World Asset Management Inc decreased its stake in shares of Nucor Corporation (NYSE:NUE) by 11.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 34,394 shares of the basic materials company’s stock after selling 4,459 shares during the period. World Asset Management Inc’s holdings in Nucor Corporation were worth $1,990,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in NUE. Washington Trust Bank increased its position in Nucor Corporation by 60.2% in the second quarter. Washington Trust Bank now owns 1,756 shares of the basic materials company’s stock valued at $102,000 after buying an additional 660 shares during the last quarter. Advantage Investment Management LLC increased its position in Nucor Corporation by 164.9% in the first quarter. Advantage Investment Management LLC now owns 1,854 shares of the basic materials company’s stock valued at $111,000 after buying an additional 1,154 shares during the last quarter. Ledyard National Bank acquired a new position in Nucor Corporation during the first quarter valued at $122,000. Massmutual Trust Co. FSB ADV increased its position in Nucor Corporation by 0.7% in the first quarter. Massmutual Trust Co. FSB ADV now owns 2,147 shares of the basic materials company’s stock worth $128,000 after buying an additional 15 shares in the last quarter. Finally, Valley National Advisers Inc. increased its position in Nucor Corporation by 12.0% in the first quarter. Valley National Advisers Inc. now owns 2,340 shares of the basic materials company’s stock worth $140,000 after buying an additional 250 shares in the last quarter. 76.57% of the stock is owned by hedge funds and other institutional investors.
Shares of Nucor Corporation (NUE) traded down 2.07% on Friday, reaching $55.37. The company had a trading volume of 2,180,700 shares. The stock has a market capitalization of $17.74 billion, a PE ratio of 15.54 and a beta of 1.51. Nucor Corporation has a 52-week low of $44.81 and a 52-week high of $68.00. The company has a 50 day moving average price of $58.42 and a 200 day moving average price of $59.51.
Nucor Corporation (NYSE:NUE) last announced its quarterly earnings data on Thursday, July 20th. The basic materials company reported $1.00 EPS for the quarter, missing the Zacks’ consensus estimate of $1.06 by $0.06. Nucor Corporation had a net margin of 6.08% and a return on equity of 13.39%. The company had revenue of $5.17 billion for the quarter, compared to analyst estimates of $5.08 billion. During the same period in the prior year, the company posted $0.73 EPS. The firm’s quarterly revenue was up 21.9% on a year-over-year basis. On average, equities research analysts anticipate that Nucor Corporation will post $4.18 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 11th. Investors of record on Friday, June 30th will be given a $0.3775 dividend. This represents a $1.51 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend is Wednesday, June 28th. Nucor Corporation’s dividend payout ratio (DPR) is presently 43.77%.
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A number of research analysts have recently commented on NUE shares. Jefferies Group LLC restated a “buy” rating and set a $68.00 price target on shares of Nucor Corporation in a report on Wednesday, July 19th. Longbow Research reiterated a “buy” rating and issued a $66.00 target price on shares of Nucor Corporation in a research note on Thursday, July 27th. ValuEngine lowered Nucor Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 16th. KeyCorp reissued an “overweight” rating and issued a $66.00 price target (down previously from $72.00) on shares of Nucor Corporation in a report on Monday, June 26th. Finally, Barclays PLC restated a “buy” rating and issued a $73.00 price objective on shares of Nucor Corporation in a research note on Friday, May 5th. Two analysts have rated the stock with a sell rating, five have given a hold rating and twelve have issued a buy rating to the stock. Nucor Corporation currently has an average rating of “Buy” and a consensus target price of $68.76.
In other news, Chairman John J. Ferriola sold 14,941 shares of the stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $60.17, for a total transaction of $898,999.97. Following the sale, the chairman now directly owns 361,847 shares of the company’s stock, valued at $21,772,333.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider David A. Sumoski sold 2,537 shares of the stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $61.66, for a total transaction of $156,431.42. Following the sale, the insider now directly owns 62,434 shares in the company, valued at $3,849,680.44. The disclosure for this sale can be found here. Insiders sold 20,104 shares of company stock valued at $1,213,595 in the last three months. Company insiders own 0.70% of the company’s stock.
Nucor Corporation Company Profile
Nucor Corporation (Nucor) manufactures steel and steel products. The Company produces direct reduced iron (DRI) for use in its steel mills. It operates in three segments: steel mills, steel products and raw materials. The steel mills segment produces and distributes sheet steel (hot-rolled, cold-rolled and galvanized), plate steel, structural steel (wide-flange beams, beam blanks, H-piling and sheet piling) and bar steel (blooms, billets, concrete reinforcing bar, merchant bar, wire rod and special bar quality).
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