World Asset Management Inc lowered its stake in shares of Nucor Corporation (NYSE:NUE) by 11.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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.
Other hedge funds also recently added to or reduced their stakes in the company. Kentucky Retirement Systems bought a new stake in Nucor Corporation during the fourth quarter valued at $1,376,000. Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in Nucor Corporation during the fourth quarter worth $614,000. Macquarie Group Ltd. raised its stake in Nucor Corporation by 866.4% in the fourth quarter. Macquarie Group Ltd. now owns 145,925 shares of the basic materials company’s stock worth $8,686,000 after buying an additional 130,825 shares during the last quarter. First Financial Bank N.A. Trust Division raised its stake in Nucor Corporation by 14.3% in the first quarter. First Financial Bank N.A. Trust Division now owns 86,029 shares of the basic materials company’s stock worth $5,137,000 after buying an additional 10,781 shares during the last quarter. Finally, Foundry Partners LLC acquired a new stake in Nucor Corporation during the first quarter worth $8,526,000. Institutional investors own 75.99% of the company’s stock.
Shares of Nucor Corporation (NYSE NUE) traded down 0.44% during mid-day trading on Friday, hitting $54.11. The stock had a trading volume of 2,279,463 shares. The stock has a 50 day moving average price of $58.08 and a 200-day moving average price of $59.33. The company has a market cap of $17.28 billion, a PE ratio of 15.19 and a beta of 1.51. Nucor Corporation has a 52-week low of $44.81 and a 52-week high of $68.00.
Nucor Corporation (NYSE:NUE) last posted its quarterly earnings results on Thursday, July 20th. The basic materials company reported $1.00 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.06 by $0.06. The company had revenue of $5.17 billion during the quarter, compared to the consensus estimate of $5.08 billion. Nucor Corporation had a net margin of 6.08% and a return on equity of 13.39%. Nucor Corporation’s quarterly revenue was up 21.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.73 EPS. On average, equities analysts expect that Nucor Corporation will post $4.17 earnings per share for the current fiscal year.
The company also recently announced 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 annualized dividend and a yield of 2.79%. The ex-dividend date was Wednesday, June 28th. Nucor Corporation’s dividend payout ratio (DPR) is currently 43.77%.
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NUE has been the topic of a number of recent analyst reports. BMO Capital Markets reiterated a “hold” rating on shares of Nucor Corporation in a research note on Friday, April 21st. Macquarie raised Nucor Corporation from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $55.00 to $62.00 in a research report on Monday, April 24th. Barclays PLC reissued a “buy” rating and set a $73.00 price target on shares of Nucor Corporation in a research report on Friday, May 5th. Longbow Research assumed coverage on Nucor Corporation in a research report on Tuesday, May 9th. They set a “neutral” rating on the stock. Finally, Zacks Investment Research downgraded Nucor Corporation from a “buy” rating to a “hold” rating in a research 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 an average target price of $68.76.
In other Nucor Corporation news, insider Leon J. Topalian sold 2,626 shares of the business’s stock in a transaction on Monday, July 24th. The shares were sold at an average price of $60.23, for a total transaction of $158,163.98. Following the sale, the insider now directly owns 19,610 shares of the company’s stock, valued at approximately $1,181,110.30. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman John J. Ferriola sold 14,941 shares of the business’s stock in a transaction 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 in the company, valued at $21,772,333.99. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,104 shares of company stock worth $1,213,595. Company insiders own 0.70% of the company’s stock.
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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