Dark Forest Capital Management LP Acquires 5,852 Shares of Nucor Co. (NYSE:NUE)

Dark Forest Capital Management LP increased its holdings in Nucor Co. (NYSE:NUE) by 248.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,206 shares of the basic materials company’s stock after buying an additional 5,852 shares during the period. Dark Forest Capital Management LP’s holdings in Nucor were worth $1,297,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Parallel Advisors LLC lifted its position in shares of Nucor by 6.1% during the fourth quarter. Parallel Advisors LLC now owns 2,288 shares of the basic materials company’s stock worth $398,000 after acquiring an additional 131 shares in the last quarter. TD Asset Management Inc raised its stake in shares of Nucor by 4.4% during the 4th quarter. TD Asset Management Inc now owns 85,183 shares of the basic materials company’s stock valued at $14,825,000 after purchasing an additional 3,567 shares during the period. Focus Financial Network Inc. ADV purchased a new stake in Nucor during the 4th quarter worth about $404,000. TFO Wealth Partners LLC boosted its stake in Nucor by 54,788.9% in the 4th quarter. TFO Wealth Partners LLC now owns 9,880 shares of the basic materials company’s stock worth $1,720,000 after purchasing an additional 9,862 shares during the period. Finally, Catalytic Wealth RIA LLC bought a new position in Nucor in the 4th quarter worth about $638,000. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NUE has been the topic of a number of recent analyst reports. Morgan Stanley lowered their price target on shares of Nucor from $176.00 to $170.00 and set an “overweight” rating on the stock in a report on Wednesday, September 18th. BMO Capital Markets reduced their price target on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating for the company in a research report on Wednesday, September 18th. Argus upgraded Nucor to a “strong-buy” rating in a research report on Monday, August 26th. Bank of America reduced their target price on Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. Finally, JPMorgan Chase & Co. raised Nucor from a “neutral” rating to an “overweight” rating and raised their price target for the company from $170.00 to $174.00 in a report on Monday, September 9th. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $192.00.

Insider Activity

In other Nucor news, EVP Daniel R. Needham sold 8,624 shares of Nucor stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $160.00, for a total value of $1,379,840.00. Following the transaction, the executive vice president now directly owns 99,049 shares of the company’s stock, valued at approximately $15,847,840. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.46% of the company’s stock.

Nucor Price Performance

Shares of Nucor stock opened at $148.88 on Thursday. The business’s 50-day moving average price is $148.99 and its 200-day moving average price is $165.36. The firm has a market capitalization of $35.70 billion, a PE ratio of 8.76 and a beta of 1.55. Nucor Co. has a 12 month low of $133.42 and a 12 month high of $203.00. The company has a current ratio of 2.93, a quick ratio of 1.85 and a debt-to-equity ratio of 0.26.

Nucor (NYSE:NUE) last issued its quarterly earnings results on Monday, July 22nd. The basic materials company reported $2.68 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.37. Nucor had a net margin of 10.45% and a return on equity of 15.69%. The business had revenue of $8.08 billion for the quarter, compared to analysts’ expectations of $7.69 billion. During the same period last year, the business earned $5.81 earnings per share. The business’s quarterly revenue was down 15.2% on a year-over-year basis. Sell-side analysts forecast that Nucor Co. will post 9.28 EPS for the current fiscal year.

Nucor Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Friday, September 27th will be given a dividend of $0.54 per share. The ex-dividend date is Friday, September 27th. This represents a $2.16 annualized dividend and a yield of 1.45%. Nucor’s payout ratio is 12.71%.

Nucor Company 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.