Marcum Wealth LLC Takes Position in Nucor Co. (NYSE:NUE)

Posted by Defense World Staff on Mar 22nd, 2023

Marcum Wealth LLC acquired a new stake in shares of Nucor Co. (NYSE:NUE – Get Rating) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 2,016 shares of the basic materials company’s stock, valued at approximately $266,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Guardian Wealth Advisors LLC bought a new position in shares of Nucor during the third quarter valued at approximately $31,000. MinichMacGregor Wealth Management LLC bought a new position in shares of Nucor during the fourth quarter valued at approximately $32,000. Nelson Van Denburg & Campbell Wealth Management Group LLC purchased a new stake in Nucor during the first quarter valued at approximately $32,000. Coston McIsaac & Partners purchased a new stake in Nucor during the third quarter valued at approximately $34,000. Finally, Cowa LLC purchased a new stake in Nucor during the third quarter valued at approximately $37,000. 78.33% of the stock is currently owned by institutional investors.

Nucor Price Performance

Shares of NYSE NUE opened at $152.10 on Wednesday. The stock has a market cap of $38.32 billion, a price-to-earnings ratio of 5.29 and a beta of 1.59. Nucor Co. has a 52 week low of $100.13 and a 52 week high of $187.90. The company’s 50-day moving average price is $163.00 and its 200 day moving average price is $143.47. The company has a current ratio of 3.39, a quick ratio of 2.13 and a debt-to-equity ratio of 0.34.

Nucor (NYSE:NUE – Get Rating) last released its quarterly earnings results on Thursday, January 26th. The basic materials company reported $4.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.18 by $0.71. The company had revenue of $8.72 billion for the quarter, compared to analysts’ expectations of $8.54 billion. Nucor had a net margin of 18.33% and a return on equity of 42.03%. The firm’s revenue for the quarter was down 15.8% compared to the same quarter last year. During the same period last year, the company earned $7.97 EPS. As a group, research analysts forecast that Nucor Co. will post 14.35 earnings per share for the current fiscal year.

Nucor Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 11th. Stockholders of record on Friday, March 31st will be paid a dividend of $0.51 per share. The ex-dividend date of this dividend is Thursday, March 30th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 1.34%. Nucor’s dividend payout ratio is currently 7.10%.

Analysts Set New Price Targets

NUE has been the subject of a number of research analyst reports. UBS Group raised their price target on shares of Nucor from $120.00 to $145.00 and gave the stock a “neutral” rating in a report on Tuesday, December 6th. BMO Capital Markets lifted their target price on shares of Nucor from $155.00 to $165.00 and gave the company a “market perform” rating in a research report on Friday, January 27th. Bank of America assumed coverage on shares of Nucor in a research report on Wednesday, January 4th. They issued a “buy” rating and a $172.00 target price on the stock. The Goldman Sachs Group raised their price target on shares of Nucor from $144.00 to $161.00 and gave the stock a “neutral” rating in a research note on Friday, March 10th. Finally, Morgan Stanley boosted their price target on shares of Nucor from $113.00 to $122.00 and gave the company an “equal weight” rating in a research note on Monday, January 30th. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $153.44.

Insider Activity

In other Nucor news, EVP Daniel R. Needham sold 5,000 shares of Nucor stock in a transaction on Monday, January 30th. The shares were sold at an average price of $168.36, for a total value of $841,800.00. Following the completion of the transaction, the executive vice president now owns 61,137 shares of the company’s stock, valued at $10,293,025.32. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Nucor news, EVP Daniel R. Needham sold 5,000 shares of the firm’s stock in a transaction on Monday, January 30th. The stock was sold at an average price of $168.36, for a total value of $841,800.00. Following the sale, the executive vice president now directly owns 61,137 shares in the company, valued at $10,293,025.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kenneth Rex Query sold 1,962 shares of the firm’s stock in a transaction on Friday, February 3rd. The shares were sold at an average price of $177.99, for a total value of $349,216.38. Following the completion of the sale, the executive vice president now owns 74,138 shares in the company, valued at $13,195,822.62. The disclosure for this sale can be found here. Insiders have sold 9,575 shares of company stock worth $1,630,000 over the last 90 days. Company insiders own 0.46% of the company’s stock.

Nucor Company Profile

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Nucor Corp. engages in the manufacturing of steel and steel products. It operates through the following segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment consists of carbon and alloy steel in sheet, bars, structural and plate, steel trading businesses, rebar distribution businesses, and Nucor’s equity method investments.