Bridges Investment Management Inc. Makes New $276,000 Investment in Nucor Co. (NYSE:NUE)

Bridges Investment Management Inc. bought a new position in shares of Nucor Co. (NYSE:NUE) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 1,743 shares of the basic materials company’s stock, valued at approximately $276,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Callan Capital LLC acquired a new position in Nucor during the second quarter worth about $469,000. Canada Pension Plan Investment Board boosted its stake in shares of Nucor by 9.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 220,320 shares of the basic materials company’s stock worth $34,828,000 after acquiring an additional 18,200 shares in the last quarter. Ieq Capital LLC grew its holdings in shares of Nucor by 1.6% in the 2nd quarter. Ieq Capital LLC now owns 12,890 shares of the basic materials company’s stock worth $2,038,000 after acquiring an additional 200 shares during the period. Brighton Jones LLC increased its stake in Nucor by 3.3% in the 2nd quarter. Brighton Jones LLC now owns 2,218 shares of the basic materials company’s stock valued at $351,000 after purchasing an additional 71 shares in the last quarter. Finally, Intech Investment Management LLC raised its holdings in Nucor by 126.5% during the second quarter. Intech Investment Management LLC now owns 56,761 shares of the basic materials company’s stock worth $8,973,000 after purchasing an additional 31,698 shares during the last quarter. 76.48% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NUE has been the topic of several research reports. BMO Capital Markets lowered their target price on Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a report on Wednesday, September 18th. Bank of America dropped their target price on shares of Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. Morgan Stanley reduced their price target on shares of Nucor from $176.00 to $170.00 and set an “overweight” rating on the stock in a report on Wednesday, September 18th. Argus raised shares of Nucor to a “strong-buy” rating in a research note on Monday, August 26th. Finally, JPMorgan Chase & Co. raised Nucor from a “neutral” rating to an “overweight” rating and upped their target price for the company from $170.00 to $174.00 in a research note on Monday, September 9th. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $192.00.

Insider Transactions at Nucor

In related news, EVP Daniel R. Needham sold 8,624 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 99,049 shares of the company’s stock, valued at $15,847,840. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.46% of the company’s stock.

Nucor Stock Performance

Shares of NUE opened at $146.31 on Monday. Nucor Co. has a 1 year low of $133.42 and a 1 year high of $203.00. The company’s 50 day simple moving average is $149.66 and its 200 day simple moving average is $165.89. The company has a market capitalization of $35.08 billion, a price-to-earnings ratio of 8.61 and a beta of 1.55. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.85 and a current ratio of 2.93.

Nucor (NYSE:NUE) last issued its quarterly earnings results on Monday, July 22nd. The basic materials company reported $2.68 earnings per share for the quarter, topping analysts’ consensus estimates of $2.31 by $0.37. The company had revenue of $8.08 billion for the quarter, compared to analyst estimates of $7.69 billion. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The business’s revenue for the quarter was down 15.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $5.81 EPS. On average, sell-side analysts predict that Nucor Co. will post 9.95 EPS for the current year.

Nucor Dividend Announcement

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

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.