Sierra Summit Advisors LLC Boosts Holdings in Nucor Co. (NYSE:NUE)

Sierra Summit Advisors LLC raised its stake in Nucor Co. (NYSE:NUE) by 13.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,752 shares of the basic materials company’s stock after acquiring an additional 317 shares during the quarter. Sierra Summit Advisors LLC’s holdings in Nucor were worth $435,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. EverSource Wealth Advisors LLC increased its holdings in shares of Nucor by 6.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 865 shares of the basic materials company’s stock worth $151,000 after buying an additional 54 shares during the period. Fortitude Family Office LLC lifted its position in 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 last quarter. GPS Wealth Strategies Group LLC lifted its position in Nucor by 4.1% in the second quarter. GPS Wealth Strategies Group LLC now owns 1,630 shares of the basic materials company’s stock valued at $258,000 after purchasing an additional 64 shares during the last quarter. Chilton Capital Management LLC boosted its stake in shares of Nucor by 94.2% during the first quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 65 shares during the period. Finally, Integrated Advisors Network LLC grew its holdings in shares of Nucor by 3.4% in the fourth quarter. Integrated Advisors Network LLC now owns 2,141 shares of the basic materials company’s stock worth $373,000 after purchasing an additional 70 shares during the last quarter. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Insider Buying and Selling

In other Nucor news, EVP Daniel R. Needham sold 8,624 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total transaction of $1,379,840.00. Following the completion of the transaction, the executive vice president now owns 99,049 shares of the company’s stock, valued at $15,847,840. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.46% of the stock is currently owned by insiders.

Nucor Stock Performance

Nucor stock opened at $143.59 on Monday. Nucor Co. has a fifty-two week low of $133.42 and a fifty-two week high of $203.00. The stock has a market cap of $34.43 billion, a price-to-earnings ratio of 8.45 and a beta of 1.55. The stock’s 50 day simple moving average is $150.71 and its two-hundred day simple moving average is $167.41. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.85 and a current ratio of 2.93.

Nucor (NYSE:NUE) last issued its quarterly earnings results on Monday, July 22nd. The basic materials company reported $2.68 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.37. The company had revenue of $8.08 billion for the quarter, compared to analysts’ expectations of $7.69 billion. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The firm’s revenue for the quarter was down 15.2% on a year-over-year basis. During the same period in the prior year, the firm earned $5.81 earnings per share. As a group, analysts expect that Nucor Co. will post 9.95 earnings per share for the current fiscal year.

Nucor Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Friday, September 27th will be given a dividend of $0.54 per share. The ex-dividend date is Friday, September 27th. This represents a $2.16 dividend on an annualized basis and a yield of 1.50%. Nucor’s dividend payout ratio (DPR) is currently 12.71%.

Analyst Ratings Changes

A number of research firms recently commented on NUE. Jefferies Financial Group initiated coverage on shares of Nucor in a report on Monday, May 20th. They set a “hold” rating and a $190.00 price target for the company. Bank of America dropped their target price on shares of Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. JPMorgan Chase & Co. upgraded Nucor from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $170.00 to $174.00 in a report on Monday, September 9th. Morgan Stanley upgraded Nucor from an “equal weight” rating to an “overweight” rating and dropped their price objective for the stock from $187.00 to $176.00 in a report on Thursday, August 15th. Finally, Argus upgraded Nucor to a “strong-buy” rating in a research report on Monday, August 26th. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $195.00.

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.