Trek Financial LLC Acquires 24,429 Shares of Nucor Corporation $NUE

Trek Financial LLC acquired a new position in shares of Nucor Corporation (NYSE:NUE) during the 3rd quarter, HoldingsChannel.com reports. The firm acquired 24,429 shares of the basic materials company’s stock, valued at approximately $5,710,000.

Other hedge funds have also recently bought and sold shares of the company. Bank Julius Baer & Co. Ltd Zurich raised its position in shares of Nucor by 102.5% in the 3rd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 9,205 shares of the basic materials company’s stock valued at $2,162,000 after acquiring an additional 4,659 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Nucor in the 3rd quarter valued at $16,308,000. Vise Technologies Inc. increased its position in shares of Nucor by 18.0% in the 3rd quarter. Vise Technologies Inc. now owns 12,997 shares of the basic materials company’s stock valued at $3,038,000 after buying an additional 1,983 shares in the last quarter. Investment Partners LTD. increased its position in shares of Nucor by 11.2% in the 3rd quarter. Investment Partners LTD. now owns 1,116 shares of the basic materials company’s stock valued at $261,000 after buying an additional 112 shares in the last quarter. Finally, Global Assets Advisory LLC acquired a new stake in Nucor during the 3rd quarter worth $215,000. 76.48% of the stock is currently owned by institutional investors.

Nucor Trading Down 0.1%

NUE opened at $273.47 on Monday. The company’s 50 day moving average is $253.79 and its 200-day moving average is $223.43. The company has a market cap of $62.04 billion, a P/E ratio of 17.41, a PEG ratio of 0.67 and a beta of 1.81. Nucor Corporation has a 1-year low of $140.93 and a 1-year high of $280.11. The company has a current ratio of 2.46, a quick ratio of 1.43 and a debt-to-equity ratio of 0.26.

Nucor (NYSE:NUE) last posted its quarterly earnings data on Monday, October 26th. The basic materials company reported $5.80 EPS for the quarter, missing analysts’ consensus estimates of $5.84 by ($0.04). The company had revenue of $11.25 billion during the quarter, compared to analyst estimates of $10.84 billion. Nucor had a return on equity of 15.53% and a net margin of 9.26%. Nucor’s revenue was up 32.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.63 earnings per share. Equities research analysts predict that Nucor Corporation will post 19.61 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 10th. Investors of record on Wednesday, September 30th will be paid a dividend of $0.56 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $2.24 annualized dividend and a yield of 0.8%. Nucor’s dividend payout ratio (DPR) is currently 14.26%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on NUE shares. KeyCorp cut their price target on shares of Nucor from $288.00 to $286.00 and set an “overweight” rating on the stock in a research note on Monday, October 5th. Zacks Research upgraded shares of Nucor from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 13th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $335.00 price objective on shares of Nucor in a research report on Wednesday. Morgan Stanley set a $270.00 target price on Nucor in a report on Wednesday, July 29th. Finally, BMO Capital Markets increased their target price on Nucor from $285.00 to $295.00 and gave the stock an “outperform” rating in a report on Wednesday, July 29th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Nucor presently has a consensus rating of “Buy” and an average target price of $285.27.

Insider Activity

In related news, EVP Noah Hanners sold 5,190 shares of Nucor stock in a transaction on Thursday, October 29th. The shares were sold at an average price of $275.03, for a total value of $1,427,405.70. Following the transaction, the executive vice president owned 44,073 shares in the company, valued at $12,121,397.19. This trade represents a 10.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.62% of the company’s stock.

Nucor Profile

Nucor Corporation is a steel producer headquartered in Charlotte, North Carolina. Through its operating subsidiaries, the company manufactures steel and steel products for customers in construction, automotive, energy, heavy equipment, transportation and other industrial markets.

Nucor’s operations include electric arc furnace steel mills, which produce carbon, alloy and galvanized steel products. Its product portfolio includes sheet steel, plate, beams, bars, wire and wire mesh, steel joists, deck, piling, fabricated concrete reinforcing steel and other downstream products.