Nemes Rush Group LLC Has $759,000 Stake in Nucor Co. (NYSE:NUE)

Nemes Rush Group LLC increased its stake in shares of Nucor Co. (NYSE:NUE) by 8.2% during the second quarter, HoldingsChannel reports. The institutional investor owned 4,801 shares of the basic materials company’s stock after buying an additional 364 shares during the quarter. Nemes Rush Group LLC’s holdings in Nucor were worth $759,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Parallel Advisors LLC increased its position in shares of Nucor by 6.1% in the fourth quarter. Parallel Advisors LLC now owns 2,288 shares of the basic materials company’s stock worth $398,000 after purchasing an additional 131 shares during the period. TD Asset Management Inc increased its holdings in Nucor by 4.4% in 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 buying an additional 3,567 shares during the period. Focus Financial Network Inc. ADV acquired a new position in shares of Nucor in the 4th quarter valued at approximately $404,000. Bank of Nova Scotia lifted its holdings in shares of Nucor by 98.1% during the 4th quarter. Bank of Nova Scotia now owns 123,984 shares of the basic materials company’s stock worth $21,577,000 after acquiring an additional 61,385 shares during the period. Finally, Campbell & CO Investment Adviser LLC boosted its position in shares of Nucor by 764.8% during the 4th quarter. Campbell & CO Investment Adviser LLC now owns 21,325 shares of the basic materials company’s stock worth $3,711,000 after acquiring an additional 18,859 shares in the last quarter. Institutional investors own 76.48% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Daniel R. Needham sold 8,624 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $160.00, for a total transaction of $1,379,840.00. Following the completion of the transaction, the executive vice president now directly owns 99,049 shares in the company, valued at $15,847,840. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.46% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on NUE. Argus upgraded shares of Nucor to a “strong-buy” rating in a research report on Monday, August 26th. Morgan Stanley dropped their price objective on Nucor from $176.00 to $170.00 and set an “overweight” rating for the company in a research report on Wednesday, September 18th. Bank of America decreased their target price on Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, June 26th. BMO Capital Markets dropped their target price on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating for the company in a report on Wednesday, September 18th. Finally, JPMorgan Chase & Co. upgraded shares of 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 research note on Monday, September 9th. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $192.00.

Nucor Stock Performance

Shares of NUE stock opened at $150.13 on Friday. The firm has a market capitalization of $36.00 billion, a price-to-earnings ratio of 8.83 and a beta of 1.55. The company has a current ratio of 2.93, a quick ratio of 1.85 and a debt-to-equity ratio of 0.26. The business’s 50-day moving average price is $148.14 and its 200-day moving average price is $164.91. Nucor Co. has a 12 month low of $133.42 and a 12 month high of $203.00.

Nucor (NYSE:NUE) last posted its earnings results on Monday, July 22nd. The basic materials company reported $2.68 earnings per share for the quarter, topping 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 firm had revenue of $8.08 billion for the quarter, compared to analyst estimates of $7.69 billion. During the same period in the previous year, the firm posted $5.81 EPS. The company’s revenue for the quarter was down 15.2% compared to the same quarter last year. Equities research analysts forecast that Nucor Co. will post 9.28 EPS for the current year.

Nucor Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Friday, September 27th will be given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 1.44%. The ex-dividend date of this dividend is Friday, September 27th. Nucor’s dividend payout ratio is currently 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.