OFI Invest Asset Management Sells 609 Shares of Nucor Corporation $NUE

OFI Invest Asset Management lessened its position in Nucor Corporation (NYSE:NUE) by 8.3% in the second quarter, HoldingsChannel.com reports. The fund owned 6,691 shares of the basic materials company’s stock after selling 609 shares during the period. OFI Invest Asset Management’s holdings in Nucor were worth $867,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of NUE. Diamond Hill Capital Management Inc. bought a new stake in shares of Nucor during the 1st quarter worth about $194,804,000. Nuveen LLC bought a new stake in shares of Nucor during the 1st quarter worth about $141,216,000. Vanguard Group Inc. boosted its holdings in shares of Nucor by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 28,959,327 shares of the basic materials company’s stock worth $3,484,965,000 after buying an additional 745,671 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Nucor by 18.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,309,452 shares of the basic materials company’s stock worth $277,920,000 after buying an additional 355,364 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec boosted its holdings in shares of Nucor by 301.4% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 408,685 shares of the basic materials company’s stock worth $49,181,000 after buying an additional 306,867 shares during the period. Institutional investors own 76.48% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on the stock. Wells Fargo & Company reduced their target price on shares of Nucor from $146.00 to $140.00 and set an “equal weight” rating for the company in a report on Thursday, September 18th. JPMorgan Chase & Co. lifted their target price on shares of Nucor from $143.00 to $162.00 and gave the stock an “overweight” rating in a report on Monday, July 14th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nucor in a report on Wednesday, October 8th. Bank of America boosted their price objective on shares of Nucor from $150.00 to $165.00 and gave the company a “buy” rating in a report on Monday, September 15th. Finally, Jefferies Financial Group raised shares of Nucor from a “hold” rating to a “buy” rating and boosted their price objective for the company from $135.00 to $170.00 in a report on Thursday, July 31st. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Nucor has an average rating of “Moderate Buy” and an average target price of $156.60.

Insider Activity

In other news, insider Michael D. Keller sold 6,088 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $148.41, for a total value of $903,520.08. Following the completion of the transaction, the insider directly owned 22,464 shares in the company, valued at approximately $3,333,882.24. The trade was a 21.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Daniel R. Needham sold 7,200 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $146.00, for a total transaction of $1,051,200.00. Following the completion of the transaction, the executive vice president owned 92,179 shares of the company’s stock, valued at $13,458,134. The trade was a 7.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 31,309 shares of company stock valued at $4,553,771 over the last quarter. 0.71% of the stock is owned by corporate insiders.

Nucor Price Performance

Shares of NYSE:NUE opened at $133.68 on Monday. The firm has a 50 day moving average of $141.25 and a 200-day moving average of $129.33. The stock has a market capitalization of $30.68 billion, a PE ratio of 24.13, a PEG ratio of 0.92 and a beta of 1.75. The company has a current ratio of 2.83, a quick ratio of 1.51 and a debt-to-equity ratio of 0.31. Nucor Corporation has a 12 month low of $97.59 and a 12 month high of $170.52.

Nucor (NYSE:NUE) last issued its earnings results on Monday, July 28th. The basic materials company reported $2.60 EPS for the quarter, beating the consensus estimate of $2.54 by $0.06. The company had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.47 billion. Nucor had a net margin of 4.21% and a return on equity of 6.65%. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the previous year, the company earned $2.68 EPS. On average, equities research analysts predict that Nucor Corporation will post 7.64 EPS for the current fiscal year.

Nucor Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Tuesday, September 30th will be given a $0.55 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $2.20 annualized dividend and a dividend yield of 1.6%. Nucor’s payout ratio is presently 39.71%.

Nucor Profile

Nucor Corporation engages in manufacture and sale of steel and steel products. 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; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products; and engages in the steel trading and rebar distribution businesses.