King Luther Capital Management Corp Has $1.59 Million Stake in Nucor Co. (NYSE:NUE)

King Luther Capital Management Corp grew its holdings in Nucor Co. (NYSE:NUE) by 3.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 10,031 shares of the basic materials company’s stock after purchasing an additional 311 shares during the quarter. King Luther Capital Management Corp’s holdings in Nucor were worth $1,586,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. McClarren Financial Advisors Inc. increased its position in Nucor by 129.0% in the 2nd quarter. McClarren Financial Advisors Inc. now owns 158 shares of the basic materials company’s stock worth $25,000 after buying an additional 89 shares during the period. Rise Advisors LLC bought a new position in Nucor during the first quarter worth $27,000. Chilton Capital Management LLC raised its stake in Nucor by 94.2% during the 1st quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 65 shares during the last quarter. Central Pacific Bank Trust Division acquired a new position in Nucor during the 1st quarter valued at $28,000. Finally, Tompkins Financial Corp boosted its holdings in Nucor by 208.0% in the 1st quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 104 shares during the period. 76.48% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on NUE. Bank of America cut their price objective on shares of Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. BMO Capital Markets reduced their price objective on Nucor from $175.00 to $160.00 and set a “market perform” rating for the company in a research report on Wednesday. JPMorgan Chase & Co. raised Nucor from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $170.00 to $174.00 in a report on Monday, September 9th. Argus upgraded Nucor to a “strong-buy” rating in a research note on Monday, August 26th. Finally, Morgan Stanley decreased their price target on shares of Nucor from $176.00 to $170.00 and set an “overweight” rating on the stock in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $192.00.

Nucor Stock Performance

Shares of NYSE:NUE opened at $146.31 on Friday. 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 business’s fifty day moving average price is $149.66 and its two-hundred day moving average price is $166.02. Nucor Co. has a fifty-two week low of $133.42 and a fifty-two week high of $203.00. The stock has a market capitalization of $35.08 billion, a price-to-earnings ratio of 8.61 and a beta of 1.55.

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 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 for the quarter, compared to analyst estimates of $7.69 billion. During the same quarter in the prior year, the firm earned $5.81 EPS. The firm’s quarterly revenue was down 15.2% compared to the same quarter last year. As a group, analysts predict that Nucor Co. will post 9.95 EPS for the current fiscal year.

Nucor Dividend Announcement

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

Insider Buying and Selling

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 is available through the SEC website. 0.46% of the stock is owned by corporate 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.