King Luther Capital Management Corp Buys 641 Shares of Nucor Co. (NYSE:NUE)

King Luther Capital Management Corp lifted its position in Nucor Co. (NYSE:NUE) by 6.4% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 10,672 shares of the basic materials company’s stock after purchasing an additional 641 shares during the period. King Luther Capital Management Corp’s holdings in Nucor were worth $1,604,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NUE. Cornerstone Advisors LLC raised its stake in shares of Nucor by 26.9% during the third quarter. Cornerstone Advisors LLC now owns 6,600 shares of the basic materials company’s stock valued at $992,000 after acquiring an additional 1,400 shares during the last quarter. Citizens Financial Group Inc. RI increased its holdings in Nucor by 1.7% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 4,629 shares of the basic materials company’s stock valued at $696,000 after purchasing an additional 79 shares during the period. Commerce Bank raised its position in Nucor by 4.9% during the 3rd quarter. Commerce Bank now owns 16,344 shares of the basic materials company’s stock valued at $2,457,000 after purchasing an additional 758 shares during the last quarter. Prospera Private Wealth LLC purchased a new stake in Nucor in the 3rd quarter worth approximately $1,980,000. Finally, Counterweight Ventures LLC grew its position in shares of Nucor by 19.6% in the 3rd quarter. Counterweight Ventures LLC now owns 14,121 shares of the basic materials company’s stock worth $2,123,000 after buying an additional 2,312 shares during the last quarter. 76.48% of the stock is currently owned by institutional investors.

Nucor Stock Up 1.3 %

Shares of NUE stock opened at $151.90 on Friday. The company has a 50 day simple moving average of $149.67 and a two-hundred day simple moving average of $154.20. The stock has a market cap of $35.67 billion, a P/E ratio of 14.68 and a beta of 1.55. Nucor Co. has a 12 month low of $133.42 and a 12 month high of $203.00. The company has a current ratio of 2.59, a quick ratio of 1.61 and a debt-to-equity ratio of 0.26.

Nucor (NYSE:NUE) last released its earnings results on Monday, October 21st. The basic materials company reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.09. The company had revenue of $7.44 billion during the quarter, compared to analyst estimates of $7.28 billion. Nucor had a net margin of 8.05% and a return on equity of 12.06%. The firm’s quarterly revenue was down 15.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.57 EPS. On average, research analysts expect that Nucor Co. will post 8.52 earnings per share for the current year.

Nucor Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 8th. Shareholders of record on Friday, September 27th were issued a dividend of $0.54 per share. The ex-dividend date was Friday, September 27th. This represents a $2.16 dividend on an annualized basis and a yield of 1.42%. Nucor’s dividend payout ratio is presently 20.87%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. JPMorgan Chase & Co. cut their price target 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. BMO Capital Markets cut 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, Morgan Stanley reduced their target price on Nucor from $170.00 to $166.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $190.57.

Insider Activity

In other Nucor news, CEO Leon J. Topalian sold 11,000 shares of Nucor stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $169.11, for a total value of $1,860,210.00. Following the sale, the chief executive officer now directly owns 172,136 shares in the company, valued at approximately $29,109,918.96. The trade was a 6.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kenneth Rex Query sold 9,000 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $146.80, for a total value of $1,321,200.00. Following the transaction, the executive vice president now owns 98,770 shares of the company’s stock, valued at approximately $14,499,436. The trade was a 8.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,680 shares of company stock worth $4,773,724 over the last ninety days. 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.