Seamount Financial Group Inc. Increases Holdings in Nucor Corporation $NUE

Seamount Financial Group Inc. grew its stake in Nucor Corporation (NYSE:NUE) by 13.2% during the 2nd quarter, HoldingsChannel reports. The fund owned 3,133 shares of the basic materials company’s stock after purchasing an additional 365 shares during the quarter. Seamount Financial Group Inc.’s holdings in Nucor were worth $406,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Duncan Williams Asset Management LLC raised its position in shares of Nucor by 6.7% in the 2nd quarter. Duncan Williams Asset Management LLC now owns 2,406 shares of the basic materials company’s stock worth $312,000 after purchasing an additional 151 shares during the last quarter. Valeo Financial Advisors LLC grew its position in Nucor by 72.3% during the 2nd quarter. Valeo Financial Advisors LLC now owns 6,405 shares of the basic materials company’s stock valued at $830,000 after purchasing an additional 2,688 shares during the last quarter. Plimoth Trust Co. LLC increased its stake in Nucor by 4.3% during the 2nd quarter. Plimoth Trust Co. LLC now owns 3,000 shares of the basic materials company’s stock valued at $389,000 after purchasing an additional 125 shares in the last quarter. DAVENPORT & Co LLC raised its holdings in Nucor by 4.4% in the second quarter. DAVENPORT & Co LLC now owns 13,321 shares of the basic materials company’s stock worth $1,726,000 after buying an additional 567 shares during the last quarter. Finally, Wealthcare Advisory Partners LLC purchased a new position in Nucor in the second quarter worth about $238,000. 76.48% of the stock is currently owned by institutional investors.

Nucor Stock Performance

Shares of NYSE NUE opened at $135.57 on Tuesday. Nucor Corporation has a 12-month low of $97.59 and a 12-month high of $170.52. The firm has a market capitalization of $31.12 billion, a price-to-earnings ratio of 24.47, a price-to-earnings-growth ratio of 0.95 and a beta of 1.75. The company has a current ratio of 2.83, a quick ratio of 1.51 and a debt-to-equity ratio of 0.31. The firm has a 50 day moving average of $141.66 and a 200 day moving average of $129.09.

Nucor (NYSE:NUE) last released its quarterly earnings results on Monday, July 28th. The basic materials company reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.54 by $0.06. Nucor had a net margin of 4.21% and a return on equity of 6.65%. The business had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.47 billion. During the same period last year, the firm earned $2.68 earnings per share. The company’s quarterly revenue was up 4.7% on a year-over-year basis. On average, research analysts anticipate that Nucor Corporation will post 7.64 earnings per share for the current year.

Nucor Dividend Announcement

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

Wall Street Analysts Forecast Growth

NUE has been the topic of a number of recent analyst reports. Wells Fargo & Company cut their price target on shares of Nucor from $146.00 to $140.00 and set an “equal weight” rating on the stock in a report on Thursday, September 18th. Jefferies Financial Group raised Nucor from a “hold” rating to a “buy” rating and upped their price objective for the company from $135.00 to $170.00 in a research report on Thursday, July 31st. Morgan Stanley lifted their target price on Nucor from $134.00 to $149.00 and gave the stock an “overweight” rating in a report on Friday, June 20th. The Goldman Sachs Group decreased their price target on Nucor from $182.00 to $173.00 and set a “buy” rating for the company in a research note on Monday, September 22nd. Finally, JPMorgan Chase & Co. increased their price objective on Nucor from $143.00 to $162.00 and gave the company an “overweight” rating in a research report on Monday, July 14th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $156.60.

Insider Buying and Selling

In related news, insider Michael D. Keller sold 6,088 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $148.41, for a total transaction of $903,520.08. Following the completion of the transaction, the insider directly owned 22,464 shares in the company, valued at approximately $3,333,882.24. The trade was a 21.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Daniel R. Needham sold 7,200 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was 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 directly owned 92,179 shares of the company’s stock, valued at $13,458,134. This represents a 7.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 31,309 shares of company stock worth $4,553,771. Company insiders own 0.71% of the company’s stock.

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.