Metropolitan Life Insurance Co. NY cut its position in shares of Nucor Corporation (NYSE:NUE) by 1.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 157,705 shares of the basic materials company’s stock after selling 2,217 shares during the period. Metropolitan Life Insurance Co. NY’s holdings in Nucor Corporation were worth $9,418,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently modified their holdings of NUE. Vanguard Group Inc. increased its position in shares of Nucor Corporation by 17.3% in the first quarter. Vanguard Group Inc. now owns 25,254,158 shares of the basic materials company’s stock valued at $1,508,179,000 after buying an additional 3,729,281 shares during the last quarter. BlackRock Inc. boosted its position in shares of Nucor Corporation by 1,900.5% in the first quarter. BlackRock Inc. now owns 21,654,414 shares of the basic materials company’s stock valued at $1,293,202,000 after buying an additional 20,571,970 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Nucor Corporation by 0.3% in the first quarter. Dimensional Fund Advisors LP now owns 4,118,653 shares of the basic materials company’s stock valued at $245,972,000 after buying an additional 14,091 shares during the period. Geode Capital Management LLC boosted its position in shares of Nucor Corporation by 11.7% in the first quarter. Geode Capital Management LLC now owns 3,715,181 shares of the basic materials company’s stock valued at $221,600,000 after buying an additional 389,241 shares during the period. Finally, AQR Capital Management LLC boosted its position in shares of Nucor Corporation by 53.6% in the first quarter. AQR Capital Management LLC now owns 2,513,579 shares of the basic materials company’s stock valued at $150,111,000 after buying an additional 877,194 shares during the period. 76.45% of the stock is owned by institutional investors.
Shares of Nucor Corporation (NUE) traded down 2.06% during trading on Friday, reaching $57.46. 2,966,060 shares of the company were exchanged. The firm has a market capitalization of $18.41 billion, a P/E ratio of 16.13 and a beta of 1.52. Nucor Corporation has a 1-year low of $44.81 and a 1-year high of $68.00. The firm’s 50 day moving average is $58.49 and its 200 day moving average is $59.77.
Nucor Corporation (NYSE:NUE) last posted its quarterly earnings results on Thursday, July 20th. The basic materials company reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.06 by $0.06. The company had revenue of $5.17 billion during the quarter, compared to analyst estimates of $5.08 billion. Nucor Corporation had a net margin of 6.08% and a return on equity of 13.39%. Nucor Corporation’s revenue for the quarter was up 21.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.73 EPS. On average, equities analysts anticipate that Nucor Corporation will post $4.18 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 11th. Stockholders of record on Friday, June 30th will be issued a $0.3775 dividend. The ex-dividend date is Wednesday, June 28th. This represents a $1.51 dividend on an annualized basis and a dividend yield of 2.63%. Nucor Corporation’s payout ratio is currently 43.77%.
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Several equities analysts have issued reports on the stock. Zacks Investment Research cut shares of Nucor Corporation from a “buy” rating to a “hold” rating in a report on Monday, April 10th. Cowen and Company restated a “market perform” rating and issued a $63.00 price target (up from $62.00) on shares of Nucor Corporation in a report on Tuesday, July 25th. BidaskClub raised shares of Nucor Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Barclays PLC reaffirmed a “buy” rating and issued a $73.00 price objective on shares of Nucor Corporation in a research note on Friday, May 5th. Finally, BMO Capital Markets reissued a “hold” rating on shares of Nucor Corporation in a research report on Friday, April 21st. Two research analysts have rated the stock with a sell rating, five have given a hold rating and twelve have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $68.76.
In other Nucor Corporation news, insider David A. Sumoski sold 2,537 shares of Nucor Corporation stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $61.66, for a total value of $156,431.42. Following the transaction, the insider now directly owns 62,434 shares in the company, valued at approximately $3,849,680.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Leon J. Topalian sold 2,626 shares of Nucor Corporation stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $60.23, for a total value of $158,163.98. Following the completion of the transaction, the insider now owns 19,610 shares in the company, valued at $1,181,110.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,104 shares of company stock worth $1,213,595. Company insiders own 0.70% of the company’s stock.
Nucor Corporation Company Profile
Nucor Corporation (Nucor) manufactures steel and steel products. The Company produces direct reduced iron (DRI) for use in its steel mills. It operates in three segments: steel mills, steel products and raw materials. The steel mills segment produces and distributes sheet steel (hot-rolled, cold-rolled and galvanized), plate steel, structural steel (wide-flange beams, beam blanks, H-piling and sheet piling) and bar steel (blooms, billets, concrete reinforcing bar, merchant bar, wire rod and special bar quality).
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