Mid Atlantic Financial Management Inc. ADV boosted its stake in shares of Nucor Co. (NYSE:NUE) by 3.8% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 12,470 shares of the basic materials company’s stock after purchasing an additional 457 shares during the period. Mid Atlantic Financial Management Inc. ADV’s holdings in Nucor were worth $1,196,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Capital Analysts LLC bought a new stake in Nucor in the second quarter worth approximately $29,000. AllSquare Wealth Management LLC acquired a new position in Nucor during the 1st quarter valued at $34,000. Evoke Wealth LLC raised its stake in Nucor by 2,452.9% during the 1st quarter. Evoke Wealth LLC now owns 434 shares of the basic materials company’s stock valued at $35,000 after purchasing an additional 417 shares during the last quarter. Montag A & Associates Inc. acquired a new position in Nucor during the 1st quarter valued at $35,000. Finally, Certified Advisory Corp acquired a new position in shares of Nucor in the 1st quarter valued at $40,000. 76.45% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider Michael D. Keller sold 3,431 shares of Nucor stock in a transaction on Friday, August 13th. The stock was sold at an average price of $127.40, for a total value of $437,109.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Daniel R. Needham sold 3,171 shares of the business’s stock in a transaction dated Thursday, July 29th. The shares were sold at an average price of $101.00, for a total value of $320,271.00. Following the sale, the executive vice president now directly owns 40,816 shares of the company’s stock, valued at approximately $4,122,416. The disclosure for this sale can be found here. Insiders have sold 139,814 shares of company stock worth $15,115,839 over the last 90 days. 0.71% of the stock is currently owned by corporate insiders.
Nucor (NYSE:NUE) last announced its quarterly earnings data on Thursday, July 22nd. The basic materials company reported $5.04 earnings per share for the quarter, beating the Zacks’ consensus estimate of $4.81 by $0.23. Nucor had a return on equity of 26.26% and a net margin of 11.70%. The company had revenue of $6.73 billion for the quarter, compared to analysts’ expectations of $8.24 billion. During the same period last year, the firm posted $0.37 EPS. Nucor’s revenue for the quarter was up 55.6% compared to the same quarter last year. Equities research analysts anticipate that Nucor Co. will post 19.33 EPS for the current year.
NUE has been the topic of several analyst reports. Seaport Res Ptn reaffirmed a “buy” rating on shares of Nucor in a report on Monday, August 23rd. Argus upped their target price on shares of Nucor from $110.00 to $140.00 and gave the company a “buy” rating in a research report on Tuesday, August 24th. Deutsche Bank Aktiengesellschaft upgraded shares of Nucor to a “hold” rating and upped their target price for the company from $100.00 to $130.00 in a research report on Wednesday. They noted that the move was a valuation call. Seaport Global Securities started coverage on shares of Nucor in a research report on Monday, August 23rd. They issued a “buy” rating and a $130.00 price target on the stock. Finally, JPMorgan Chase & Co. started coverage on shares of Nucor in a report on Wednesday, June 16th. They set a “neutral” rating and a $114.00 target price on the stock. Seven research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Nucor presently has an average rating of “Buy” and an average target price of $90.31.
Nucor Corp. engages in the manufacturing of steel and steel products. It operates through the following segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment comprises of carbon and alloy steel in sheet, bars; structural and plate; steel trading businesses; rebar distribution businesses; and Nucor’s equity method investments.
Read More: Hold Rating
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