Summit Wealth Group LLC Co. Makes New $611,000 Investment in Nucor Corporation $NUE

Summit Wealth Group LLC Co. acquired a new position in Nucor Corporation (NYSE:NUE) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,612 shares of the basic materials company’s stock, valued at approximately $611,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. BlackRock Inc. acquired a new position in shares of Nucor during the 2nd quarter worth $4,452,563,000. Bank of America Corp DE purchased a new position in shares of Nucor in the 2nd quarter valued at about $462,886,000. Berkshire Hathaway Inc purchased a new position in shares of Nucor in the 2nd quarter valued at about $413,814,000. Bank of New York Mellon Corp purchased a new position in shares of Nucor in the 2nd quarter valued at about $330,902,000. Finally, Legal & General Group Plc acquired a new stake in shares of Nucor in the second quarter valued at about $324,154,000. Institutional investors and hedge funds own 76.48% of the company’s stock.

Nucor Stock Down 1.5%

Nucor stock opened at $273.38 on Wednesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.43 and a current ratio of 2.46. The firm has a market capitalization of $62.03 billion, a price-to-earnings ratio of 17.40, a price-to-earnings-growth ratio of 0.68 and a beta of 1.81. Nucor Corporation has a fifty-two week low of $140.93 and a fifty-two week high of $287.70. The stock’s fifty day moving average is $255.05 and its two-hundred day moving average is $224.47.

Nucor (NYSE:NUE) last announced its quarterly earnings results on Monday, October 26th. The basic materials company reported $5.80 earnings per share for the quarter, missing analysts’ consensus estimates of $5.84 by ($0.04). The firm had revenue of $11.25 billion during the quarter, compared to analysts’ expectations of $10.84 billion. Nucor had a net margin of 9.26% and a return on equity of 15.53%. The company’s quarterly revenue was up 32.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.63 EPS. Analysts predict that Nucor Corporation will post 19.61 EPS for the current fiscal year.

Nucor Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 10th. Investors of record on Wednesday, September 30th will be paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Wednesday, September 30th. Nucor’s dividend payout ratio is presently 14.26%.

Key Stories Impacting Nucor

Here are the key news stories impacting Nucor this week:

• Positive Sentiment: Nucor’s third-quarter revenue rose 32% year over year to $11.25 billion, topping estimates, while earnings per share of $5.80 came in just below consensus. Fourth-quarter guidance was described as steady to slightly better than recent results. Article: Nucor Could Be 5% Undervalued After Strong Earnings And Steady Guidance
• Positive Sentiment: A strong balance sheet and cash flow are supporting shareholder returns—reported at $1.36 billion—and leave room for continued investment, buybacks and dividend growth. Article: Can NUE’s Strong Balance Sheet Power Bigger Shareholder Returns Ahead?
• Neutral Sentiment: Despite the quarterly EPS miss, revenue exceeded expectations, and the results point to substantial year-over-year improvement. The mixed beat-and-miss may temper the otherwise positive earnings read-through.
• Negative Sentiment: Two executives recently disclosed stock sales: EVP Allen Behr sold 11,846 shares, reducing his holdings by 16.95%, and Michael Keller sold 1,136 shares, trimming his position by 6.79%. Insider sales can be planned or personal, but may add near-term caution among investors. SEC filing for Allen Behr sale SEC filing for Michael Keller sale

Insider Activity at Nucor

In other Nucor news, EVP Noah C. Hanners sold 5,190 shares of Nucor stock in a transaction dated Thursday, October 29th. The shares were sold at an average price of $275.03, for a total transaction of $1,427,405.70. Following the completion of the transaction, the executive vice president owned 44,073 shares in the company, valued at approximately $12,121,397.19. The trade was a 10.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Michael D. Keller sold 1,136 shares of the company’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $279.33, for a total transaction of $317,318.88. Following the completion of the sale, the insider directly owned 15,588 shares in the company, valued at $4,354,196.04. This trade represents a 6.79% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 18,172 shares of company stock valued at $4,977,498. Insiders own 0.62% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on NUE shares. Wells Fargo & Company boosted their price objective on shares of Nucor from $280.00 to $305.00 and gave the stock an “overweight” rating in a report on Wednesday, October 28th. Barclays upped their target price on shares of Nucor from $306.00 to $320.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 28th. Morgan Stanley set a $270.00 target price on shares of Nucor in a report on Wednesday, July 29th. JPMorgan Chase & Co. lifted their price target on shares of Nucor from $296.00 to $304.00 and gave the company an “overweight” rating in a research report on Wednesday, October 28th. Finally, Freedom Broker upgraded shares of Nucor from a “hold” rating to a “buy” rating and lifted their price target for the company from $285.00 to $304.00 in a research report on Friday, October 30th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Nucor presently has an average rating of “Moderate Buy” and an average target price of $286.44.

Nucor Profile

Nucor Corporation is a steel producer headquartered in Charlotte, North Carolina. Through its operating subsidiaries, the company manufactures steel and steel products for customers in construction, automotive, energy, heavy equipment, transportation and other industrial markets.

Nucor’s operations include electric arc furnace steel mills, which produce carbon, alloy and galvanized steel products. Its product portfolio includes sheet steel, plate, beams, bars, wire and wire mesh, steel joists, deck, piling, fabricated concrete reinforcing steel and other downstream products.