Sigma Investment Counselors Inc. decreased its position in Nucor Corp. (NYSE:NUE) by 1.7% during the second quarter, Holdings Channel reports. The fund owned 37,110 shares of the company’s stock after selling 645 shares during the period. Sigma Investment Counselors Inc.’s holdings in Nucor Corp. were worth $1,834,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in NUE. NEXT Financial Group Inc increased its stake in Nucor Corp. by 4.5% in the second quarter. NEXT Financial Group Inc now owns 2,310 shares of the company’s stock worth $114,000 after buying an additional 100 shares during the last quarter. Kanaly Trust Co increased its stake in Nucor Corp. by 0.5% in the second quarter. Kanaly Trust Co now owns 3,326 shares of the company’s stock worth $164,000 after buying an additional 15 shares during the last quarter. Parasol Investment Management LLC increased its stake in Nucor Corp. by 13.2% in the second quarter. Parasol Investment Management LLC now owns 4,293 shares of the company’s stock worth $212,000 after buying an additional 500 shares during the last quarter. Eqis Capital Management Inc. bought a new stake in Nucor Corp. during the second quarter worth $223,000. Finally, Concert Wealth Management Inc. bought a new stake in Nucor Corp. during the second quarter worth $228,000. 77.95% of the stock is owned by institutional investors and hedge funds.
Nucor Corp. (NYSE:NUE) traded up 1.87% on Wednesday, reaching $48.03. The company had a trading volume of 3,102,166 shares. The company has a market capitalization of $15.29 billion, a price-to-earnings ratio of 32.92 and a beta of 1.47. The company’s 50 day moving average price is $47.82 and its 200-day moving average price is $49.63. Nucor Corp. has a 12 month low of $33.90 and a 12 month high of $57.08.
The business 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. This represents a $1.50 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date of this dividend is Wednesday, September 28th. Nucor Corp.’s dividend payout ratio (DPR) is 102.04%.
A number of analysts have recently weighed in on the stock. Credit Suisse Group AG set a $52.00 price target on shares of Nucor Corp. and gave the stock a “hold” rating in a research report on Saturday, October 8th. Jefferies Group restated a “buy” rating on shares of Nucor Corp. in a research note on Saturday, October 1st. Zacks Investment Research cut Nucor Corp. from a “buy” rating to a “hold” rating in a research note on Friday, July 1st. Berenberg Bank cut 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. Finally, JPMorgan Chase & Co. restated a “buy” rating and set a $59.50 price objective on shares of Nucor Corp. in a research note on Friday, July 22nd. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $52.99.
In other Nucor Corp. news, insider James R. Darsey sold 71,465 shares of the company’s stock in a transaction on Monday, July 25th. The stock was sold at an average price of $52.45, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO James D. Frias sold 9,000 shares of the company’s stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $53.14, for a total value of $478,260.00. Following the completion of the sale, the chief financial officer now owns 156,065 shares in the company, valued at $8,293,294.10. The disclosure for this sale can be found here. 0.63% of the stock is owned by company 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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