Seeyond cut its stake in shares of Nucor Co. (NYSE:NUE) by 8.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,735 shares of the basic materials company’s stock after selling 1,556 shares during the quarter. Seeyond’s holdings in Nucor were worth $922,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Cibc World Markets Corp boosted its stake in Nucor by 228.6% during the second quarter. Cibc World Markets Corp now owns 393,707 shares of the basic materials company’s stock worth $21,693,000 after acquiring an additional 273,888 shares in the last quarter. Icon Wealth Partners LLC lifted its stake in shares of Nucor by 8.4% in the second quarter. Icon Wealth Partners LLC now owns 3,776 shares of the basic materials company’s stock valued at $208,000 after buying an additional 291 shares in the last quarter. Meadow Creek Investment Management LLC lifted its stake in shares of Nucor by 480.9% in the second quarter. Meadow Creek Investment Management LLC now owns 72,284 shares of the basic materials company’s stock valued at $3,983,000 after buying an additional 59,840 shares in the last quarter. Glen Harbor Capital Management LLC lifted its stake in shares of Nucor by 480.9% in the second quarter. Glen Harbor Capital Management LLC now owns 46,772 shares of the basic materials company’s stock valued at $2,577,000 after buying an additional 38,720 shares in the last quarter. Finally, Simmons Bank lifted its stake in shares of Nucor by 0.5% in the second quarter. Simmons Bank now owns 47,836 shares of the basic materials company’s stock valued at $2,636,000 after buying an additional 224 shares in the last quarter. 77.35% of the stock is currently owned by institutional investors and hedge funds.
In other news, Chairman John J. Ferriola sold 19,193 shares of the stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $56.37, for a total value of $1,081,909.41. Following the completion of the sale, the chairman now owns 475,921 shares in the company, valued at $26,827,666.77. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Ladd R. Hall sold 28,998 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $56.90, for a total transaction of $1,649,986.20. Following the completion of the sale, the insider now owns 292,776 shares of the company’s stock, valued at approximately $16,658,954.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 61,203 shares of company stock valued at $3,465,601. 0.96% of the stock is currently owned by corporate insiders.
Shares of NUE stock traded up $0.69 on Friday, hitting $54.38. The stock had a trading volume of 722,116 shares, compared to its average volume of 1,662,531. The business has a 50 day moving average of $50.80 and a 200 day moving average of $54.65. The stock has a market cap of $16.37 billion, a price-to-earnings ratio of 7.14, a price-to-earnings-growth ratio of 0.91 and a beta of 1.62. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.56 and a quick ratio of 1.76. Nucor Co. has a 12-month low of $46.10 and a 12-month high of $66.03.
Nucor (NYSE:NUE) last announced its earnings results on Thursday, July 18th. The basic materials company reported $1.26 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.25 by $0.01. The company had revenue of $5.90 billion during the quarter, compared to the consensus estimate of $6 billion. Nucor had a net margin of 8.84% and a return on equity of 21.65%. The firm’s revenue for the quarter was down 8.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.07 earnings per share. As a group, research analysts expect that Nucor Co. will post 4.82 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Friday, September 27th will be issued a $0.40 dividend. The ex-dividend date is Thursday, September 26th. This represents a $1.60 annualized dividend and a dividend yield of 2.94%. Nucor’s dividend payout ratio is currently 21.00%.
NUE has been the topic of a number of recent research reports. KeyCorp dropped their price objective on shares of Nucor from $61.00 to $60.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 27th. Credit Suisse Group set a $61.00 price objective on shares of Nucor and gave the company a “buy” rating in a research note on Friday, July 19th. ValuEngine lowered shares of Nucor from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Deutsche Bank lowered shares of Nucor from a “buy” rating to a “hold” rating in a research note on Thursday, May 30th. Finally, Bank of America dropped their price objective on shares of Nucor from $50.00 to $46.00 and set an “underperform” rating on the stock in a research note on Wednesday, September 4th. Three analysts have rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $62.40.
Nucor Company Profile
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; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and special bar quality products.
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