OneAscent Wealth Management LLC Takes $257,000 Position in Nucor Co. (NYSE:NUE)

OneAscent Wealth Management LLC bought a new position in Nucor Co. (NYSE:NUE) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 1,707 shares of the basic materials company’s stock, valued at approximately $257,000.

Other hedge funds have also made changes to their positions in the company. Dimensional Fund Advisors LP boosted its holdings in shares of Nucor by 2.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,909,388 shares of the basic materials company’s stock worth $617,915,000 after acquiring an additional 84,558 shares in the last quarter. Pacer Advisors Inc. boosted its stake in Nucor by 29.7% in the second quarter. Pacer Advisors Inc. now owns 2,884,802 shares of the basic materials company’s stock worth $456,030,000 after purchasing an additional 660,866 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Nucor by 3.2% during the second quarter. Legal & General Group Plc now owns 2,160,803 shares of the basic materials company’s stock worth $341,580,000 after purchasing an additional 67,974 shares during the last quarter. Mizuho Securities USA LLC raised its holdings in shares of Nucor by 8,530.1% in the third quarter. Mizuho Securities USA LLC now owns 1,595,179 shares of the basic materials company’s stock valued at $239,819,000 after buying an additional 1,576,695 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in Nucor by 25.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 1,283,111 shares of the basic materials company’s stock worth $192,902,000 after buying an additional 262,493 shares in the last quarter. Institutional investors and hedge funds own 76.48% of the company’s stock.

Insider Buying and Selling at Nucor

In other news, EVP Allen C. Behr sold 4,968 shares of Nucor stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $159.72, for a total transaction of $793,488.96. Following the completion of the transaction, the executive vice president now directly owns 85,376 shares in the company, valued at approximately $13,636,254.72. The trade was a 5.50 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Stephen D. Laxton sold 4,712 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $169.53, for a total value of $798,825.36. Following the completion of the sale, the chief financial officer now owns 82,132 shares in the company, valued at approximately $13,923,837.96. This trade represents a 5.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 29,680 shares of company stock worth $4,773,724 over the last quarter. 0.64% of the stock is currently owned by insiders.

Analyst Ratings Changes

NUE has been the subject of a number of research reports. Argus raised shares of Nucor to a “strong-buy” rating in a report on Monday, August 26th. Morgan Stanley reduced their target price on shares of Nucor from $170.00 to $166.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. BMO Capital Markets dropped their price target on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating for the company in a research note on Wednesday, September 18th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Nucor from $170.00 to $168.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $190.57.

Nucor Stock Performance

Shares of NUE opened at $147.25 on Tuesday. The stock has a market capitalization of $34.58 billion, a price-to-earnings ratio of 14.23 and a beta of 1.55. Nucor Co. has a 12 month low of $133.42 and a 12 month high of $203.00. The firm has a fifty day simple moving average of $148.88 and a 200 day simple moving average of $154.77. 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 (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.09. The business had revenue of $7.44 billion for the quarter, compared to analyst estimates of $7.28 billion. Nucor had a return on equity of 12.06% and a net margin of 8.05%. Nucor’s revenue was down 15.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.57 earnings per share. Research analysts forecast that Nucor Co. will post 8.52 EPS for the current fiscal year.

Nucor Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 8th. Shareholders of record on Friday, September 27th were given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 1.47%. The ex-dividend date of this dividend was Friday, September 27th. Nucor’s dividend payout ratio (DPR) is currently 20.87%.

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.