Summit Financial LLC Has $557,000 Position in Nucor Co. (NYSE:NUE)

Summit Financial LLC lifted its position in shares of Nucor Co. (NYSE:NUE) by 170.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,752 shares of the basic materials company’s stock after purchasing an additional 2,996 shares during the period. Summit Financial LLC’s holdings in Nucor were worth $557,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. State Street Corp grew its holdings in Nucor by 2.9% during the third quarter. State Street Corp now owns 11,427,899 shares of the basic materials company’s stock worth $1,724,117,000 after purchasing an additional 326,181 shares during the period. Geode Capital Management LLC lifted its position in shares of Nucor by 1.3% in the third quarter. Geode Capital Management LLC now owns 5,861,945 shares of the basic materials company’s stock valued at $883,732,000 after buying an additional 74,569 shares during the last quarter. Norges Bank bought a new position in shares of Nucor during the 4th quarter worth approximately $398,077,000. Nordea Investment Management AB increased its holdings in shares of Nucor by 25.6% during the 4th quarter. Nordea Investment Management AB now owns 1,758,753 shares of the basic materials company’s stock worth $205,282,000 after acquiring an additional 358,721 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Nucor by 4.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,680,468 shares of the basic materials company’s stock valued at $196,127,000 after acquiring an additional 68,252 shares during the period. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Nucor Stock Performance

NYSE:NUE opened at $123.29 on Thursday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.48 and a current ratio of 2.51. Nucor Co. has a fifty-two week low of $112.25 and a fifty-two week high of $203.00. The company has a market cap of $28.42 billion, a price-to-earnings ratio of 14.66, a PEG ratio of 0.96 and a beta of 1.58. The stock has a fifty day moving average price of $130.82 and a 200-day moving average price of $136.86.

Nucor (NYSE:NUE) last released its earnings results on Monday, January 27th. The basic materials company reported $1.22 EPS for the quarter, beating the consensus estimate of $0.94 by $0.28. Nucor had a net margin of 6.60% and a return on equity of 9.85%. During the same period last year, the company posted $3.16 EPS. As a group, equities analysts anticipate that Nucor Co. will post 7.64 EPS for the current fiscal year.

Nucor Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 12th. Shareholders of record on Monday, March 31st will be issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date is Monday, March 31st. Nucor’s dividend payout ratio is presently 26.16%.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Morgan Stanley set a $164.00 price objective on shares of Nucor in a report on Monday, March 24th. Citigroup decreased their price target on shares of Nucor from $240.00 to $160.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. Argus set a $155.00 price objective on shares of Nucor in a research report on Wednesday, March 5th. JPMorgan Chase & Co. upped their target price on Nucor from $150.00 to $156.00 and gave the company an “overweight” rating in a research report on Tuesday, March 11th. Finally, UBS Group upgraded Nucor from a “neutral” rating to a “buy” rating and increased their target price for the stock from $156.00 to $160.00 in a research note on Monday, March 24th. Three investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $164.44.

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.