Alps Advisors Inc. raised its stake in shares of Nucor Corp. (NYSE:NUE) by 8.2% during the second quarter, Holdings Channel reports. The fund owned 520,666 shares of the company’s stock after buying an additional 39,329 shares during the period. Alps Advisors Inc.’s holdings in Nucor Corp. were worth $25,726,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in NUE. Acadian Asset Management LLC raised its stake in Nucor Corp. by 759.7% in the second quarter. Acadian Asset Management LLC now owns 478,296 shares of the company’s stock valued at $23,633,000 after buying an additional 422,661 shares during the last quarter. Renaissance Technologies LLC raised its stake in Nucor Corp. by 1,678.3% in the first quarter. Renaissance Technologies LLC now owns 1,063,400 shares of the company’s stock valued at $50,299,000 after buying an additional 1,003,600 shares during the last quarter. Geode Capital Management LLC raised its stake in Nucor Corp. by 8.7% in the first quarter. Geode Capital Management LLC now owns 2,779,945 shares of the company’s stock valued at $131,245,000 after buying an additional 223,580 shares during the last quarter. National Pension Service raised its stake in Nucor Corp. by 4.4% in the first quarter. National Pension Service now owns 203,541 shares of the company’s stock valued at $9,627,000 after buying an additional 8,649 shares during the last quarter. Finally, Legal & General Group Plc raised its stake in Nucor Corp. by 2.7% in the first quarter. Legal & General Group Plc now owns 1,481,290 shares of the company’s stock valued at $70,071,000 after buying an additional 39,278 shares during the last quarter. 77.92% of the stock is owned by institutional investors and hedge funds.
Nucor Corp. (NYSE:NUE) traded up 0.31% during trading on Tuesday, reaching $49.07. 2,447,500 shares of the company’s stock were exchanged. Nucor Corp. has a 52-week low of $33.90 and a 52-week high of $57.08. The firm has a market cap of $15.62 billion, a P/E ratio of 33.63 and a beta of 1.48. The stock’s 50 day moving average price is $49.11 and its 200 day moving average price is $49.48.
Nucor Corp. (NYSE:NUE) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.73 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.03. The firm had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $4.49 billion. Nucor Corp. had a net margin of 3.00% and a return on equity of 8.58%. Equities research analysts anticipate that Nucor Corp. will post $2.71 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 10th. Stockholders of record on Friday, September 30th will be given a $0.375 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $1.50 dividend on an annualized basis and a dividend yield of 3.06%. Nucor Corp.’s dividend payout ratio (DPR) is currently 102.04%.
NUE has been the subject of several analyst reports. Citigroup Inc. initiated coverage on shares of Nucor Corp. in a research note on Monday, August 22nd. They issued a “neutral” rating and a $55.00 price objective for the company. Bank of America Corp. lowered shares of Nucor Corp. from a “buy” rating to a “neutral” rating and set a $56.00 price objective for the company. in a research note on Wednesday, July 20th. BMO Capital Markets set a $51.00 target price on shares of Nucor Corp. and gave the stock a “hold” rating in a report on Wednesday, September 14th. Jefferies Group dropped their target price on shares of Nucor Corp. from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Thursday, September 15th. Finally, Berenberg Bank reiterated a “hold” rating and issued a $57.50 target price on shares of Nucor Corp. in a report on Tuesday, September 20th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Nucor Corp. presently has a consensus rating of “Buy” and an average price target of $53.14.
In other news, Chairman John J. Ferriola sold 12,128 shares of the business’s stock in a transaction that occurred on Wednesday, July 27th. The shares were sold at an average price of $54.12, for a total value of $656,367.36. Following the transaction, the chairman now owns 354,420 shares in the company, valued at approximately $19,181,210.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James R. Darsey sold 71,465 shares of the business’s stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $52.45, for a total transaction of $3,748,339.25. Following the completion of the transaction, the insider now owns 234,135 shares in the company, valued at approximately $12,280,380.75. The disclosure for this sale can be found here. 0.63% of the stock is currently owned by insiders.
Nucor Corp. Company Profile
Nucor Corporation (Nucor) manufactures steel and steel products. The Company also produces direct reduced iron (DRI) for use in the Company’s steel mills. It also processes ferrous and nonferrous metals and brokers ferrous and nonferrous metals, pig iron, hot briquetted iron (HBI) and DRI. Nucor operates in three segments: steel mills, steel products and raw materials.
Want to see what other hedge funds are holding NUE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Nucor Corp. (NYSE:NUE).
Receive News & Ratings for Nucor Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nucor Corp. and related companies with MarketBeat.com's FREE daily email newsletter.