Soros Fund Management LLC cut its stake in Nucor Corporation (NYSE:NUE) by 21.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 145,662 shares of the company’s stock after selling 40,189 shares during the period. Soros Fund Management LLC’s holdings in Nucor Corporation were worth $8,670,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of NUE. Blue Chip Partners Inc. bought a new stake in Nucor Corporation during the second quarter valued at $102,000. TCI Wealth Advisors Inc. boosted its stake in Nucor Corporation by 3.5% in the third quarter. TCI Wealth Advisors Inc. now owns 2,070 shares of the company’s stock valued at $102,000 after buying an additional 70 shares during the period. FNY Partners Fund LP bought a new stake in Nucor Corporation during the fourth quarter valued at $107,000. Tuttle Tactical Management LLC bought a new stake in Nucor Corporation during the second quarter valued at $116,000. Finally, Massmutual Trust Co. FSB ADV bought a new stake in Nucor Corporation during the fourth quarter valued at $127,000. 76.41% of the stock is currently owned by institutional investors.
Shares of Nucor Corporation (NYSE:NUE) traded down 3.72% during mid-day trading on Thursday, hitting $60.89. 3,009,802 shares of the stock were exchanged. Nucor Corporation has a 12 month low of $38.79 and a 12 month high of $68.00. The stock’s 50 day moving average is $60.68 and its 200 day moving average is $55.19. The firm has a market cap of $19.48 billion, a P/E ratio of 24.55 and a beta of 1.45.
Nucor Corporation (NYSE:NUE) last announced its quarterly earnings results on Tuesday, January 31st. The company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.34 by $0.16. The firm had revenue of $3.96 billion for the quarter, compared to analyst estimates of $3.78 billion. Nucor Corporation had a return on equity of 9.32% and a net margin of 4.53%. The business’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.46 earnings per share. Analysts expect that Nucor Corporation will post $3.60 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, May 11th. Stockholders of record on Friday, March 31st will be paid a dividend of $0.3775 per share. The ex-dividend date is Wednesday, March 29th. This represents a $1.51 annualized dividend and a dividend yield of 2.48%. Nucor Corporation’s dividend payout ratio is currently 65.94%.
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Several research firms recently weighed in on NUE. Zacks Investment Research cut shares of Nucor Corporation from a “buy” rating to a “hold” rating in a report on Monday. Morgan Stanley upgraded shares of Nucor Corporation from an “equal weight” rating to an “overweight” rating and set a $78.00 price target on the stock in a report on Monday, February 13th. Barclays PLC lifted their price target on shares of Nucor Corporation from $63.00 to $67.00 and gave the company an “overweight” rating in a report on Monday, February 6th. Berenberg Bank reiterated a “buy” rating and issued a $75.00 price target on shares of Nucor Corporation in a report on Sunday, February 5th. Finally, Citigroup Inc. reiterated a “neutral” rating and issued a $65.00 price target (up previously from $50.00) on shares of Nucor Corporation in a report on Friday, January 20th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have assigned a buy rating to the company’s stock. Nucor Corporation has an average rating of “Hold” and an average target price of $62.97.
In other news, insider Raymond S. Napolitan, Jr. sold 12,400 shares of the firm’s stock in a transaction on Wednesday, February 22nd. The stock was sold at an average price of $63.74, for a total transaction of $790,376.00. Following the transaction, the insider now owns 73,885 shares in the company, valued at $4,709,429.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.63% of the company’s stock.
About Nucor Corporation
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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