American International Group Inc. lifted its holdings in Nucor (NYSE:NUE) by 22.7% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 191,306 shares of the basic materials company’s stock after purchasing an additional 35,382 shares during the period. American International Group Inc. owned about 0.06% of Nucor worth $11,687,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Independence Bank of Kentucky purchased a new stake in Nucor in the 4th quarter worth approximately $100,000. Jacobi Capital Management LLC increased its holdings in Nucor by 166.7% in the 1st quarter. Jacobi Capital Management LLC now owns 1,664 shares of the basic materials company’s stock worth $100,000 after acquiring an additional 1,040 shares in the last quarter. Barrett Asset Management LLC purchased a new stake in Nucor in the 4th quarter worth approximately $101,000. Cerebellum GP LLC purchased a new stake in Nucor in the 4th quarter worth approximately $131,000. Finally, Financial Gravity Companies Inc. purchased a new stake in Nucor in the 4th quarter worth approximately $140,000. Hedge funds and other institutional investors own 79.50% of the company’s stock.
In related news, EVP Raymond S. Napolitan, Jr. sold 8,000 shares of the firm’s stock in a transaction on Monday, March 19th. The shares were sold at an average price of $65.11, for a total value of $520,880.00. Following the completion of the transaction, the executive vice president now directly owns 78,381 shares of the company’s stock, valued at $5,103,386.91. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Victoria F. Haynes sold 1,800 shares of the firm’s stock in a transaction on Tuesday, May 1st. The shares were sold at an average price of $60.91, for a total transaction of $109,638.00. Following the completion of the transaction, the director now directly owns 28,773 shares of the company’s stock, valued at $1,752,563.43. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 51,837 shares of company stock valued at $3,504,495. Insiders own 0.70% of the company’s stock.
Nucor (NYSE:NUE) last announced its quarterly earnings data on Thursday, April 19th. The basic materials company reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.07. Nucor had a net margin of 6.33% and a return on equity of 12.94%. The business had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.50 billion. During the same period last year, the firm posted $1.13 EPS. The company’s revenue was up 15.6% on a year-over-year basis. analysts forecast that Nucor will post 5.86 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 11th. Shareholders of record on Thursday, March 29th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend was Wednesday, March 28th. Nucor’s dividend payout ratio (DPR) is currently 43.30%.
Several research firms recently issued reports on NUE. Macquarie raised shares of Nucor from a “neutral” rating to an “outperform” rating and set a $75.00 target price for the company in a report on Thursday. UBS began coverage on shares of Nucor in a report on Tuesday, April 17th. They issued a “neutral” rating and a $65.00 target price for the company. Morgan Stanley increased their target price on shares of Nucor from $68.00 to $73.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 17th. Zacks Investment Research raised shares of Nucor from a “hold” rating to a “strong-buy” rating and set a $70.00 target price for the company in a report on Wednesday, April 11th. Finally, ValuEngine lowered shares of Nucor from a “buy” rating to a “hold” rating in a report on Tuesday, March 20th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $70.40.
Nucor Corporation manufactures and sells steel and steel products in the United States and internationally. It operates in three segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; hollow structural section steel tubing, steel electrical conduit, plate steel, and structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, wire rods, and special bar quality; and tubular and plate steel products.
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