First Mercantile Trust Co. cut its stake in shares of Nucor Corp. (NYSE:NUE) by 21.2% during the second quarter, Holdings Channel reports. The firm owned 4,081 shares of the company’s stock after selling 1,100 shares during the period. First Mercantile Trust Co.’s holdings in Nucor Corp. were worth $202,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NUE. Virginia Retirement Systems ET AL bought a new position in Nucor Corp. during the second quarter valued at $12,259,000. Prudential PLC boosted its position in shares of Nucor Corp. by 1.7% in the second quarter. Prudential PLC now owns 1,678,900 shares of the company’s stock valued at $82,954,000 after buying an additional 27,600 shares during the last quarter. PineBridge Investments L.P. boosted its position in shares of Nucor Corp. by 18.3% in the second quarter. PineBridge Investments L.P. now owns 78,110 shares of the company’s stock valued at $3,859,000 after buying an additional 12,074 shares during the last quarter. Wrapmanager Inc. boosted its position in shares of Nucor Corp. by 4.5% in the second quarter. Wrapmanager Inc. now owns 5,695 shares of the company’s stock valued at $281,000 after buying an additional 243 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Nucor Corp. during the second quarter valued at approximately $250,000. Institutional investors own 77.92% of the company’s stock.
Nucor Corp. (NYSE:NUE) opened at 48.82 on Tuesday. The firm has a 50-day moving average of $48.66 and a 200 day moving average of $49.61. Nucor Corp. has a 12-month low of $33.90 and a 12-month high of $57.08. The company has a market capitalization of $15.54 billion, a price-to-earnings ratio of 33.46 and a beta of 1.47.
Nucor Corp. (NYSE:NUE) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.73 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.03. The company 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%. Analysts expect that Nucor Corp. will post $2.71 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 10th. Investors of record on Friday, September 30th will be issued a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date is Wednesday, September 28th. Nucor Corp.’s dividend payout ratio (DPR) is currently 102.04%.
Several research analysts recently commented on the stock. Jefferies Group restated a “buy” rating on shares of Nucor Corp. in a report on Saturday. Zacks Investment Research cut shares of Nucor Corp. from a “buy” rating to a “hold” rating in a report on Friday, July 1st. Berenberg Bank cut shares of Nucor Corp. from a “buy” rating to a “hold” rating and set a $57.50 target price for the company. in a report on Friday, July 22nd. They noted that the move was a valuation call. JPMorgan Chase & Co. restated a “buy” rating and set a $59.50 target price on shares of Nucor Corp. in a report on Friday, July 22nd. Finally, Cowen and Company increased their target price on shares of Nucor Corp. from $50.00 to $55.00 and gave the stock a “market perform” rating in a report on Tuesday, July 26th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $53.14.
In other Nucor Corp. news, Chairman John J. Ferriola sold 12,128 shares of the company’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 sale, the chairman now directly owns 354,420 shares of the company’s stock, valued at $19,181,210.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider James R. Darsey sold 71,465 shares of the company’s stock in a transaction dated Monday, July 25th. The shares were sold at an average price of $52.45, for a total transaction of $3,748,339.25. Following the sale, the insider now directly owns 234,135 shares in the company, valued at $12,280,380.75. The disclosure for this sale can be found here. 0.63% of the stock is currently owned by corporate 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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