First National Trust Co. raised its stake in shares of Nucor Corp. (NYSE:NUE) by 11.4% during the second quarter, Holdings Channel reports. The fund owned 5,194 shares of the company’s stock after buying an additional 532 shares during the period. First National Trust Co.’s holdings in Nucor Corp. were worth $257,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of NUE. Panagora Asset Management Inc. raised its stake in shares of Nucor Corp. by 643.0% in the first quarter. Panagora Asset Management Inc. now owns 1,302,205 shares of the company’s stock valued at $61,594,000 after buying an additional 1,126,931 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of Nucor Corp. by 1,678.3% in the first quarter. Renaissance Technologies LLC now owns 1,063,400 shares of the company’s stock valued at $50,299,000 after buying an additional 1,003,600 shares during the last quarter. NN Investment Partners Holdings N.V. raised its stake in shares of Nucor Corp. by 1,068.0% in the second quarter. NN Investment Partners Holdings N.V. now owns 463,942 shares of the company’s stock valued at $22,924,000 after buying an additional 424,222 shares during the last quarter. Acadian Asset Management LLC raised its stake in shares of Nucor Corp. by 759.7% in the second quarter. Acadian Asset Management LLC now owns 478,296 shares of the company’s stock valued at $23,633,000 after buying an additional 422,661 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in shares of Nucor Corp. by 20.0% in the second quarter. American Century Companies Inc. now owns 2,019,648 shares of the company’s stock valued at $99,791,000 after buying an additional 337,158 shares during the last quarter. Hedge funds and other institutional investors own 77.92% of the company’s stock.
Shares of Nucor Corp. (NYSE:NUE) traded down 1.19% during mid-day trading on Friday, hitting $47.39. 2,361,188 shares of the stock were exchanged. The stock’s 50-day moving average is $48.39 and its 200-day moving average is $49.60. The stock has a market capitalization of $15.09 billion, a price-to-earnings ratio of 32.48 and a beta of 1.47. Nucor Corp. has a 52 week low of $33.90 and a 52 week high of $57.08.
Nucor Corp. (NYSE:NUE) last posted its quarterly earnings data on Thursday, July 21st. The company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 earned $4.25 billion during the quarter, compared to the consensus estimate of $4.49 billion. Analysts forecast that Nucor Corp. will post $2.67 earnings per share for the current fiscal year.
The business 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 dividend of $0.375 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $1.50 dividend on an annualized basis and a yield of 3.17%. Nucor Corp.’s dividend payout ratio (DPR) is presently 102.04%.
Several equities research analysts have issued reports on NUE shares. Deutsche Bank AG upgraded shares of Nucor Corp. from a “hold” rating to a “buy” rating and lifted their price target for the company from $52.00 to $60.00 in a research note on Wednesday, July 6th. BMO Capital Markets set a $51.00 price objective on shares of Nucor Corp. and gave the stock a “hold” rating in a research note on Wednesday, September 14th. Barclays PLC boosted their price objective on shares of Nucor Corp. from $52.00 to $55.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 12th. Bank of America Corp. lowered shares of Nucor Corp. from a “buy” rating to a “neutral” rating and set a $56.00 price objective on the stock. in a research note on Wednesday, July 20th. Finally, Jefferies Group restated a “buy” rating and set a $60.00 price objective (up from $56.00) on shares of Nucor Corp. in a research note on Friday, June 10th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $53.14.
In related news, CFO James D. Frias sold 9,000 shares of the firm’s stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $53.14, for a total transaction of $478,260.00. Following the completion of the sale, the chief financial officer now owns 156,065 shares in the company, valued at $8,293,294.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider James R. Darsey sold 71,465 shares of the firm’s stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $52.45, for a total transaction 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 disclosure for this sale can be found here. Corporate insiders own 0.63% of the company’s stock.
Nucor Corp. Company Profile
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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