Intech Investment Management LLC Acquires 31,698 Shares of Nucor Co. (NYSE:NUE)

Intech Investment Management LLC boosted its holdings in Nucor Co. (NYSE:NUE) by 126.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 56,761 shares of the basic materials company’s stock after purchasing an additional 31,698 shares during the quarter. Intech Investment Management LLC’s holdings in Nucor were worth $8,973,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. CX Institutional increased its holdings in Nucor by 52.8% in the second quarter. CX Institutional now owns 17,245 shares of the basic materials company’s stock worth $2,726,000 after purchasing an additional 5,960 shares in the last quarter. Newbridge Financial Services Group Inc. increased its holdings in shares of Nucor by 94.2% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,855 shares of the basic materials company’s stock valued at $323,000 after acquiring an additional 900 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its holdings in shares of Nucor by 6.1% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 262,385 shares of the basic materials company’s stock valued at $45,665,000 after acquiring an additional 15,058 shares in the last quarter. Norden Group LLC bought a new stake in shares of Nucor during the first quarter valued at approximately $1,847,000. Finally, Banco Santander S.A. increased its holdings in shares of Nucor by 86.2% during the first quarter. Banco Santander S.A. now owns 12,895 shares of the basic materials company’s stock valued at $2,552,000 after acquiring an additional 5,971 shares in the last quarter. 76.48% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Nucor news, EVP Daniel R. Needham sold 8,624 shares of the business’s stock in a transaction 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 owns 99,049 shares of the company’s stock, valued at $15,847,840. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.46% of the company’s stock.

Nucor Stock Down 1.8 %

Shares of NYSE:NUE opened at $146.31 on Friday. The stock has a market cap of $35.08 billion, a price-to-earnings ratio of 8.61 and a beta of 1.55. The company has a quick ratio of 1.85, a current ratio of 2.93 and a debt-to-equity ratio of 0.26. Nucor Co. has a 12-month low of $133.42 and a 12-month high of $203.00. The business’s 50 day moving average is $149.66 and its 200 day moving average is $166.15.

Nucor (NYSE:NUE) last posted its quarterly earnings data on Monday, July 22nd. The basic materials company reported $2.68 earnings per share for the quarter, topping the consensus estimate 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 quarter in the previous year, the firm earned $5.81 earnings per share. The business’s revenue was down 15.2% on a year-over-year basis. On average, sell-side analysts forecast that Nucor Co. will post 9.95 earnings per share for the current fiscal year.

Nucor Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Friday, September 27th will be given a $0.54 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.16 annualized dividend and a yield of 1.48%. Nucor’s dividend payout ratio is currently 12.71%.

Analyst Ratings Changes

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

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.