Korea Investment CORP lowered its stake in Nucor Corporation (NYSE:NUE) by 46.6% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 194,756 shares of the basic materials company’s stock after selling 169,678 shares during the period. Korea Investment CORP owned about 0.06% of Nucor Corporation worth $11,271,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of NUE. Macquarie Group Ltd. boosted its position in shares of Nucor Corporation by 866.4% in the fourth quarter. Macquarie Group Ltd. now owns 145,925 shares of the basic materials company’s stock valued at $8,686,000 after buying an additional 130,825 shares in the last quarter. Manning & Napier Advisors LLC boosted its position in shares of Nucor Corporation by 10.2% in the first quarter. Manning & Napier Advisors LLC now owns 52,197 shares of the basic materials company’s stock valued at $3,117,000 after buying an additional 4,817 shares in the last quarter. Fulton Bank N.A. purchased a new position in shares of Nucor Corporation during the first quarter valued at about $228,000. Raymond James Trust N.A. boosted its position in shares of Nucor Corporation by 9.4% in the first quarter. Raymond James Trust N.A. now owns 13,597 shares of the basic materials company’s stock valued at $812,000 after buying an additional 1,172 shares in the last quarter. Finally, Creative Planning boosted its position in shares of Nucor Corporation by 18.4% in the first quarter. Creative Planning now owns 21,360 shares of the basic materials company’s stock valued at $1,276,000 after buying an additional 3,319 shares in the last quarter. 75.99% of the stock is owned by hedge funds and other institutional investors.
Nucor Corporation (NUE) traded down 0.44% during trading on Friday, reaching $54.11. The company had a trading volume of 2,279,463 shares. The stock has a market cap of $17.28 billion, a PE ratio of 15.19 and a beta of 1.51. The company has a 50-day moving average price of $58.08 and a 200 day moving average price of $59.33. Nucor Corporation has a 52-week low of $44.81 and a 52-week high of $68.00.
Nucor Corporation (NYSE:NUE) last released its earnings results on Thursday, July 20th. The basic materials company reported $1.00 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.06 by $0.06. The business had revenue of $5.17 billion during the quarter, compared to analysts’ expectations of $5.08 billion. Nucor Corporation had a net margin of 6.08% and a return on equity of 13.39%. Nucor Corporation’s revenue for the quarter was up 21.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.73 EPS. On average, analysts anticipate that Nucor Corporation will post $4.17 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 11th. Investors of record on Friday, June 30th were issued a dividend of $0.3775 per share. The ex-dividend date was Wednesday, June 28th. This represents a $1.51 annualized dividend and a dividend yield of 2.79%. Nucor Corporation’s dividend payout ratio is 43.77%.
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Several equities analysts recently issued reports on NUE shares. BMO Capital Markets reaffirmed a “hold” rating on shares of Nucor Corporation in a report on Friday, April 21st. Macquarie raised Nucor Corporation from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $55.00 to $62.00 in a report on Monday, April 24th. Barclays PLC reissued a “buy” rating and issued a $73.00 price target on shares of Nucor Corporation in a report on Friday, May 5th. Longbow Research initiated coverage on Nucor Corporation in a report on Tuesday, May 9th. They issued a “neutral” rating for the company. Finally, Zacks Investment Research cut Nucor Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, May 16th. Two investment 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 presently has an average rating of “Buy” and a consensus price target of $68.76.
In related news, insider David A. Sumoski sold 2,537 shares of the stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $61.66, for a total transaction of $156,431.42. Following the completion of the sale, the insider now directly owns 62,434 shares in the company, valued at $3,849,680.44. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman John J. Ferriola sold 14,941 shares of the stock in a transaction on Monday, July 24th. The stock was sold at an average price of $60.17, for a total value of $898,999.97. Following the sale, the chairman now owns 361,847 shares of the company’s stock, valued at $21,772,333.99. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,104 shares of company stock valued at $1,213,595. 0.70% of the stock is owned by corporate insiders.
About Nucor Corporation
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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