Nucor Co. (NYSE:NUE) Position Increased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. increased its stake in Nucor Co. (NYSE:NUE) by 18.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,555 shares of the basic materials company’s stock after purchasing an additional 3,093 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Nucor were worth $2,936,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Brookstone Capital Management raised its stake in Nucor by 19.4% during the 1st quarter. Brookstone Capital Management now owns 2,325 shares of the basic materials company’s stock valued at $460,000 after acquiring an additional 378 shares in the last quarter. Norden Group LLC bought a new stake in Nucor during the 1st quarter valued at $1,847,000. Westside Investment Management Inc. raised its stake in Nucor by 50.0% during the 1st quarter. Westside Investment Management Inc. now owns 300 shares of the basic materials company’s stock valued at $60,000 after acquiring an additional 100 shares in the last quarter. First Trust Direct Indexing L.P. raised its stake in Nucor by 11.7% during the 1st quarter. First Trust Direct Indexing L.P. now owns 5,308 shares of the basic materials company’s stock valued at $1,050,000 after acquiring an additional 558 shares in the last quarter. Finally, Oak Harvest Investment Services bought a new stake in Nucor during the 1st quarter valued at $4,336,000. Institutional investors own 76.48% of the company’s stock.

Nucor Stock Performance

Shares of NYSE NUE opened at $147.20 on Wednesday. The company has a quick ratio of 1.61, a current ratio of 2.59 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $34.94 billion, a price-to-earnings ratio of 14.22 and a beta of 1.55. The stock’s fifty day simple moving average is $147.80 and its 200 day simple moving average is $157.61. Nucor Co. has a 52-week low of $133.42 and a 52-week high of $203.00.

Nucor (NYSE:NUE) last issued its earnings results on Monday, October 21st. The basic materials company reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.09. The business had revenue of $7.44 billion for the quarter, compared to analysts’ expectations of $7.28 billion. Nucor had a return on equity of 12.06% and a net margin of 8.05%. The company’s quarterly revenue was down 15.2% on a year-over-year basis. During the same period in the previous year, the firm posted $4.57 EPS. As a group, sell-side analysts forecast that Nucor Co. will post 8.65 earnings per share for the current fiscal year.

Nucor Dividend Announcement

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 issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date is Friday, September 27th. Nucor’s payout ratio is 20.87%.

Analyst Ratings Changes

NUE has been the topic of several recent analyst reports. JPMorgan Chase & Co. cut their target price on Nucor from $170.00 to $168.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. BMO Capital Markets dropped 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. Argus raised Nucor to a “strong-buy” rating in a research note on Monday, August 26th. Finally, Morgan Stanley dropped their price objective on Nucor from $170.00 to $166.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Three research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $190.57.

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.