Allspring Global Investments Holdings LLC Raises Holdings in Nucor Corporation $NUE

Allspring Global Investments Holdings LLC increased its holdings in Nucor Corporation (NYSE:NUE) by 355.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 539,310 shares of the basic materials company’s stock after acquiring an additional 420,970 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Nucor were worth $72,327,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Nucor by 2.6% in the first quarter. Vanguard Group Inc. now owns 28,959,327 shares of the basic materials company’s stock worth $3,484,965,000 after acquiring an additional 745,671 shares during the period. Price T Rowe Associates Inc. MD grew its position in Nucor by 18.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,309,452 shares of the basic materials company’s stock worth $277,920,000 after acquiring an additional 355,364 shares during the period. Charles Schwab Investment Management Inc. grew its position in Nucor by 5.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,772,831 shares of the basic materials company’s stock worth $213,342,000 after acquiring an additional 92,363 shares during the period. Diamond Hill Capital Management Inc. acquired a new position in Nucor during the first quarter worth $194,804,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Nucor by 16.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,610,933 shares of the basic materials company’s stock worth $193,863,000 after purchasing an additional 226,343 shares in the last quarter. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Bank of America upped their price target on Nucor from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Monday, September 15th. Weiss Ratings restated a “hold (c)” rating on shares of Nucor in a research note on Wednesday, October 8th. JPMorgan Chase & Co. upped their price target on Nucor from $165.00 to $172.00 and gave the stock an “overweight” rating in a research note on Monday. Wells Fargo & Company decreased their price target on Nucor from $146.00 to $140.00 and set an “equal weight” rating on the stock in a research note on Thursday, September 18th. Finally, Jefferies Financial Group upgraded Nucor from a “hold” rating to a “buy” rating and upped their price target for the stock from $135.00 to $170.00 in a research note on Thursday, July 31st. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $157.60.

Insiders Place Their Bets

In other Nucor news, insider Michael D. Keller sold 6,088 shares of the firm’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $148.41, for a total value of $903,520.08. Following the sale, the insider directly owned 22,464 shares in the company, valued at $3,333,882.24. This trade represents a 21.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Allen C. Behr sold 8,021 shares of the firm’s stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $143.38, for a total value of $1,150,050.98. Following the completion of the sale, the executive vice president owned 82,703 shares in the company, valued at approximately $11,857,956.14. This represents a 8.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 31,309 shares of company stock valued at $4,553,771 in the last three months. Corporate insiders own 0.71% of the company’s stock.

Nucor Stock Up 2.4%

Shares of NYSE NUE opened at $136.82 on Tuesday. The stock has a market cap of $31.41 billion, a P/E ratio of 24.70, a PEG ratio of 0.92 and a beta of 1.75. The company has a current ratio of 2.83, a quick ratio of 1.51 and a debt-to-equity ratio of 0.31. Nucor Corporation has a 12-month low of $97.59 and a 12-month high of $170.52. The business’s fifty day simple moving average is $141.24 and its 200-day simple moving average is $129.44.

Nucor (NYSE:NUE) last posted its quarterly earnings results on Monday, July 28th. The basic materials company reported $2.60 earnings per share for the quarter, beating analysts’ consensus estimates of $2.54 by $0.06. Nucor had a return on equity of 6.65% and a net margin of 4.21%.The company had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.47 billion. During the same period last year, the firm earned $2.68 earnings per share. Nucor’s quarterly revenue was up 4.7% on a year-over-year basis. As a group, equities analysts predict that Nucor Corporation will post 7.64 EPS for the current fiscal year.

Nucor Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Tuesday, September 30th will be paid a $0.55 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $2.20 dividend on an annualized basis and a yield of 1.6%. Nucor’s dividend payout ratio (DPR) is currently 39.71%.

Nucor Company Profile

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.