BlackRock Advisors LLC cut its position in shares of Nucor Corp. (NYSE:NUE) by 51.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 303,630 shares of the company’s stock after selling 317,243 shares during the period. BlackRock Advisors LLC owned 0.10% of Nucor Corp. worth $15,002,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tuttle Tactical Management LLC acquired a new stake in shares of Nucor Corp. during the second quarter worth about $116,000. NEXT Financial Group Inc increased its stake in shares of Nucor Corp. by 4.5% in the second quarter. NEXT Financial Group Inc now owns 2,310 shares of the company’s stock worth $114,000 after buying an additional 100 shares during the period. Brookfield Asset Management Inc. acquired a new stake in shares of Nucor Corp. during the first quarter worth about $147,000. Kanaly Trust Co increased its stake in shares of Nucor Corp. by 0.5% in the second quarter. Kanaly Trust Co now owns 3,326 shares of the company’s stock worth $164,000 after buying an additional 15 shares during the period. Finally, Acrospire Investment Management LLC acquired a new stake in shares of Nucor Corp. during the first quarter worth about $170,000. Hedge funds and other institutional investors own 77.92% of the company’s stock.
Shares of Nucor Corp. (NYSE:NUE) opened at 49.45 on Monday. Nucor Corp. has a 52 week low of $33.90 and a 52 week high of $57.08. The stock has a market cap of $15.74 billion, a price-to-earnings ratio of 33.89 and a beta of 1.47. The stock’s 50 day moving average price is $48.71 and its 200 day moving average price is $49.54.
Nucor Corp. (NYSE:NUE) last issued its earnings results on Thursday, July 21st. The company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.03. The company earned $4.25 billion during the quarter, compared to analyst estimates of $4.49 billion. Nucor Corp. had a net margin of 3.00% and a return on equity of 8.58%. Equities research analysts anticipate that Nucor Corp. will post $2.71 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 10th. Shareholders of record on Friday, September 30th will be paid a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date is Wednesday, September 28th. Nucor Corp.’s dividend payout ratio (DPR) is currently 102.04%.
NUE has been the subject of a number of recent analyst reports. Citigroup Inc. initiated coverage on Nucor Corp. in a report on Monday, August 22nd. They set a “neutral” rating and a $55.00 price target for the company. Bank of America Corp. downgraded Nucor Corp. from a “buy” rating to a “neutral” rating and set a $56.00 price target for the company. in a report on Wednesday, July 20th. Jefferies Group decreased their price target on Nucor Corp. from $60.00 to $55.00 and set a “buy” rating for the company in a report on Thursday, September 15th. BMO Capital Markets set a $51.00 price target on Nucor Corp. and gave the stock a “hold” rating in a report on Wednesday, September 14th. Finally, Berenberg Bank reissued a “hold” rating and issued a $57.50 target price on shares of Nucor Corp. in a report on Tuesday, September 20th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $53.14.
In other Nucor Corp. news, insider James R. Darsey sold 71,465 shares of Nucor Corp. stock in a transaction on Monday, July 25th. The shares were sold at an average price of $52.45, for a total transaction of $3,748,339.25. Following the completion of the sale, the insider now owns 234,135 shares of the company’s stock, valued at approximately $12,280,380.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman John J. Ferriola sold 12,128 shares of Nucor Corp. stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $54.12, for a total transaction of $656,367.36. Following the sale, the chairman now directly owns 354,420 shares of the company’s stock, valued at approximately $19,181,210.40. The disclosure for this sale can be found here. Company insiders own 0.63% of the company’s stock.
About Nucor Corp.
Nucor Corporation (Nucor) manufactures steel and steel products. The Company also produces direct reduced iron (DRI) for use in the Company’s steel mills. It also processes ferrous and nonferrous metals and brokers ferrous and nonferrous metals, pig iron, hot briquetted iron (HBI) and DRI. Nucor operates in three segments: steel mills, steel products and raw materials.
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