Front Street Capital Management Inc. Takes $15.54 Million Position in Nucor Corporation $NUE

Front Street Capital Management Inc. bought a new position in shares of Nucor Corporation (NYSE:NUE) in the 2nd quarter, Holdings Channel reports. The fund bought 69,785 shares of the basic materials company’s stock, valued at approximately $15,545,000. Nucor accounts for 1.8% of Front Street Capital Management Inc.’s portfolio, making the stock its 20th largest position.

Other hedge funds have also added to or reduced their stakes in the company. Integrated Wealth Concepts LLC boosted its holdings in shares of Nucor by 21.1% during the 1st quarter. Integrated Wealth Concepts LLC now owns 3,266 shares of the basic materials company’s stock worth $393,000 after buying an additional 568 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Nucor in the 1st quarter valued at $259,000. Geneos Wealth Management Inc. increased its stake in shares of Nucor by 81.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 340 shares of the basic materials company’s stock valued at $41,000 after acquiring an additional 153 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in shares of Nucor during the 2nd quarter valued at $390,000. Finally, Cerity Partners LLC boosted its stake in Nucor by 51.9% during the second quarter. Cerity Partners LLC now owns 40,629 shares of the basic materials company’s stock worth $5,263,000 after acquiring an additional 13,877 shares in the last quarter. 76.48% of the stock is currently owned by institutional investors.

Nucor Stock Up 0.3%

NUE stock opened at $244.32 on Tuesday. The firm has a market capitalization of $55.43 billion, a PE ratio of 19.48, a P/E/G ratio of 0.90 and a beta of 1.89. The company has a quick ratio of 1.36, a current ratio of 2.51 and a debt-to-equity ratio of 0.27. Nucor Corporation has a twelve month low of $131.32 and a twelve month high of $280.11. The stock’s 50 day moving average is $246.58 and its 200-day moving average is $217.46.

Nucor (NYSE:NUE) last issued its quarterly earnings data on Monday, July 27th. The basic materials company reported $4.84 earnings per share for the quarter, beating the consensus estimate of $4.46 by $0.38. The business had revenue of $10.40 billion for the quarter, compared to analysts’ expectations of $10.15 billion. Nucor had a return on equity of 12.73% and a net margin of 7.99%.The business’s revenue was up 23.0% on a year-over-year basis. During the same period last year, the business earned $2.60 EPS. Sell-side analysts expect that Nucor Corporation will post 17.95 EPS for the current fiscal year.

Nucor Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 11th. Stockholders of record on Tuesday, June 30th were issued a $0.56 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $2.24 annualized dividend and a dividend yield of 0.9%. Nucor’s dividend payout ratio is currently 17.86%.

Wall Street Analyst Weigh In

A number of research firms have commented on NUE. The Goldman Sachs Group raised their price target on shares of Nucor from $260.00 to $284.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th. CICC Research assumed coverage on shares of Nucor in a report on Monday, May 25th. They set an “outperform” rating on the stock. Seaport Research Partners increased their price objective on shares of Nucor from $245.00 to $285.00 and gave the stock a “buy” rating in a research report on Wednesday, June 10th. Argus raised their target price on Nucor from $200.00 to $262.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Finally, JPMorgan Chase & Co. boosted their target price on Nucor from $240.00 to $282.00 and gave the company an “overweight” rating in a research report on Wednesday, June 10th. Twelve research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Nucor currently has a consensus rating of “Moderate Buy” and a consensus price target of $272.38.

Insider Activity at Nucor

In related news, EVP Thomas J. Batterbee sold 4,000 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $261.02, for a total transaction of $1,044,080.00. Following the transaction, the executive vice president directly owned 16,138 shares in the company, valued at approximately $4,212,340.76. The trade was a 19.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 stock was 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. The trade was a 4.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 18,528 shares of company stock valued at $4,793,035 over the last ninety days. Corporate insiders own 0.62% of the company’s stock.

Nucor Company 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.