Bank of New York Mellon Corp Boosts Stock Position in Nucor Corporation $NUE

Bank of New York Mellon Corp lifted its stake in shares of Nucor Corporation (NYSE:NUE) by 1.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,809,899 shares of the basic materials company’s stock after purchasing an additional 29,476 shares during the quarter. Bank of New York Mellon Corp owned 0.80% of Nucor worth $306,054,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Nucor by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 28,407,540 shares of the basic materials company’s stock worth $4,633,554,000 after buying an additional 144,038 shares in the last quarter. Morgan Stanley grew its position in Nucor by 1.1% during the fourth quarter. Morgan Stanley now owns 3,853,205 shares of the basic materials company’s stock worth $628,497,000 after buying an additional 41,728 shares in the last quarter. Norges Bank bought a new position in Nucor in the 4th quarter worth about $609,002,000. Nordea Investment Management AB lifted its position in Nucor by 11.1% during the fourth quarter. Nordea Investment Management AB now owns 2,103,000 shares of the basic materials company’s stock valued at $342,642,000 after purchasing an additional 210,577 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Nucor by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,919,883 shares of the basic materials company’s stock worth $313,152,000 after buying an additional 56,565 shares during the last quarter. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Wall Street Analysts Forecast Growth

NUE has been the subject of a number of research analyst reports. Citigroup reaffirmed a “positive” rating on shares of Nucor in a report on Wednesday. UBS Group downgraded Nucor from a “buy” rating to a “neutral” rating and raised their price target for the company from $190.00 to $224.00 in a research report on Tuesday, April 28th. The Goldman Sachs Group lifted their price target on Nucor from $260.00 to $284.00 and gave the stock a “buy” rating in a research note on Tuesday, June 16th. CICC Research assumed coverage on Nucor in a research report on Monday, May 25th. They set an “outperform” rating on the stock. Finally, Zacks Research cut Nucor from a “strong-buy” rating to a “hold” rating in a report on Monday, June 29th. Twelve analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $266.31.

Insider Activity

In other news, EVP Allen C. Behr sold 10,096 shares of the firm’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $226.08, for a total value of $2,282,503.68. Following the transaction, the executive vice president directly owned 62,871 shares in the company, valued at $14,213,875.68. This trade represents a 13.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP John J. Hollatz sold 10,560 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $258.46, for a total value of $2,729,337.60. Following the completion of the transaction, the executive vice president directly owned 97,865 shares in the company, valued at $25,294,187.90. The trade was a 9.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 82,378 shares of company stock worth $18,963,930. Insiders own 0.62% of the company’s stock.

Nucor Stock Performance

Shares of Nucor stock opened at $236.77 on Friday. The firm has a market capitalization of $53.92 billion, a P/E ratio of 23.44, a P/E/G ratio of 0.54 and a beta of 1.91. The company has a current ratio of 2.90, a quick ratio of 1.55 and a debt-to-equity ratio of 0.30. Nucor Corporation has a 12 month low of $131.32 and a 12 month high of $270.90. The business has a fifty day simple moving average of $239.20 and a two-hundred day simple moving average of $201.64.

Nucor (NYSE:NUE) last announced its earnings results on Monday, April 27th. The basic materials company reported $3.23 earnings per share for the quarter, beating analysts’ consensus estimates of $2.82 by $0.41. Nucor had a net margin of 6.82% and a return on equity of 10.68%. The business had revenue of $9.50 billion during the quarter, compared to the consensus estimate of $8.88 billion. During the same quarter last year, the firm earned $0.77 earnings per share. The business’s revenue for the quarter was up 21.3% on a year-over-year basis. On average, equities analysts forecast that Nucor Corporation will post 17.68 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 11th. Investors of record on Tuesday, June 30th will be given a dividend of $0.56 per share. The ex-dividend date is Tuesday, June 30th. This represents a $2.24 dividend on an annualized basis and a yield of 0.9%. Nucor’s dividend payout ratio is 22.18%.

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.