Pallas Capital Advisors LLC Acquires Shares of 4,569 Nucor Corporation $NUE

Pallas Capital Advisors LLC bought a new stake in Nucor Corporation (NYSE:NUE) during the 2nd quarter, HoldingsChannel reports. The firm bought 4,569 shares of the basic materials company’s stock, valued at approximately $1,018,000.

A number of other institutional investors and hedge funds have also modified their holdings of NUE. Norges Bank acquired a new position in shares of Nucor during the 4th quarter worth about $609,002,000. Bank of New York Mellon Corp acquired a new stake in Nucor in the 2nd quarter worth about $330,902,000. Deutsche Bank AG acquired a new stake in Nucor in the 2nd quarter worth about $220,176,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Nucor during the 2nd quarter worth approximately $126,848,000. Finally, AQR Capital Management LLC increased its stake in Nucor by 580.9% during the 2nd quarter. AQR Capital Management LLC now owns 653,845 shares of the basic materials company’s stock worth $84,699,000 after buying an additional 557,819 shares in the last quarter. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Insider Buying and Selling at Nucor

In other news, EVP John J. Hollatz sold 10,560 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $258.46, for a total transaction of $2,729,337.60. Following the transaction, the executive vice president owned 97,865 shares of the company’s stock, valued at approximately $25,294,187.90. The trade was a 9.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Stephen D. Laxton sold 3,968 shares of the company’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $256.96, for a total transaction of $1,019,617.28. Following the completion of the sale, the chief operating officer directly owned 77,867 shares of the company’s stock, valued at $20,008,704.32. This represents a 4.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 18,528 shares of company stock worth $4,793,035 in the last three months. 0.62% of the stock is owned by corporate insiders.

Nucor Stock Down 2.9%

NUE stock opened at $264.74 on Wednesday. The company has a current ratio of 2.51, a quick ratio of 1.36 and a debt-to-equity ratio of 0.27. The firm has a 50-day moving average of $247.76 and a two-hundred day moving average of $215.68. Nucor Corporation has a 12 month low of $131.32 and a 12 month high of $280.11. The company has a market cap of $60.06 billion, a price-to-earnings ratio of 21.11, a PEG ratio of 0.60 and a beta of 1.89.

Nucor (NYSE:NUE) last posted its quarterly earnings results on Monday, July 27th. The basic materials company reported $4.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.46 by $0.38. Nucor had a return on equity of 12.73% and a net margin of 7.99%.The business had revenue of $10.40 billion during the quarter, compared to analyst estimates of $10.15 billion. During the same period in the prior year, the business earned $2.60 earnings per share. The business’s revenue was up 23.0% compared to the same quarter last year. As a group, analysts forecast that Nucor Corporation will post 17.95 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 11th. Shareholders of record on Tuesday, June 30th were paid a dividend of $0.56 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $2.24 dividend on an annualized basis and a yield of 0.8%. Nucor’s payout ratio is 17.86%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on NUE. Wells Fargo & Company raised their target price on Nucor from $283.00 to $297.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. UBS Group boosted their price target on Nucor from $224.00 to $256.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 28th. Seaport Research Partners increased their price objective on Nucor from $245.00 to $285.00 and gave the company a “buy” rating in a research note on Wednesday, June 10th. BNP Paribas Exane raised their price objective on Nucor from $210.00 to $248.00 and gave the company an “outperform” rating in a report on Monday, May 4th. Finally, Jefferies Financial Group raised their price objective on Nucor from $225.00 to $250.00 and gave the company a “buy” rating in a report on Tuesday, April 28th. Twelve equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Nucor has an average rating of “Moderate Buy” and an average target price of $273.31.

Nucor Profile

Nucor Corporation (NYSE: NUE) is an American steel producer headquartered in Charlotte, North Carolina. The company is primarily engaged in the manufacture and sale of steel and steel products, operating a network of steel mills, recycling facilities and fabrication plants across the United States and North America. Nucor’s operations emphasize electric arc furnace steelmaking using recycled scrap metal, which supports a decentralized, mill-based production model focused on efficiency and flexibility.

Product offerings span a broad range of basic and value‑added steel items, including sheet, plate, merchant bar, structural beams, reinforcing bar, tubing, fasteners and fabricated components.