ratings reiterated a “hold (c)” rating on shares of Nucor in a research report on Wednesday. Bank of America lifted their price objective on shares of Nucor from $150.00 to $165.00 and gave the stock a “buy” rating in a research report on Monday, September 15th. Finally, Wells Fargo & Company lowered their price objective on shares of Nucor from $146.00 to $140.00 and set an “equal weight” rating on the stock in a research report on Thursday, September 18th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $156.60.

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.