Citizens Financial Group Inc. RI Takes Position in Nucor Corporation $NUE

Citizens Financial Group Inc. RI acquired a new stake in Nucor Corporation (NYSE:NUE) in the 2nd quarter, HoldingsChannel.com reports. The fund acquired 5,000 shares of the basic materials company’s stock, valued at approximately $1,114,000.

A number of other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Nucor during the 2nd quarter valued at about $4,452,563,000. Norges Bank acquired a new stake in Nucor during the fourth quarter valued at approximately $609,002,000. Bank of New York Mellon Corp bought a new stake in Nucor during the second quarter worth approximately $330,902,000. Deutsche Bank AG bought a new stake in Nucor during the second quarter worth approximately $220,176,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Nucor in the second quarter worth approximately $126,848,000. 76.48% of the stock is owned by institutional investors and hedge funds.

Nucor Stock Performance

Shares of Nucor stock opened at $264.74 on Wednesday. Nucor Corporation has a 12 month low of $131.32 and a 12 month high of $280.11. The company has a quick ratio of 1.36, a current ratio of 2.51 and a debt-to-equity ratio of 0.27. The stock has a market cap of $60.06 billion, a PE ratio of 21.11, a price-to-earnings-growth ratio of 0.60 and a beta of 1.89. The business has a fifty day simple moving average of $247.76 and a 200-day simple moving average of $215.68.

Nucor (NYSE:NUE) last announced its quarterly earnings data on Monday, July 27th. The basic materials company reported $4.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.46 by $0.38. The firm had revenue of $10.40 billion during the quarter, compared to the consensus estimate of $10.15 billion. Nucor had a return on equity of 12.73% and a net margin of 7.99%.The business’s revenue for the quarter was up 23.0% on a year-over-year basis. During the same period in the prior year, the business earned $2.60 EPS. On average, sell-side analysts anticipate that Nucor Corporation will post 17.95 EPS for the current fiscal year.

Nucor Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 11th. Investors of record on Tuesday, June 30th were given a dividend of $0.56 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $2.24 dividend on an annualized basis and a yield of 0.8%. Nucor’s payout ratio is presently 17.86%.

Insider Buying and Selling at Nucor

In other Nucor news, EVP Thomas J. Batterbee sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $261.02, for a total value of $1,044,080.00. Following the transaction, the executive vice president owned 16,138 shares in the company, valued at approximately $4,212,340.76. This represents a 19.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Stephen D. Laxton sold 3,968 shares of the stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $256.96, for a total transaction of $1,019,617.28. Following the completion of the sale, the chief operating officer owned 77,867 shares of the company’s stock, valued at approximately $20,008,704.32. The trade was a 4.85% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 18,528 shares of company stock worth $4,793,035. 0.62% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on NUE shares. KeyCorp upgraded Nucor from a “sector weight” rating to an “overweight” rating and set a $274.00 price objective for the company in a research report on Wednesday, June 24th. BNP Paribas Exane lifted their target price on Nucor from $210.00 to $248.00 and gave the stock an “outperform” rating in a report on Monday, May 4th. Morgan Stanley set a $270.00 target price on Nucor in a research report on Wednesday, July 29th. Wall Street Zen raised Nucor from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 16th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Nucor in a research report on Tuesday, August 11th. Twelve equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, Nucor presently has a consensus rating of “Moderate Buy” and an average target price of $273.31.

Nucor Profile

Nucor Corporation (NYSE: NUE) is an American steel producer headquartered in Charlotte, North Carolina. The company is primarily engaged in the manufacture and sale of steel and steel products, operating a network of steel mills, recycling facilities and fabrication plants across the United States and North America. Nucor’s operations emphasize electric arc furnace steelmaking using recycled scrap metal, which supports a decentralized, mill-based production model focused on efficiency and flexibility.

Product offerings span a broad range of basic and value?added steel items, including sheet, plate, merchant bar, structural beams, reinforcing bar, tubing, fasteners and fabricated components.