Chapin Davis Inc. Increases Stock Holdings in Nucor Co. (NYSE:NUE)

Chapin Davis Inc. lifted its stake in shares of Nucor Co. (NYSE:NUE) by 22.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,960 shares of the basic materials company’s stock after purchasing an additional 548 shares during the quarter. Chapin Davis Inc.’s holdings in Nucor were worth $468,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of NUE. OFI Invest Asset Management boosted its stake in shares of Nucor by 38,760.3% during the 2nd quarter. OFI Invest Asset Management now owns 90,933 shares of the basic materials company’s stock worth $13,412,000 after acquiring an additional 90,699 shares in the last quarter. Accordant Advisory Group Inc grew its holdings in Nucor by 7.2% in the second quarter. Accordant Advisory Group Inc now owns 8,307 shares of the basic materials company’s stock valued at $1,313,000 after purchasing an additional 558 shares during the last quarter. Brookstone Capital Management increased its position in shares of Nucor by 3.3% in the second quarter. Brookstone Capital Management now owns 2,401 shares of the basic materials company’s stock valued at $394,000 after buying an additional 76 shares in the last quarter. Rovin Capital UT ADV acquired a new position in shares of Nucor during the 2nd quarter worth $456,000. Finally, Blue Trust Inc. boosted its position in shares of Nucor by 145.6% in the 2nd quarter. Blue Trust Inc. now owns 2,016 shares of the basic materials company’s stock worth $319,000 after buying an additional 1,195 shares in the last quarter. 76.48% of the stock is owned by institutional investors and hedge funds.

Nucor Trading Up 0.0 %

Shares of NYSE:NUE traded up $0.01 during midday trading on Friday, reaching $145.23. The company’s stock had a trading volume of 881,563 shares, compared to its average volume of 1,479,076. The firm has a market cap of $34.82 billion, a price-to-earnings ratio of 8.54 and a beta of 1.57. The business has a 50 day moving average price of $155.03 and a 200 day moving average price of $173.19. Nucor Co. has a 1 year low of $139.41 and a 1 year high of $203.00. The company has a quick ratio of 1.85, a current ratio of 2.93 and a debt-to-equity ratio of 0.26.

Nucor (NYSE:NUE) last posted its quarterly earnings results on Monday, July 22nd. The basic materials company reported $2.68 EPS for the quarter, beating the consensus estimate of $2.31 by $0.37. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The company had revenue of $8.08 billion during the quarter, compared to analysts’ expectations of $7.69 billion. During the same quarter in the previous year, the business earned $5.81 EPS. The firm’s revenue was down 15.2% on a year-over-year basis. Research analysts forecast that Nucor Co. will post 10.57 EPS for the current year.

Nucor Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 9th. Stockholders of record on Friday, June 28th were paid a dividend of $0.54 per share. The ex-dividend date was Friday, June 28th. This represents a $2.16 annualized dividend and a dividend yield of 1.49%. Nucor’s dividend payout ratio is presently 12.71%.

Insider Transactions at Nucor

In other news, EVP Daniel R. Needham sold 8,624 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $160.00, for a total value of $1,379,840.00. Following the transaction, the executive vice president now directly owns 99,049 shares in the company, valued at approximately $15,847,840. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.46% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Morgan Stanley upgraded shares of Nucor from an “equal weight” rating to an “overweight” rating and dropped their target price for the company from $187.00 to $176.00 in a report on Thursday. StockNews.com lowered Nucor from a “buy” rating to a “hold” rating in a research note on Tuesday, April 23rd. Bank of America lowered their target price on Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. BMO Capital Markets cut their price target on Nucor from $185.00 to $175.00 and set a “market perform” rating for the company in a report on Monday, June 17th. Finally, JPMorgan Chase & Co. decreased their price objective on Nucor from $180.00 to $170.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 16th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $194.43.

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.