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

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

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Wellington Management Group LLP increased its holdings in shares of Nucor by 0.6% during the fourth quarter. Wellington Management Group LLP now owns 251,364 shares of the basic materials company’s stock worth $29,337,000 after buying an additional 1,380 shares in the last quarter. CIBC Private Wealth Group LLC increased its holdings in Nucor by 1.8% in the 4th quarter. CIBC Private Wealth Group LLC now owns 16,218 shares of the basic materials company’s stock worth $1,917,000 after purchasing an additional 287 shares in the last quarter. Schroder Investment Management Group raised its position in Nucor by 4.3% in the fourth quarter. Schroder Investment Management Group now owns 407,299 shares of the basic materials company’s stock valued at $46,966,000 after purchasing an additional 16,940 shares during the last quarter. Allianz SE acquired a new stake in shares of Nucor during the fourth quarter valued at about $338,000. Finally, Transamerica Financial Advisors Inc. grew its holdings in shares of Nucor by 1,597.1% during the fourth quarter. Transamerica Financial Advisors Inc. now owns 577 shares of the basic materials company’s stock worth $68,000 after purchasing an additional 543 shares during the last quarter. Institutional investors own 76.48% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on NUE shares. Citigroup dropped their price objective on shares of Nucor from $240.00 to $160.00 and set a “buy” rating for the company in a report on Thursday, December 19th. StockNews.com raised shares of Nucor from a “sell” rating to a “hold” rating in a research note on Wednesday, February 12th. UBS Group raised shares of Nucor from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $156.00 to $160.00 in a research note on Monday, March 24th. Argus set a $155.00 target price on Nucor in a report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. increased their target price on shares of Nucor from $150.00 to $156.00 and gave the company an “overweight” rating in a research report on Tuesday, March 11th. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $164.44.

Nucor Stock Up 3.0 %

Shares of NYSE:NUE opened at $123.29 on Thursday. The firm has a market cap of $28.42 billion, a P/E ratio of 14.66, a PEG ratio of 0.96 and a beta of 1.58. Nucor Co. has a 52-week low of $112.25 and a 52-week high of $203.00. The business’s 50 day simple moving average is $130.82 and its two-hundred day simple moving average is $136.86. 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 (NYSE:NUE) last posted its quarterly earnings results on Monday, January 27th. The basic materials company reported $1.22 earnings per share (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 in the prior year, the company posted $3.16 earnings per share. As a group, research analysts forecast 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. Investors of record on Monday, March 31st will be issued a $0.55 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.78%. Nucor’s dividend payout ratio is presently 26.16%.

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.