Meiji Yasuda Asset Management Co Ltd. Acquires Shares of 15,688 Nucor Corporation $NUE

Meiji Yasuda Asset Management Co Ltd. bought a new stake in Nucor Corporation (NYSE:NUE) during the 2nd quarter, HoldingsChannel reports. The firm bought 15,688 shares of the basic materials company’s stock, valued at approximately $3,495,000.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of Nucor during the 2nd quarter worth about $4,452,563,000. Norges Bank acquired a new stake in Nucor in the 4th quarter worth about $609,002,000. Bank of New York Mellon Corp acquired a new stake in Nucor in the 2nd quarter worth about $330,902,000. Deutsche Bank AG purchased a new stake in Nucor during the 2nd quarter worth approximately $220,176,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Nucor during the 2nd quarter worth approximately $126,848,000. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Insiders Place Their Bets

In other Nucor news, COO Stephen D. Laxton sold 3,968 shares of the business’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $256.96, for a total transaction of $1,019,617.28. Following the transaction, the chief operating officer owned 77,867 shares of the company’s stock, valued at approximately $20,008,704.32. The trade was a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Thomas J. Batterbee sold 4,000 shares of the company’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $261.02, for a total value of $1,044,080.00. Following the completion of the sale, the executive vice president owned 16,138 shares of the company’s stock, valued at approximately $4,212,340.76. The trade was a 19.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 18,528 shares of company stock valued at $4,793,035. Insiders own 0.62% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on NUE. Wells Fargo & Company decreased their target price on Nucor from $297.00 to $285.00 and set an “overweight” rating on the stock in a research report on Monday. The Goldman Sachs Group boosted their price target on Nucor from $260.00 to $284.00 and gave the stock a “buy” rating in a research report on Tuesday, June 16th. Morgan Stanley set a $270.00 price objective on Nucor in a research note on Wednesday, July 29th. Citigroup restated a “buy” rating on shares of Nucor in a report on Wednesday, July 29th. Finally, BMO Capital Markets raised their price objective on Nucor from $285.00 to $295.00 and gave the company an “outperform” rating in a report on Wednesday, July 29th. Twelve research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Nucor currently has a consensus rating of “Moderate Buy” and an average price target of $272.38.

Nucor Stock Up 0.3%

NUE stock opened at $244.32 on Tuesday. The company has a current ratio of 2.51, a quick ratio of 1.36 and a debt-to-equity ratio of 0.27. The firm has a 50-day moving average of $246.58 and a two-hundred day moving average of $217.46. Nucor Corporation has a 12 month low of $131.32 and a 12 month high of $280.11. The company has a market cap of $55.43 billion, a price-to-earnings ratio of 19.48, a PEG ratio of 0.90 and a beta of 1.89.

Nucor (NYSE:NUE) last issued its earnings results on Monday, July 27th. The basic materials company reported $4.84 earnings per share for the quarter, topping the consensus estimate of $4.46 by $0.38. The business had revenue of $10.40 billion for the quarter, compared to analysts’ expectations of $10.15 billion. Nucor had a return on equity of 12.73% and a net margin of 7.99%.The business’s revenue for the quarter was up 23.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.60 EPS. As a group, analysts forecast that Nucor Corporation will post 17.95 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 11th. Investors of record on Tuesday, June 30th were given a dividend of $0.56 per share. The ex-dividend date was Tuesday, June 30th. This represents a $2.24 dividend on an annualized basis and a yield of 0.9%. Nucor’s dividend payout ratio (DPR) is presently 17.86%.

About Nucor

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.