Focused Wealth Management Inc Takes $1.87 Million Position in Nucor Corporation $NUE

Focused Wealth Management Inc purchased a new stake in Nucor Corporation (NYSE:NUE) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 8,413 shares of the basic materials company’s stock, valued at approximately $1,874,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Nucor during the fourth quarter valued at $609,002,000. Bank of New York Mellon Corp acquired a new position in shares of Nucor during the 2nd quarter worth $330,902,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Nucor in the second quarter worth about $126,848,000. AQR Capital Management LLC lifted its holdings in Nucor by 580.9% in the 2nd quarter. AQR Capital Management LLC now owns 653,845 shares of the basic materials company’s stock worth $84,699,000 after purchasing an additional 557,819 shares during the last quarter. Finally, M&T Bank Corp grew its stake in Nucor by 494.5% in the 4th quarter. M&T Bank Corp now owns 434,511 shares of the basic materials company’s stock valued at $70,873,000 after buying an additional 361,417 shares during the last quarter. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Nucor Trading Up 1.4%

NUE opened at $272.73 on Tuesday. The firm’s fifty day moving average is $247.54 and its two-hundred day moving average is $215.03. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.36 and a current ratio of 2.51. The firm has a market cap of $61.88 billion, a PE ratio of 21.75, a price-to-earnings-growth ratio of 0.60 and a beta of 1.89. Nucor Corporation has a twelve month low of $131.32 and a twelve month high of $280.11.

Nucor (NYSE:NUE) last announced its quarterly earnings results on Monday, July 27th. The basic materials company reported $4.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.46 by $0.38. Nucor had a return on equity of 12.73% and a net margin of 7.99%.The company had revenue of $10.40 billion during the quarter, compared to the consensus estimate of $10.15 billion. During the same period in the prior year, the company earned $2.60 earnings per share. The company’s revenue for the quarter was up 23.0% compared to the same quarter last year. Equities research analysts anticipate that Nucor Corporation will post 17.95 EPS for the current year.

Nucor Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 11th. Investors of record on Tuesday, June 30th were paid a $0.56 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $2.24 dividend on an annualized basis and a yield of 0.8%. Nucor’s dividend payout ratio is presently 17.86%.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. The Goldman Sachs Group upped their price target on Nucor from $260.00 to $284.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th. Argus raised their target price on Nucor from $200.00 to $262.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. JPMorgan Chase & Co. boosted their price target on shares of Nucor from $240.00 to $282.00 and gave the company an “overweight” rating in a research report on Wednesday, June 10th. Bank of America reduced their price objective on Nucor from $290.00 to $280.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Finally, Wells Fargo & Company increased their price target on shares of Nucor from $283.00 to $297.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Twelve investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Nucor presently has a consensus rating of “Moderate Buy” and a consensus target price of $273.31.

Insider Activity at Nucor

In related news, EVP Thomas J. Batterbee sold 4,000 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $261.02, for a total transaction of $1,044,080.00. Following the completion of the transaction, the executive vice president directly owned 16,138 shares of the company’s stock, valued at approximately $4,212,340.76. This represents a 19.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP John J. Hollatz sold 10,560 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $258.46, for a total transaction of $2,729,337.60. Following the completion of the transaction, the executive vice president directly owned 97,865 shares of the company’s stock, valued at $25,294,187.90. This represents a 9.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 18,528 shares of company stock valued at $4,793,035. 0.62% of the stock is owned by insiders.

About Nucor

Nucor Corporation (NYSE: NUE) is an American steel producer headquartered in Charlotte, North Carolina. The company is primarily engaged in the manufacture and sale of steel and steel products, operating a network of steel mills, recycling facilities and fabrication plants across the United States and North America. Nucor’s operations emphasize electric arc furnace steelmaking using recycled scrap metal, which supports a decentralized, mill-based production model focused on efficiency and flexibility.

Product offerings span a broad range of basic and value‑added steel items, including sheet, plate, merchant bar, structural beams, reinforcing bar, tubing, fasteners and fabricated components.