Concentric Capital Strategies LP Acquires 41,688 Shares of Nucor Co. (NYSE:NUE)

Concentric Capital Strategies LP lifted its stake in shares of Nucor Co. (NYSE:NUE) by 920.1% in the third quarter, according to its most recent filing with the SEC. The fund owned 46,219 shares of the basic materials company’s stock after acquiring an additional 41,688 shares during the period. Concentric Capital Strategies LP’s holdings in Nucor were worth $6,949,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. McClarren Financial Advisors Inc. lifted its position in Nucor by 129.0% during the second quarter. McClarren Financial Advisors Inc. now owns 158 shares of the basic materials company’s stock valued at $25,000 after buying an additional 89 shares during the period. Ashton Thomas Securities LLC bought a new position in shares of Nucor during the 3rd quarter valued at $26,000. Coastline Trust Co bought a new position in Nucor in the third quarter valued at about $29,000. Brown Lisle Cummings Inc. purchased a new position in shares of Nucor in the third quarter worth approximately $30,000. Finally, HHM Wealth Advisors LLC grew its position in shares of Nucor by 769.2% during the 2nd quarter. HHM Wealth Advisors LLC now owns 226 shares of the basic materials company’s stock valued at $36,000 after acquiring an additional 200 shares during the period. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on NUE shares. The Goldman Sachs Group started coverage on shares of Nucor in a research note on Monday. They set a “buy” rating and a $190.00 target price on the stock. Morgan Stanley decreased their price target on shares of Nucor from $170.00 to $166.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. BMO Capital Markets reduced their target price on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a research note on Wednesday, September 18th. Argus upgraded shares of Nucor to a “strong-buy” rating in a report on Monday, August 26th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Nucor from $170.00 to $168.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Three investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $190.50.

Nucor Stock Performance

NYSE:NUE opened at $154.69 on Monday. The company has a 50 day moving average price of $150.64 and a 200 day moving average price of $153.26. Nucor Co. has a fifty-two week low of $133.42 and a fifty-two week high of $203.00. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.61 and a current ratio of 2.59. The stock has a market capitalization of $36.32 billion, a P/E ratio of 14.95 and a beta of 1.55.

Nucor (NYSE:NUE) last posted its earnings results on Monday, October 21st. The basic materials company reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.09. Nucor had a return on equity of 12.06% and a net margin of 8.05%. The firm had revenue of $7.44 billion during the quarter, compared to analysts’ expectations of $7.28 billion. During the same quarter in the previous year, the business earned $4.57 earnings per share. The firm’s revenue was down 15.2% compared to the same quarter last year. Equities research analysts forecast that Nucor Co. will post 8.5 EPS for the current year.

Nucor Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 8th. Stockholders of record on Friday, September 27th were issued a $0.54 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.16 annualized dividend and a dividend yield of 1.40%. Nucor’s dividend payout ratio is currently 20.87%.

Insiders Place Their Bets

In related news, CFO Stephen D. Laxton sold 4,712 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $169.53, for a total value of $798,825.36. Following the sale, the chief financial officer now directly owns 82,132 shares of the company’s stock, valued at approximately $13,923,837.96. This trade represents a 5.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kenneth Rex Query sold 9,000 shares of the business’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $146.80, for a total transaction of $1,321,200.00. Following the sale, the executive vice president now directly owns 98,770 shares of the company’s stock, valued at $14,499,436. This represents a 8.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 29,680 shares of company stock worth $4,773,724. Corporate insiders own 0.46% of the company’s stock.

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.