Public Employees Retirement System of Ohio Acquires Shares of 105,970 Nucor Corporation $NUE

Public Employees Retirement System of Ohio bought a new position in shares of Nucor Corporation (NYSE:NUE) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 105,970 shares of the basic materials company’s stock, valued at approximately $23,605,000.

Several other institutional investors also recently modified their holdings of the business. BlackRock Inc. purchased a new stake in shares of Nucor during the second quarter valued at approximately $4,452,563,000. Morgan Stanley grew its stake in Nucor by 1.1% in the 4th quarter. Morgan Stanley now owns 3,853,205 shares of the basic materials company’s stock valued at $628,497,000 after purchasing an additional 41,728 shares during the period. Norges Bank bought a new position in Nucor in the 4th quarter valued at $609,002,000. Dimensional Fund Advisors LP increased its position in shares of Nucor by 0.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,539,044 shares of the basic materials company’s stock valued at $429,298,000 after purchasing an additional 22,718 shares during the last quarter. Finally, Bank of America Corp DE purchased a new stake in shares of Nucor during the 2nd quarter valued at $462,886,000. 76.48% of the stock is owned by institutional investors.

Nucor Trading Down 0.6%

Shares of Nucor stock opened at $250.84 on Friday. Nucor Corporation has a 12-month low of $131.32 and a 12-month high of $280.11. The company has a market cap of $56.91 billion, a price-to-earnings ratio of 20.00, a PEG ratio of 0.93 and a beta of 1.89. The company has a current ratio of 2.51, a quick ratio of 1.36 and a debt-to-equity ratio of 0.27. The company’s 50-day moving average price is $246.64 and its 200-day moving average price is $218.97.

Nucor (NYSE:NUE) last issued its quarterly earnings data on Monday, July 27th. The basic materials company reported $4.84 EPS for the quarter, beating the consensus estimate of $4.46 by $0.38. The company had revenue of $10.40 billion during the quarter, compared to analysts’ expectations of $10.15 billion. Nucor had a net margin of 7.99% and a return on equity of 12.73%. Nucor’s revenue for the quarter was up 23.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.60 earnings per share. On average, equities analysts expect that Nucor Corporation will post 17.95 earnings per share for the current fiscal year.

Nucor Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 11th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Tuesday, June 30th. Nucor’s payout ratio is 17.86%.

Analyst Ratings Changes

Several analysts have commented on the stock. Barclays lifted their price objective on shares of Nucor from $272.00 to $295.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Zacks Research cut shares of Nucor from a “strong-buy” rating to a “hold” rating in a report on Monday, June 29th. Bank of America reduced their price objective on Nucor from $290.00 to $280.00 and set a “buy” rating for the company in a report on Thursday, July 9th. UBS Group raised their target price on Nucor from $224.00 to $256.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 28th. Finally, Morgan Stanley set a $270.00 target price on Nucor in a research note on Wednesday, July 29th. Thirteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $272.38.

Insider Activity

In related news, EVP Thomas J. Batterbee sold 4,000 shares of the business’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $261.02, for a total transaction of $1,044,080.00. Following the completion of the transaction, the executive vice president directly owned 16,138 shares in the company, valued at $4,212,340.76. The trade was a 19.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Stephen D. Laxton sold 3,968 shares of the company’s stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $256.96, for a total value of $1,019,617.28. Following the completion of the transaction, the chief operating officer owned 77,867 shares in the company, valued at $20,008,704.32. This represents a 4.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 18,528 shares of company stock worth $4,793,035 in the last three months. Corporate insiders own 0.62% of the company’s stock.

About Nucor

Nucor Corporation (NYSE: NUE) is an American steel producer headquartered in Charlotte, North Carolina. The company is primarily engaged in the manufacture and sale of steel and steel products, operating a network of steel mills, recycling facilities and fabrication plants across the United States and North America. Nucor’s operations emphasize electric arc furnace steelmaking using recycled scrap metal, which supports a decentralized, mill-based production model focused on efficiency and flexibility.

Product offerings span a broad range of basic and value?added steel items, including sheet, plate, merchant bar, structural beams, reinforcing bar, tubing, fasteners and fabricated components.