Ariadne Wealth Management LP Purchases Shares of 21,251 Nucor Co. (NYSE:NUE)

Ariadne Wealth Management LP acquired a new stake in shares of Nucor Co. (NYSE:NUE) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 21,251 shares of the basic materials company’s stock, valued at approximately $3,359,000. Nucor accounts for approximately 1.8% of Ariadne Wealth Management LP’s portfolio, making the stock its 14th biggest position.

A number of other large investors also recently added to or reduced their stakes in NUE. Dimensional Fund Advisors LP grew its holdings in Nucor by 2.2% during the second quarter. Dimensional Fund Advisors LP now owns 3,909,388 shares of the basic materials company’s stock worth $617,915,000 after acquiring an additional 84,558 shares during the period. Pacer Advisors Inc. lifted its stake in shares of Nucor by 29.7% in the 2nd quarter. Pacer Advisors Inc. now owns 2,884,802 shares of the basic materials company’s stock valued at $456,030,000 after purchasing an additional 660,866 shares during the last quarter. Legal & General Group Plc lifted its stake in Nucor by 3.2% during the 2nd quarter. Legal & General Group Plc now owns 2,160,803 shares of the basic materials company’s stock worth $341,580,000 after acquiring an additional 67,974 shares in the last quarter. First Trust Advisors LP increased its holdings in Nucor by 6.7% during the 4th quarter. First Trust Advisors LP now owns 1,367,209 shares of the basic materials company’s stock worth $237,949,000 after purchasing an additional 85,475 shares during the period. Finally, Nordea Investment Management AB increased its holdings in shares of Nucor by 6.5% in the 1st quarter. Nordea Investment Management AB now owns 1,165,094 shares of the basic materials company’s stock valued at $230,572,000 after acquiring an additional 70,917 shares during the last quarter. 76.48% of the stock is owned by hedge funds and other institutional investors.

Nucor Trading Up 0.1 %

Nucor stock opened at $150.35 on Tuesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.93 and a quick ratio of 1.85. The company has a market capitalization of $36.05 billion, a price-to-earnings ratio of 8.84 and a beta of 1.55. Nucor Co. has a one year low of $133.42 and a one year high of $203.00. The company’s fifty day moving average price is $147.88 and its two-hundred day moving average price is $164.42.

Nucor (NYSE:NUE) last released its earnings results on Monday, July 22nd. The basic materials company reported $2.68 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $7.69 billion. During the same quarter last year, the company earned $5.81 earnings per share. The firm’s revenue was down 15.2% on a year-over-year basis. On average, analysts forecast that Nucor Co. will post 9.28 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Friday, September 27th will be issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.44%. The ex-dividend date is Friday, September 27th. Nucor’s dividend payout ratio is currently 12.71%.

Wall Street Analysts Forecast Growth

NUE has been the subject of a number of recent research reports. Argus raised Nucor to a “strong-buy” rating in a research report on Monday, August 26th. Morgan Stanley reduced their target price on 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 objective on Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a research note on Wednesday, September 18th. Bank of America reduced their price objective on Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a research note on Wednesday, June 26th. Finally, JPMorgan Chase & Co. raised Nucor from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $170.00 to $174.00 in a report on Monday, September 9th. Three analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $192.00.

Insider Activity at Nucor

In other news, EVP Daniel R. Needham sold 8,624 shares of Nucor stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total transaction 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 $15,847,840. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.46% of the stock is currently owned by company insiders.

About Nucor

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.