Oliver Luxxe Assets LLC bought a new position in shares of Nucor Co. (NYSE:NUE) in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 35,239 shares of the basic materials company’s stock, valued at approximately $2,056,000.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Pinnacle Bank acquired a new stake in Nucor in the 4th quarter valued at about $26,000. Lindbrook Capital LLC acquired a new stake in Nucor in the 4th quarter valued at about $27,000. Ropes Wealth Advisors LLC acquired a new stake in Nucor in the 1st quarter valued at about $34,000. Laurel Wealth Advisors LLC acquired a new stake in Nucor in the 4th quarter valued at about $38,000. Finally, Capital Investment Advisory Services LLC acquired a new stake in Nucor in the 4th quarter valued at about $39,000. Hedge funds and other institutional investors own 78.81% of the company’s stock.
NUE has been the subject of several recent analyst reports. Credit Suisse Group upgraded shares of Nucor from a “neutral” rating to an “outperform” rating in a research note on Tuesday, January 8th. Cowen initiated coverage on shares of Nucor in a report on Tuesday, January 8th. They issued an “outperform” rating and a $62.00 price target on the stock. Zacks Investment Research cut shares of Nucor from a “hold” rating to a “strong sell” rating in a report on Friday, February 1st. ValuEngine raised shares of Nucor from a “sell” rating to a “hold” rating in a report on Monday, February 4th. Finally, Longbow Research cut shares of Nucor from a “buy” rating to a “neutral” rating in a report on Monday, March 11th. Two analysts have rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $70.56.
Shares of NUE traded up $1.20 during mid-day trading on Friday, hitting $57.10. 20,183 shares of the company’s stock were exchanged, compared to its average volume of 2,464,174. Nucor Co. has a 52 week low of $49.79 and a 52 week high of $68.84. The stock has a market capitalization of $17.39 billion, a PE ratio of 7.50, a P/E/G ratio of 0.83 and a beta of 1.46. The company has a current ratio of 3.37, a quick ratio of 1.64 and a debt-to-equity ratio of 0.40.
Nucor (NYSE:NUE) last announced its earnings results on Tuesday, April 23rd. The basic materials company reported $1.55 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.50 by $0.05. Nucor had a net margin of 9.80% and a return on equity of 24.86%. The company had revenue of $6.10 billion for the quarter, compared to analysts’ expectations of $6.05 billion. During the same period last year, the firm earned $1.17 earnings per share. The business’s revenue for the quarter was up 9.5% on a year-over-year basis. Equities research analysts predict that Nucor Co. will post 5.75 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, May 10th. Stockholders of record on Friday, March 29th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Thursday, March 28th. This represents a $1.60 annualized dividend and a dividend yield of 2.80%. Nucor’s dividend payout ratio is presently 21.00%.
In other news, insider Raymond S. Napolitan, Jr. sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $58.28, for a total transaction of $582,800.00. Following the transaction, the insider now directly owns 96,778 shares of the company’s stock, valued at $5,640,221.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman John J. Ferriola sold 65,061 shares of the firm’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $56.20, for a total transaction of $3,656,428.20. Following the transaction, the chairman now directly owns 403,735 shares in the company, valued at $22,689,907. The disclosure for this sale can be found here. Insiders have sold 76,314 shares of company stock worth $4,310,637 over the last ninety days. Insiders own 0.96% of the company’s stock.
ILLEGAL ACTIVITY NOTICE: “35,239 Shares in Nucor Co. (NUE) Purchased by Oliver Luxxe Assets LLC” was first posted by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are reading this piece of content on another publication, it was illegally stolen and reposted in violation of US and international copyright and trademark legislation. The original version of this piece of content can be viewed at https://www.dispatchtribunal.com/2019/05/03/35239-shares-in-nucor-co-nue-purchased-by-oliver-luxxe-assets-llc.html.
Nucor Company Profile
Nucor Corporation manufactures and sells steel and steel products in the United States and internationally. 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 products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and special bar quality products.
Read More: What is the Bid-Ask Spread?
Want to see what other hedge funds are holding NUE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Nucor Co. (NYSE:NUE).
Receive News & Ratings for Nucor Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nucor and related companies with MarketBeat.com's FREE daily email newsletter.