ING Groep NV increased its stake in shares of Nucor Corp. (NYSE:NUE) by 84.1% during the second quarter, Holdings Channel reports. The institutional investor owned 16,051 shares of the company’s stock after buying an additional 7,333 shares during the period. ING Groep NV’s holdings in Nucor Corp. were worth $793,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the stock. A.R. Schmeidler & Co. Inc. bought a new stake in shares of Nucor Corp. during the first quarter valued at about $9,183,000. M&T Bank Corp boosted its position in Nucor Corp. by 17.1% in the first quarter. M&T Bank Corp now owns 101,988 shares of the company’s stock worth $4,826,000 after buying an additional 14,909 shares during the last quarter. Brookfield Asset Management Inc. purchased a new position in Nucor Corp. during the first quarter worth $147,000. NN Investment Partners Holdings N.V. purchased a new position in Nucor Corp. during the first quarter worth $1,879,000. Finally, Acrospire Investment Management LLC purchased a new position in Nucor Corp. during the first quarter worth $170,000. Hedge funds and other institutional investors own 77.92% of the company’s stock.
Shares of Nucor Corp. (NYSE:NUE) traded down 1.19% during mid-day trading on Friday, reaching $47.39. 2,361,188 shares of the company were exchanged. Nucor Corp. has a 12 month low of $33.90 and a 12 month high of $57.08. The firm has a 50-day moving average price of $48.29 and a 200 day moving average price of $49.60. The stock has a market capitalization of $15.09 billion, a P/E ratio of 32.48 and a beta of 1.47.
Nucor Corp. (NYSE:NUE) last released its quarterly earnings results on Thursday, July 21st. The company reported $0.73 EPS for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.03. The firm had revenue of $4.25 billion for the quarter, compared to analyst estimates 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 $2.67 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 10th. Shareholders of record on Friday, September 30th will be given a $0.375 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $1.50 dividend on an annualized basis and a yield of 3.17%. Nucor Corp.’s dividend payout ratio (DPR) is presently 102.04%.
A number of equities analysts have weighed in on the stock. Bank of America Corp. cut 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 report on Wednesday, July 20th. Barclays PLC upped their price objective on shares of Nucor Corp. from $52.00 to $55.00 and gave the company an “overweight” rating in a research report on Tuesday, July 12th. JPMorgan Chase & Co. reissued a “buy” rating and issued a $59.50 price objective on shares of Nucor Corp. in a research report on Friday, July 22nd. Cowen and Company upped their price objective on shares of Nucor Corp. from $50.00 to $55.00 and gave the company a “market perform” rating in a research report on Tuesday, July 26th. Finally, Berenberg Bank cut shares of Nucor Corp. from a “buy” rating to a “hold” rating and set a $57.50 price objective for the company. in a research report on Friday, July 22nd. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Nucor Corp. presently has a consensus rating of “Buy” and a consensus price target of $53.14.
In other Nucor Corp. news, CFO James D. Frias sold 9,000 shares of the business’s stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $53.14, for a total value of $478,260.00. Following the transaction, the chief financial officer now directly owns 156,065 shares in the company, valued at $8,293,294.10. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Chairman John J. Ferriola sold 12,128 shares of the business’s stock in a transaction dated Wednesday, July 27th. The shares were sold at an average price of $54.12, for a total transaction of $656,367.36. Following the completion of the transaction, the chairman now owns 354,420 shares in the company, valued at $19,181,210.40. The disclosure for this sale can be found here. 0.63% of the stock is currently owned by company insiders.
About Nucor Corp.
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.
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