Bank of New York Mellon Corp Acquires 29,476 Shares of Nucor Corporation $NUE

Bank of New York Mellon Corp raised its stake in shares of Nucor Corporation (NYSE:NUE) by 1.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,809,899 shares of the basic materials company’s stock after buying an additional 29,476 shares during the quarter. Bank of New York Mellon Corp’s holdings in Nucor were worth $306,054,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of NUE. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Nucor during the 1st quarter valued at approximately $85,000. Checchi Capital Advisers LLC raised its holdings in shares of Nucor by 15.2% during the 1st quarter. Checchi Capital Advisers LLC now owns 2,514 shares of the basic materials company’s stock worth $425,000 after acquiring an additional 331 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its position in shares of Nucor by 4.9% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 4,394 shares of the basic materials company’s stock valued at $743,000 after acquiring an additional 207 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Nucor by 1.5% during the 1st quarter. Principal Financial Group Inc. now owns 282,846 shares of the basic materials company’s stock valued at $47,829,000 after acquiring an additional 4,205 shares during the last quarter. Finally, Chicago Partners Investment Group LLC grew its holdings in shares of Nucor by 16.1% in the first quarter. Chicago Partners Investment Group LLC now owns 2,109 shares of the basic materials company’s stock valued at $357,000 after purchasing an additional 293 shares in the last quarter. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Nucor Price Performance

Shares of NUE opened at $236.77 on Friday. The company has a 50 day moving average of $239.20 and a two-hundred day moving average of $201.64. The company has a quick ratio of 1.55, a current ratio of 2.90 and a debt-to-equity ratio of 0.30. Nucor Corporation has a twelve month low of $131.32 and a twelve month high of $270.90. The company has a market cap of $53.92 billion, a price-to-earnings ratio of 23.44, a price-to-earnings-growth ratio of 0.54 and a beta of 1.91.

Nucor (NYSE:NUE) last issued its quarterly earnings data on Monday, April 27th. The basic materials company reported $3.23 EPS for the quarter, beating the consensus estimate of $2.82 by $0.41. The firm had revenue of $9.50 billion during the quarter, compared to analyst estimates of $8.88 billion. Nucor had a return on equity of 10.68% and a net margin of 6.82%.The business’s revenue for the quarter was up 21.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.77 EPS. As a group, analysts predict that Nucor Corporation will post 17.68 earnings per share for the current fiscal year.

Nucor Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 11th. Shareholders of record on Tuesday, June 30th will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Tuesday, June 30th. Nucor’s dividend payout ratio (DPR) is currently 22.18%.

Insider Buying and Selling at Nucor

In related news, EVP Allen C. Behr sold 10,096 shares of Nucor stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $226.08, for a total value of $2,282,503.68. Following the completion of the sale, the executive vice president directly owned 62,871 shares in the company, valued at $14,213,875.68. This trade represents a 13.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP John J. Hollatz sold 10,560 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $258.46, for a total transaction of $2,729,337.60. Following the sale, the executive vice president directly owned 97,865 shares in the company, valued at approximately $25,294,187.90. This represents a 9.74% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 82,378 shares of company stock valued at $18,963,930. Insiders own 0.62% of the company’s stock.

Analysts Set New Price Targets

NUE has been the topic of a number of research reports. Citigroup restated a “positive” rating on shares of Nucor in a research report on Wednesday. CICC Research began coverage on Nucor in a research note on Monday, May 25th. They issued an “outperform” rating on the stock. Wall Street Zen raised shares of Nucor from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 16th. The Goldman Sachs Group raised their price target on shares of Nucor from $260.00 to $284.00 and gave the stock a “buy” rating in a research note on Tuesday, June 16th. Finally, Barclays lifted their price objective on shares of Nucor from $270.00 to $272.00 and gave the company an “overweight” rating in a report on Wednesday. Twelve research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $266.31.

Nucor Company Profile

Nucor Corporation (NYSE: NUE) is an American steel producer headquartered in Charlotte, North Carolina. The company is primarily engaged in the manufacture and sale of steel and steel products, operating a network of steel mills, recycling facilities and fabrication plants across the United States and North America. Nucor’s operations emphasize electric arc furnace steelmaking using recycled scrap metal, which supports a decentralized, mill-based production model focused on efficiency and flexibility.

Product offerings span a broad range of basic and value‑added steel items, including sheet, plate, merchant bar, structural beams, reinforcing bar, tubing, fasteners and fabricated components.