Welch Group LLC cut its position in shares of Nucor Corp. (NYSE:NUE) by 7.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,256 shares of the company’s stock after selling 184 shares during the period. Welch Group LLC’s holdings in Nucor Corp. were worth $111,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. 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 valued at $164,000 after buying an additional 15 shares during the last quarter. Boltwood Capital Management increased its stake in shares of Nucor Corp. by 0.3% in the second quarter. Boltwood Capital Management now owns 15,150 shares of the company’s stock valued at $749,000 after buying an additional 50 shares during the last quarter. 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 valued at $114,000 after buying an additional 100 shares during the last quarter. TNB Financial increased its stake in shares of Nucor Corp. by 4.6% in the second quarter. TNB Financial now owns 5,294 shares of the company’s stock valued at $262,000 after buying an additional 234 shares during the last quarter. Finally, Willingdon Wealth Management increased its stake in shares of Nucor Corp. by 0.7% in the second quarter. Willingdon Wealth Management now owns 34,748 shares of the company’s stock valued at $1,717,000 after buying an additional 238 shares during the last quarter. Institutional investors own 77.92% of the company’s stock.
Shares of Nucor Corp. (NYSE:NUE) traded down 2.46% during trading on Tuesday, reaching $47.62. 2,642,615 shares of the company’s stock were exchanged. Nucor Corp. has a 52 week low of $33.90 and a 52 week high of $57.08. The company’s 50-day moving average price is $48.66 and its 200 day moving average price is $49.61. The firm has a market capitalization of $15.16 billion, a PE ratio of 32.64 and a beta of 1.47.
Nucor Corp. (NYSE:NUE) last released its quarterly earnings data on Thursday, July 21st. The company reported $0.73 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.03. Nucor Corp. had a net margin of 3.00% and a return on equity of 8.58%. The business had revenue of $4.25 billion for the quarter, compared to analysts’ expectations of $4.49 billion. Analysts predict that Nucor Corp. will post $2.71 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 10th. Investors of record on Friday, September 30th will be issued a $0.375 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $1.50 dividend on an annualized basis and a dividend yield of 3.15%. Nucor Corp.’s dividend payout ratio (DPR) is presently 102.04%.
Several analysts have recently weighed in on the stock. Jefferies Group reaffirmed a “buy” rating on shares of Nucor Corp. in a report on Saturday. Berenberg Bank reaffirmed a “hold” rating and issued a $57.50 target price on shares of Nucor Corp. in a report on Tuesday, September 20th. BMO Capital Markets set a $51.00 target price on shares of Nucor Corp. and gave the company a “hold” rating in a report on Wednesday, September 14th. Citigroup Inc. began coverage on shares of Nucor Corp. in a report on Monday, August 22nd. They issued a “neutral” rating and a $55.00 target price on the stock. Finally, Cowen and Company boosted their price objective on shares of Nucor Corp. from $50.00 to $55.00 and gave the stock a “market perform” rating in a report on Tuesday, July 26th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $53.14.
In related news, insider James R. Darsey sold 71,465 shares of the stock in a transaction dated Monday, July 25th. The shares were sold at an average price of $52.45, for a total value of $3,748,339.25. Following the sale, the insider now owns 234,135 shares of the company’s stock, valued at approximately $12,280,380.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman John J. Ferriola sold 12,128 shares of the stock in a transaction dated Wednesday, July 27th. The stock was sold at an average price of $54.12, for a total transaction of $656,367.36. Following the completion of the sale, the chairman now directly owns 354,420 shares in the company, valued at approximately $19,181,210.40. The disclosure for this sale can be found here. 0.63% of the stock is currently owned by corporate insiders.
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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