Eliot Finkel Investment Counsel LLC decreased its stake in Nucor Corp. (NYSE:NUE) by 2.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 92,485 shares of the company’s stock after selling 2,400 shares during the period. Nucor Corp. makes up about 4.1% of Eliot Finkel Investment Counsel LLC’s holdings, making the stock its 9th largest position. Eliot Finkel Investment Counsel LLC’s holdings in Nucor Corp. were worth $4,570,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Pacad Investment Ltd. purchased a new position in Nucor Corp. during the first quarter valued at $383,000. Prudential Financial Inc. increased its position in Nucor Corp. by 15.1% in the first quarter. Prudential Financial Inc. now owns 507,381 shares of the company’s stock valued at $24,000,000 after buying an additional 66,500 shares during the last quarter. NN Investment Partners Holdings N.V. purchased a new position in Nucor Corp. during the first quarter valued at $1,879,000. Brookfield Asset Management Inc. purchased a new position in Nucor Corp. during the first quarter valued at $147,000. Finally, M&T Bank Corp increased its position in Nucor Corp. by 17.1% in the first quarter. M&T Bank Corp now owns 101,988 shares of the company’s stock valued at $4,826,000 after buying an additional 14,909 shares during the last quarter. Institutional investors own 77.91% of the company’s stock.
Shares of Nucor Corp. (NYSE:NUE) traded up 0.69% during trading on Friday, reaching $46.86. The company’s stock had a trading volume of 2,096,934 shares. Nucor Corp. has a 12-month low of $33.90 and a 12-month high of $57.08. The stock has a market cap of $14.92 billion, a price-to-earnings ratio of 32.12 and a beta of 1.47. The company has a 50 day moving average of $48.00 and a 200-day moving average of $49.61.
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 analysts’ consensus estimates of $0.70 by $0.03. The firm earned $4.25 billion during the quarter, compared to analyst estimates of $4.49 billion. Nucor Corp. had a return on equity of 8.58% and a net margin of 3.00%. Analysts forecast that Nucor Corp. will post $2.67 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 10th. Stockholders of record on Friday, September 30th will be paid a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date of this dividend is Wednesday, September 28th. Nucor Corp.’s dividend payout ratio (DPR) is 102.04%.
Several research analysts have recently weighed in on NUE shares. Bank of America Corp. reiterated a “buy” rating on shares of Nucor Corp. in a research note on Friday, June 17th. Argus upgraded Nucor Corp. from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a research note on Friday, June 24th. Zacks Investment Research upgraded Nucor Corp. from a “hold” rating to a “buy” rating and set a $54.00 target price for the company in a research note on Monday, June 27th. Deutsche Bank AG upgraded Nucor Corp. from a “hold” rating to a “buy” rating and raised their target price for the stock from $52.00 to $60.00 in a research note on Wednesday, July 6th. Finally, Barclays PLC raised their target price on Nucor Corp. from $52.00 to $55.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $52.99.
In other news, Chairman John J. Ferriola sold 12,128 shares of the company’s stock in a transaction dated Wednesday, July 27th. The stock was sold at an average price of $54.12, for a total value of $656,367.36. Following the completion of the transaction, the chairman now owns 354,420 shares of the company’s stock, valued at $19,181,210.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider James R. Darsey sold 71,465 shares of the company’s stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $52.45, for a total value of $3,748,339.25. Following the completion of the transaction, the insider now directly 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. 0.63% of the stock is owned by insiders.
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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