Osborne Partners Capital Management LLC maintained its stake in shares of Nucor Co. (NYSE:NUE) during the second quarter, according to its most recent disclosure with the SEC. The firm owned 51,638 shares of the basic materials company’s stock at the end of the second quarter. Osborne Partners Capital Management LLC’s holdings in Nucor were worth $2,988,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of Nucor by 1,900.5% in the first quarter. BlackRock Inc. now owns 21,654,414 shares of the basic materials company’s stock worth $1,293,202,000 after buying an additional 20,571,970 shares during the period. Vanguard Group Inc. boosted its stake in shares of Nucor by 17.3% in the first quarter. Vanguard Group Inc. now owns 25,254,158 shares of the basic materials company’s stock worth $1,508,179,000 after buying an additional 3,729,281 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of Nucor by 1,351.9% in the first quarter. PNC Financial Services Group Inc. now owns 1,207,726 shares of the basic materials company’s stock worth $72,124,000 after buying an additional 1,124,541 shares during the period. AQR Capital Management LLC boosted its position in shares of Nucor by 53.6% in the first quarter. AQR Capital Management LLC now owns 2,513,579 shares of the basic materials company’s stock worth $150,111,000 after buying an additional 877,194 shares during the last quarter. Finally, Prudential Financial Inc. boosted its position in shares of Nucor by 69.2% in the first quarter. Prudential Financial Inc. now owns 1,866,961 shares of the basic materials company’s stock worth $111,495,000 after buying an additional 763,540 shares during the last quarter. Hedge funds and other institutional investors own 76.57% of the company’s stock.
Nucor Co. (NUE) opened at 55.37 on Friday. The company has a market capitalization of $17.74 billion, a P/E ratio of 15.54 and a beta of 1.51. Nucor Co. has a 52-week low of $44.81 and a 52-week high of $68.00. The stock’s 50 day moving average price is $58.42 and its 200-day moving average price is $59.51.
Nucor (NYSE:NUE) last released its quarterly earnings data on Thursday, July 20th. The basic materials company reported $1.00 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.06 by $0.06. The company had revenue of $5.17 billion for the quarter, compared to analyst estimates of $5.08 billion. Nucor had a return on equity of 15.64% and a net margin of 6.60%. The business’s quarterly revenue was up 21.9% on a year-over-year basis. During the same period last year, the firm posted $0.73 EPS. Analysts predict that Nucor Co. will post $4.18 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 11th. Shareholders of record on Friday, June 30th were paid a dividend of $0.3775 per share. This represents a $1.51 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date was Wednesday, June 28th. Nucor’s dividend payout ratio (DPR) is currently 43.77%.
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A number of brokerages recently issued reports on NUE. Morgan Stanley reiterated a “buy” rating on shares of Nucor in a research note on Tuesday, July 18th. Cowen and Company reissued a “market perform” rating and issued a $63.00 target price (up previously from $62.00) on shares of Nucor in a research report on Tuesday, July 25th. Zacks Investment Research lowered Nucor from a “buy” rating to a “hold” rating in a research report on Tuesday, May 16th. Jefferies Group LLC reissued a “buy” rating and issued a $75.00 target price (down previously from $77.00) on shares of Nucor in a research report on Wednesday, April 19th. Finally, Longbow Research initiated coverage on Nucor in a research report on Tuesday, May 9th. They issued a “neutral” rating for the company. Two analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $68.76.
In other Nucor news, insider Leon J. Topalian sold 2,626 shares of the business’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $60.23, for a total transaction of $158,163.98. Following the transaction, the insider now owns 19,610 shares of the company’s stock, valued at $1,181,110.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider David A. Sumoski sold 2,537 shares of the company’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $61.66, for a total value of $156,431.42. Following the completion of the transaction, the insider now directly owns 62,434 shares in the company, valued at approximately $3,849,680.44. The disclosure for this sale can be found here. Insiders have sold 20,104 shares of company stock worth $1,213,595 in the last three months. 0.70% of the stock is currently owned by corporate insiders.
Nucor 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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