Northpointe Capital LLC cut its position in shares of Nucor Corp. (NYSE:NUE) by 8.7% during the second quarter, Holdings Channel reports. The firm owned 54,399 shares of the company’s stock after selling 5,194 shares during the period. Northpointe Capital LLC’s holdings in Nucor Corp. were worth $2,688,000 as of its most recent filing with the SEC.
Other hedge funds have also bought and sold shares of the company. Acadian Asset Management LLC increased 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 worth $23,633,000 after buying an additional 422,661 shares during the period. Renaissance Technologies LLC increased 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 worth $50,299,000 after buying an additional 1,003,600 shares during the period. Geode Capital Management LLC increased 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 worth $131,245,000 after buying an additional 223,580 shares during the period. National Pension Service increased 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 worth $9,627,000 after buying an additional 8,649 shares during the period. Finally, Legal & General Group Plc increased 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 worth $70,071,000 after buying an additional 39,278 shares during the period. Hedge funds and other institutional investors own 77.92% of the company’s stock.
Nucor Corp. (NYSE:NUE) traded down 0.19% during trading on Thursday, reaching $47.96. The company had a trading volume of 2,068,284 shares. The stock has a market cap of $15.27 billion, a PE ratio of 32.87 and a beta of 1.47. The company has a 50-day moving average price of $48.47 and a 200 day moving average price of $49.61. Nucor Corp. has a 52-week low of $33.90 and a 52-week high of $57.08.
Nucor Corp. (NYSE:NUE) last released its earnings results on Thursday, July 21st. The company reported $0.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.03. The company earned $4.25 billion during the quarter, compared to analyst estimates of $4.49 billion. Nucor Corp. had a return on equity of 8.58% and a net margin of 3.00%. On average, analysts anticipate that Nucor Corp. will post $2.71 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 10th. Stockholders of record on Friday, September 30th will be issued 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 3.13%. Nucor Corp.’s payout ratio is currently 102.04%.
NUE has been the topic of a number of research analyst reports. Citigroup Inc. initiated coverage on Nucor Corp. in a research report on Monday, August 22nd. They set a “neutral” rating and a $55.00 target price on the stock. Bank of America Corp. downgraded Nucor Corp. from a “buy” rating to a “neutral” rating and set a $56.00 target price on the stock. in a research report on Wednesday, July 20th. BMO Capital Markets set a $51.00 target price on Nucor Corp. and gave the stock a “hold” rating in a research report on Wednesday, September 14th. Jefferies Group decreased their target price on Nucor Corp. from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Thursday, September 15th. Finally, Berenberg Bank reiterated a “hold” rating and set a $57.50 target price on shares of Nucor Corp. in a research 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. Nucor Corp. has an average rating of “Buy” and a consensus target price of $53.14.
In related news, Chairman John J. Ferriola sold 12,128 shares of the stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $54.12, for a total transaction of $656,367.36. Following the completion of the sale, the chairman now directly owns 354,420 shares in the company, valued at $19,181,210.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO James D. Frias sold 9,000 shares of the stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $53.14, for a total value of $478,260.00. Following the sale, the chief financial officer now owns 156,065 shares of the company’s stock, valued at $8,293,294.10. The disclosure for this sale can be found here. 0.63% of the stock is 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.
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