Principal Financial Group Inc. raised its stake in shares of Nucor Corp. (NYSE:NUE) by 13.5% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 537,074 shares of the company’s stock after buying an additional 63,916 shares during the period. Principal Financial Group Inc. owned 0.17% of Nucor Corp. worth $26,536,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in NUE. Brown Advisory Inc. boosted its position in shares of Nucor Corp. by 8.4% in the second quarter. Brown Advisory Inc. now owns 11,724 shares of the company’s stock valued at $579,000 after buying an additional 904 shares during the last quarter. Pittenger & Anderson Inc. boosted its position in shares of Nucor Corp. by 0.7% in the second quarter. Pittenger & Anderson Inc. now owns 3,625 shares of the company’s stock valued at $179,000 after buying an additional 25 shares during the last quarter. Prudential Financial Inc. boosted its position in shares of Nucor Corp. by 196.3% in the second quarter. Prudential Financial Inc. now owns 1,503,209 shares of the company’s stock valued at $74,273,000 after buying an additional 995,828 shares during the last quarter. AJO LP purchased a new position in shares of Nucor Corp. during the second quarter valued at about $893,000. Finally, TLP Group LLC purchased a new position in shares of Nucor Corp. during the second quarter valued at about $581,000. 77.92% of the stock is currently owned by institutional investors.
Nucor Corp. (NYSE:NUE) traded down 0.08% during trading on Tuesday, reaching $48.88. The company had a trading volume of 446,331 shares. The firm has a market capitalization of $15.56 billion, a price-to-earnings ratio of 33.50 and a beta of 1.48. Nucor Corp. has a 52 week low of $33.90 and a 52 week high of $57.08. The company’s 50-day moving average is $49.11 and its 200 day moving average is $49.48.
Nucor Corp. (NYSE:NUE) last announced its earnings results on Thursday, July 21st. The company reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.03. Nucor Corp. had a return on equity of 8.58% and a net margin of 3.00%. The business earned $4.25 billion during the quarter, compared to analysts’ expectations of $4.49 billion. Equities analysts anticipate that Nucor Corp. will post $2.71 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 10th. Shareholders of record on Friday, September 30th will be issued a dividend of $0.375 per share. 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 3.07%. Nucor Corp.’s payout ratio is currently 102.04%.
Several brokerages have issued reports on NUE. Zacks Investment Research cut Nucor Corp. from a “buy” rating to a “hold” rating in a research report on Friday, July 1st. Berenberg Bank downgraded Nucor Corp. from a “buy” rating to a “hold” rating and set a $57.50 price objective on the stock. in a research note on Friday, July 22nd. They noted that the move was a valuation call. Jefferies Group decreased their price objective on Nucor Corp. from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Thursday, September 15th. JPMorgan Chase & Co. reaffirmed a “buy” rating and issued a $59.50 price objective on shares of Nucor Corp. in a research note on Friday, July 22nd. Finally, Cowen and Company raised their price objective on Nucor Corp. from $50.00 to $55.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 26th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $53.14.
In other Nucor Corp. news, CFO James D. Frias sold 9,000 shares of the stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $53.14, for a total transaction of $478,260.00. Following the completion of the transaction, the chief financial officer now owns 156,065 shares of the company’s stock, valued at $8,293,294.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider James R. Darsey sold 71,465 shares of the stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $52.45, for a total value of $3,748,339.25. Following the transaction, the insider now directly owns 234,135 shares of the company’s stock, valued at approximately $12,280,380.75. The disclosure for this sale can be found here. Company insiders own 0.63% of the company’s stock.
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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