Oak Harvest Investment Services Takes Position in Nucor Co. (NYSE:NUE)

Oak Harvest Investment Services bought a new stake in Nucor Co. (NYSE:NUE) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 21,912 shares of the basic materials company’s stock, valued at approximately $4,336,000.

Several other hedge funds and other institutional investors have also made changes to their positions in NUE. Criterion Capital Advisors LLC acquired a new stake in shares of Nucor in the fourth quarter valued at about $25,000. Rise Advisors LLC acquired a new stake in shares of Nucor in the first quarter valued at about $27,000. Tompkins Financial Corp lifted its stake in shares of Nucor by 208.0% in the first quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 104 shares during the period. Fortitude Family Office LLC lifted its stake in shares of Nucor by 54.1% in the first quarter. Fortitude Family Office LLC now owns 168 shares of the basic materials company’s stock valued at $33,000 after purchasing an additional 59 shares during the period. Finally, Valley National Advisers Inc. lifted its stake in shares of Nucor by 716.7% in the fourth quarter. Valley National Advisers Inc. now owns 196 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 172 shares during the period. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Jefferies Financial Group assumed coverage on shares of Nucor in a research note on Monday, May 20th. They issued a “hold” rating and a $190.00 price objective for the company. JPMorgan Chase & Co. cut their target price on shares of Nucor from $190.00 to $180.00 and set a “neutral” rating for the company in a research report on Tuesday, June 11th. StockNews.com cut shares of Nucor from a “buy” rating to a “hold” rating in a research report on Tuesday, April 23rd. BMO Capital Markets cut their target price on shares of Nucor from $185.00 to $175.00 and set a “market perform” rating for the company in a research report on Monday, June 17th. Finally, Citigroup upgraded shares of Nucor from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $180.00 to $240.00 in a research report on Wednesday, March 13th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $189.67.

Nucor Trading Down 0.0 %

Shares of NYSE:NUE traded down $0.04 during trading on Thursday, reaching $156.42. The stock had a trading volume of 737,493 shares, compared to its average volume of 1,707,046. The business has a fifty day moving average price of $165.08 and a 200-day moving average price of $177.51. The company has a quick ratio of 2.48, a current ratio of 4.02 and a debt-to-equity ratio of 0.31. The stock has a market cap of $37.50 billion, a P/E ratio of 9.20 and a beta of 1.57. Nucor Co. has a fifty-two week low of $140.07 and a fifty-two week high of $203.00.

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

Nucor Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Friday, June 28th will be issued a $0.54 dividend. The ex-dividend date is Friday, June 28th. This represents a $2.16 dividend on an annualized basis and a yield of 1.38%. Nucor’s payout ratio is 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.