Elo Mutual Pension Insurance Co Raises Holdings in Nucor Co. (NYSE:NUE)

Elo Mutual Pension Insurance Co grew its position in shares of Nucor Co. (NYSE:NUE) by 1.5% during the first quarter, Holdings Channel reports. The institutional investor owned 21,782 shares of the basic materials company’s stock after purchasing an additional 318 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Nucor were worth $1,748,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital Asset Advisory Services LLC purchased a new stake in Nucor during the 4th quarter worth about $28,000. Bogart Wealth LLC purchased a new stake in Nucor during the 1st quarter worth about $34,000. AllSquare Wealth Management LLC purchased a new stake in Nucor during the 1st quarter worth about $34,000. Regent Peak Wealth Advisors LLC purchased a new stake in Nucor during the 4th quarter worth about $35,000. Finally, Lloyd Advisory Services LLC. bought a new position in Nucor in the 1st quarter worth about $35,000. 75.12% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities analysts have weighed in on NUE shares. Argus upgraded Nucor from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a research note on Friday, March 19th. BMO Capital Markets increased their price objective on Nucor from $86.00 to $110.00 and gave the company a “market perform” rating in a research report on Friday, May 14th. Bank of America upgraded Nucor from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $56.00 to $80.00 in a research report on Tuesday, April 20th. The Goldman Sachs Group began coverage on Nucor in a research report on Friday, April 9th. They set a “buy” rating and a $86.00 price objective on the stock. Finally, Morgan Stanley increased their price objective on Nucor from $71.00 to $95.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 11th. Six equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $71.36.

In other Nucor news, EVP Douglas J. Jellison sold 5,995 shares of Nucor stock in a transaction on Wednesday, May 5th. The stock was sold at an average price of $92.62, for a total transaction of $555,256.90. Following the completion of the transaction, the executive vice president now owns 82,985 shares in the company, valued at $7,686,070.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Raymond S. Napolitan, Jr. sold 65,789 shares of Nucor stock in a transaction on Monday, May 10th. The shares were sold at an average price of $103.02, for a total value of $6,777,582.78. Following the transaction, the executive vice president now owns 197,703 shares of the company’s stock, valued at approximately $20,367,363.06. The disclosure for this sale can be found here. In the last 90 days, insiders sold 288,865 shares of company stock valued at $24,093,738. 0.71% of the stock is currently owned by company insiders.

NYSE NUE opened at $106.31 on Friday. Nucor Co. has a fifty-two week low of $38.51 and a fifty-two week high of $110.96. The company has a current ratio of 3.50, a quick ratio of 2.04 and a debt-to-equity ratio of 0.44. The stock has a 50 day simple moving average of $92.41. The stock has a market cap of $31.81 billion, a PE ratio of 19.72, a P/E/G ratio of 0.74 and a beta of 1.38.

Nucor (NYSE:NUE) last released its quarterly earnings data on Thursday, April 22nd. The basic materials company reported $3.10 earnings per share for the quarter, missing the consensus estimate of $3.14 by ($0.04). Nucor had a return on equity of 14.90% and a net margin of 7.63%. The business had revenue of $7.02 billion during the quarter, compared to analysts’ expectations of $7.39 billion. During the same quarter last year, the business posted $0.99 EPS. The company’s quarterly revenue was up 24.8% compared to the same quarter last year. Equities analysts forecast that Nucor Co. will post 12.02 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 11th. Stockholders of record on Wednesday, June 30th will be paid a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date is Tuesday, June 29th. Nucor’s payout ratio is presently 48.50%.

Nucor declared that its Board of Directors has initiated a share buyback plan on Thursday, May 13th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the basic materials company to reacquire up to 9.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Nucor Company Profile

Nucor Corporation manufactures and sells steel and steel products. It operates through 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.

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Institutional Ownership by Quarter for Nucor (NYSE:NUE)

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