Waterway Wealth Management LLC Buys 343 Shares of Nucor Co. (NYSE:NUE)

Waterway Wealth Management LLC raised its stake in shares of Nucor Co. (NYSE:NUE) by 12.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,102 shares of the basic materials company’s stock after acquiring an additional 343 shares during the period. Nucor comprises approximately 0.3% of Waterway Wealth Management LLC’s investment portfolio, making the stock its 28th largest holding. Waterway Wealth Management LLC’s holdings in Nucor were worth $614,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of the company. Alpha Omega Wealth Management LLC purchased a new position in Nucor during the first quarter worth about $212,000. OneAscent Wealth Management LLC boosted its stake in shares of Nucor by 17.2% in the 1st quarter. OneAscent Wealth Management LLC now owns 1,864 shares of the basic materials company’s stock worth $369,000 after buying an additional 274 shares during the last quarter. DeDora Capital Inc. purchased a new position in shares of Nucor in the 1st quarter worth approximately $536,000. Touchstone Capital Inc. bought a new position in shares of Nucor in the first quarter valued at approximately $5,015,000. Finally, Atlantic Union Bankshares Corp lifted its holdings in Nucor by 4.0% during the first quarter. Atlantic Union Bankshares Corp now owns 24,862 shares of the basic materials company’s stock worth $4,920,000 after acquiring an additional 964 shares during the period. 76.48% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NUE has been the subject of a number of recent analyst reports. Bank of America reduced their price objective on Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a research note on Wednesday. StockNews.com downgraded shares of Nucor from a “buy” rating to a “hold” rating in a report on Tuesday, April 23rd. Jefferies Financial Group started coverage on shares of Nucor in a research note on Monday, May 20th. They issued a “hold” rating and a $190.00 target price on the stock. JPMorgan Chase & Co. decreased their price target on shares of Nucor from $190.00 to $180.00 and set a “neutral” rating for the company in a research note on Tuesday, June 11th. Finally, BMO Capital Markets dropped their price objective on Nucor from $185.00 to $175.00 and set a “market perform” rating on the stock in a research note on Monday, June 17th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $189.67.

Nucor Stock Performance

Nucor stock traded up $3.90 during mid-day trading on Friday, reaching $158.08. The company’s stock had a trading volume of 3,517,842 shares, compared to its average volume of 1,678,765. The company has a market capitalization of $37.90 billion, a P/E ratio of 9.30 and a beta of 1.60. The firm’s fifty day moving average price is $166.46 and its two-hundred day moving average price is $177.87. Nucor Co. has a 12-month low of $140.07 and a 12-month high of $203.00. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.48 and a current ratio of 4.02.

Nucor (NYSE:NUE) last released its quarterly earnings data on Monday, April 22nd. The basic materials company reported $3.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.62 by ($0.16). Nucor had a net margin of 12.40% and a return on equity of 19.62%. The company had revenue of $8.14 billion for the quarter, compared to the consensus estimate of $8.26 billion. During the same quarter in the previous year, the firm posted $4.45 earnings per share. The business’s revenue for the quarter was down 6.6% compared to the same quarter last year. Sell-side analysts predict that Nucor Co. will post 10.84 EPS for the current fiscal year.

Nucor Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Friday, June 28th will be paid a dividend of $0.54 per share. The ex-dividend date is Friday, June 28th. This represents a $2.16 annualized dividend and a yield of 1.37%. Nucor’s dividend payout ratio is currently 12.71%.

About Nucor

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.