Park National Corp OH Trims Stake in Nucor Corporation $NUE

Park National Corp OH decreased its position in shares of Nucor Corporation (NYSE:NUE) by 8.5% during the second quarter, according to its most recent filing with the SEC. The firm owned 5,846 shares of the basic materials company’s stock after selling 545 shares during the period. Park National Corp OH’s holdings in Nucor were worth $757,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in NUE. Vanguard Group Inc. grew its stake in shares of Nucor by 2.6% in 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 last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Nucor by 18.2% in 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 last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Nucor by 5.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,772,831 shares of the basic materials company’s stock worth $213,342,000 after buying an additional 92,363 shares during the last quarter. Diamond Hill Capital Management Inc. purchased a new stake in shares of Nucor in the 1st quarter worth approximately $194,804,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Nucor by 16.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,610,933 shares of the basic materials company’s stock worth $193,863,000 after buying an additional 226,343 shares during the last quarter. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Analyst Upgrades and Downgrades

NUE has been the topic of several recent research reports. BMO Capital Markets upgraded Nucor from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $140.00 to $145.00 in a research note on Monday, June 2nd. Jefferies Financial Group upgraded Nucor from a “hold” rating to a “buy” rating and upped their price target for the stock from $135.00 to $170.00 in a research note on Thursday, July 31st. Morgan Stanley upped their price target on Nucor from $134.00 to $149.00 and gave the stock an “overweight” rating in a research note on Friday, June 20th. JPMorgan Chase & Co. upped their price target on Nucor from $143.00 to $162.00 and gave the stock an “overweight” rating in a research note on Monday, July 14th. Finally, Wells Fargo & Company upgraded Nucor to a “hold” rating in a research note on Thursday, August 14th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Nucor has a consensus rating of “Moderate Buy” and an average price target of $155.78.

Nucor Stock Performance

Shares of NUE opened at $141.47 on Friday. The business’s fifty day simple moving average is $143.11 and its two-hundred day simple moving average is $128.41. 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. The company has a market cap of $32.47 billion, a price-to-earnings ratio of 25.54, a P/E/G ratio of 0.91 and a beta of 1.76.

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 business had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.47 billion. Nucor had a return on equity of 6.65% and a net margin of 4.21%.The company’s revenue was up 4.7% compared to the same quarter last year. During the same period last year, the business posted $2.68 EPS. Research analysts anticipate that Nucor Corporation will post 7.64 earnings per share for the current fiscal year.

Nucor Announces Dividend

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

Insider Transactions at Nucor

In other news, EVP Daniel R. Needham sold 7,200 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $146.00, for a total transaction of $1,051,200.00. Following the transaction, the executive vice president directly owned 92,179 shares of the company’s stock, valued at $13,458,134. This represents a 7.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Michael D. Keller sold 6,088 shares of the stock in a transaction 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 transaction, the insider directly owned 22,464 shares in the company, valued at $3,333,882.24. The trade was a 21.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 48,397 shares of company stock valued at $6,763,814 over the last 90 days. 0.46% of the stock is owned by corporate insiders.

Nucor Company 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.