Brown Lisle Cummings Inc. Takes Position in Nucor Co. (NYSE:NUE)

Brown Lisle Cummings Inc. bought a new position in shares of Nucor Co. (NYSE:NUE) during the 3rd quarter, Holdings Channel.com reports. The firm bought 200 shares of the basic materials company’s stock, valued at approximately $30,000.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP grew its stake in shares of Nucor by 2.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,909,388 shares of the basic materials company’s stock valued at $617,915,000 after buying an additional 84,558 shares during the period. Pacer Advisors Inc. grew its position in Nucor by 29.7% during the second quarter. Pacer Advisors Inc. now owns 2,884,802 shares of the basic materials company’s stock valued at $456,030,000 after acquiring an additional 660,866 shares during the period. Legal & General Group Plc raised its holdings in shares of Nucor by 3.2% in 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 purchasing an additional 67,974 shares during the period. Nordea Investment Management AB lifted its stake 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 purchasing an additional 70,917 shares in the last quarter. Finally, Hsbc Holdings PLC grew its holdings in shares of Nucor by 11.6% during the 2nd quarter. Hsbc Holdings PLC now owns 1,069,920 shares of the basic materials company’s stock worth $169,433,000 after purchasing an additional 111,177 shares during the period. 76.48% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on NUE. Argus raised shares of Nucor to a “strong-buy” rating in a research report on Monday, August 26th. BMO Capital Markets decreased 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. JPMorgan Chase & Co. cut their price objective on Nucor from $174.00 to $170.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 9th. Bank of America decreased 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, Morgan Stanley dropped 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. Three investment 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 stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $191.43.

Nucor Price Performance

Shares of Nucor stock opened at $156.11 on Tuesday. Nucor Co. has a 52 week low of $133.42 and a 52 week 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. The company’s 50-day moving average price is $147.74 and its two-hundred day moving average price is $159.90. The stock has a market cap of $37.43 billion, a PE ratio of 9.18 and a beta of 1.55.

Nucor (NYSE:NUE) last issued its earnings results on Monday, July 22nd. The basic materials company reported $2.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.37. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The business had revenue of $8.08 billion for the quarter, compared to analysts’ expectations of $7.69 billion. During the same period in the previous year, the firm posted $5.81 EPS. The company’s quarterly revenue was down 15.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Nucor Co. will post 9.08 EPS for the current fiscal year.

Nucor Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Friday, September 27th will be paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 1.38%. The ex-dividend date is Friday, September 27th. Nucor’s dividend payout ratio (DPR) is currently 12.71%.

Insider Activity

In other Nucor 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 sale, the executive vice president now directly owns 99,049 shares in the company, valued at approximately $15,847,840. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.46% of the company’s stock.

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.