Summit Financial LLC Acquires 2,996 Shares of Nucor Co. (NYSE:NUE)

Summit Financial LLC grew its stake in shares of Nucor Co. (NYSE:NUE - Free Report) by 170.6% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 4,752 shares of the basic materials company's stock after purchasing an additional 2,996 shares during the period. Summit Financial LLC's holdings in Nucor were worth $557,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of NUE. Wellington Management Group LLP grew its position in Nucor by 0.6% in the 4th quarter. Wellington Management Group LLP now owns 251,364 shares of the basic materials company's stock worth $29,337,000 after purchasing an additional 1,380 shares in the last quarter. CIBC Private Wealth Group LLC increased its position in shares of Nucor by 1.8% during the fourth quarter. CIBC Private Wealth Group LLC now owns 16,218 shares of the basic materials company's stock valued at $1,917,000 after acquiring an additional 287 shares during the last quarter. Schroder Investment Management Group lifted its holdings in Nucor by 4.3% during the fourth quarter. Schroder Investment Management Group now owns 407,299 shares of the basic materials company's stock worth $46,966,000 after acquiring an additional 16,940 shares during the period. Allianz SE purchased a new position in Nucor in the fourth quarter worth $338,000. Finally, Transamerica Financial Advisors Inc. grew its stake in Nucor by 1,597.1% in the 4th quarter. Transamerica Financial Advisors Inc. now owns 577 shares of the basic materials company's stock valued at $68,000 after purchasing an additional 543 shares during the period. 76.48% of the stock is owned by hedge funds and other institutional investors.

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Nucor Price Performance

NYSE:NUE traded up $0.40 during trading hours on Monday, hitting $103.62. The stock had a trading volume of 1,699,147 shares, compared to its average volume of 2,012,254. The firm has a market capitalization of $23.89 billion, a price-to-earnings ratio of 12.32, a P/E/G ratio of 0.96 and a beta of 1.67. Nucor Co. has a one year low of $95.70 and a one year high of $203.00. The company has a 50 day simple moving average of $130.19 and a two-hundred day simple moving average of $136.31. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.51 and a quick ratio of 1.48.

Nucor (NYSE:NUE - Get Free Report) last released its quarterly earnings results on Monday, January 27th. The basic materials company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.28. Nucor had a return on equity of 9.85% and a net margin of 6.60%. During the same period in the previous year, the company posted $3.16 EPS. Research analysts forecast that Nucor Co. will post 7.64 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, May 12th. Shareholders of record on Monday, March 31st will be given a dividend of $0.55 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $2.20 dividend on an annualized basis and a yield of 2.12%. Nucor's payout ratio is 26.16%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Morgan Stanley set a $164.00 price target on shares of Nucor in a research report on Monday, March 24th. Citigroup reduced their price objective on Nucor from $240.00 to $160.00 and set a "buy" rating for the company in a report on Thursday, December 19th. The Goldman Sachs Group lowered their target price on Nucor from $175.00 to $169.00 and set a "buy" rating on the stock in a research note on Monday. Jefferies Financial Group increased their price target on Nucor from $125.00 to $135.00 and gave the stock a "hold" rating in a research note on Wednesday, January 29th. Finally, Argus set a $155.00 price objective on Nucor in a research note on Wednesday, March 5th. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Nucor currently has a consensus rating of "Moderate Buy" and an average target price of $162.11.

Nucor Profile

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.