Concentric Capital Strategies LP Increases Stock Position in Nucor Co. (NYSE:NUE)

Concentric Capital Strategies LP lifted its stake in shares of Nucor Co. (NYSE:NUE) by 920.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 46,219 shares of the basic materials company’s stock after acquiring an additional 41,688 shares during the period. Concentric Capital Strategies LP’s holdings in Nucor were worth $6,949,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Atria Investments Inc grew its position in shares of Nucor by 24.4% in the first quarter. Atria Investments Inc now owns 12,945 shares of the basic materials company’s stock valued at $2,562,000 after purchasing an additional 2,541 shares during the period. Cetera Advisors LLC increased its stake in shares of Nucor by 212.9% during the 1st quarter. Cetera Advisors LLC now owns 24,395 shares of the basic materials company’s stock valued at $4,828,000 after acquiring an additional 16,599 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Nucor by 10.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 954 shares of the basic materials company’s stock worth $189,000 after acquiring an additional 89 shares during the period. GAMMA Investing LLC boosted its position in shares of Nucor by 37.8% in the second quarter. GAMMA Investing LLC now owns 2,535 shares of the basic materials company’s stock worth $401,000 after acquiring an additional 695 shares during the last quarter. Finally, First Hawaiian Bank grew its holdings in Nucor by 41.6% in the second quarter. First Hawaiian Bank now owns 1,720 shares of the basic materials company’s stock valued at $272,000 after purchasing an additional 505 shares during the period. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Nucor

In other Nucor news, CEO Leon J. Topalian sold 11,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $169.11, for a total value of $1,860,210.00. Following the transaction, the chief executive officer now owns 172,136 shares in the company, valued at approximately $29,109,918.96. This represents a 6.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Kenneth Rex Query sold 9,000 shares of Nucor stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $146.80, for a total value of $1,321,200.00. Following the transaction, the executive vice president now owns 98,770 shares of the company’s stock, valued at $14,499,436. This trade represents a 8.35 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,680 shares of company stock worth $4,773,724. Company insiders own 0.46% of the company’s stock.

Nucor Trading Down 0.1 %

NUE stock opened at $154.69 on Monday. Nucor Co. has a 1-year low of $133.42 and a 1-year high of $203.00. The firm has a market cap of $36.32 billion, a P/E ratio of 14.95 and a beta of 1.55. The business’s 50 day moving average is $150.64 and its 200-day moving average is $153.26. The company has a current ratio of 2.59, a quick ratio of 1.61 and a debt-to-equity ratio of 0.26.

Nucor (NYSE:NUE) last released its earnings results on Monday, October 21st. The basic materials company reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.09. Nucor had a return on equity of 12.06% and a net margin of 8.05%. The firm had revenue of $7.44 billion for the quarter, compared to analyst estimates of $7.28 billion. During the same quarter in the prior year, the firm posted $4.57 earnings per share. The company’s quarterly revenue was down 15.2% on a year-over-year basis. Equities analysts anticipate that Nucor Co. will post 8.5 earnings per share for the current fiscal year.

Nucor Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 8th. Investors of record on Friday, September 27th were paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 1.40%. The ex-dividend date of this dividend was Friday, September 27th. Nucor’s dividend payout ratio (DPR) is presently 20.87%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on NUE shares. The Goldman Sachs Group initiated coverage on shares of Nucor in a research note on Monday. They set a “buy” rating and a $190.00 price target on the stock. Argus upgraded Nucor to a “strong-buy” rating in a report on Monday, August 26th. JPMorgan Chase & Co. dropped their price objective on shares of Nucor from $170.00 to $168.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Morgan Stanley lowered their target price on Nucor from $170.00 to $166.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Finally, BMO Capital Markets lowered their price objective on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating for the company in a research report on Wednesday, September 18th. Three investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $190.50.

Nucor 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.