Norinchukin Bank The grew its holdings in shares of Nucor Corporation (NYSE:NUE) by 6.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 22,141 shares of the basic materials company’s stock after acquiring an additional 1,421 shares during the period. Norinchukin Bank The’s holdings in Nucor Corporation were worth $1,281,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the company. Bridgewater Associates LP bought a new position in shares of Nucor Corporation during the second quarter valued at $7,637,000. Chemical Bank raised its stake in shares of Nucor Corporation by 6.4% during the second quarter. Chemical Bank now owns 7,487 shares of the basic materials company’s stock valued at $433,000 after acquiring an additional 450 shares during the last quarter. Strategic Advisors LLC bought a new position in shares of Nucor Corporation during the second quarter valued at $607,000. CWA Asset Management Group LLC raised its stake in shares of Nucor Corporation by 7.1% during the second quarter. CWA Asset Management Group LLC now owns 35,994 shares of the basic materials company’s stock valued at $2,083,000 after acquiring an additional 2,380 shares during the last quarter. Finally, Seven Eight Capital LP bought a new position in shares of Nucor Corporation during the second quarter valued at $706,000. 75.00% of the stock is owned by hedge funds and other institutional investors.
In other Nucor Corporation news, Chairman John J. Ferriola sold 14,941 shares of the company’s stock in a transaction on Monday, July 24th. The shares were sold at an average price of $60.17, for a total value of $898,999.97. Following the completion of the transaction, the chairman now directly owns 361,847 shares in the company, valued at approximately $21,772,333.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Leon J. Topalian sold 2,626 shares of the company’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $60.23, for a total transaction of $158,163.98. Following the completion of the transaction, the insider now owns 19,610 shares of the company’s stock, valued at $1,181,110.30. The disclosure for this sale can be found here. Insiders sold a total of 20,104 shares of company stock valued at $1,213,595 over the last 90 days. Company insiders own 0.70% of the company’s stock.
Several research firms have recently issued reports on NUE. Jefferies Group LLC reaffirmed a “buy” rating on shares of Nucor Corporation in a research note on Saturday. Citigroup Inc. raised shares of Nucor Corporation from a “neutral” rating to a “buy” rating and raised their price target for the company from $53.60 to $65.00 in a research note on Thursday. Morgan Stanley downgraded shares of Nucor Corporation from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $78.00 to $60.00 in a research note on Tuesday, September 12th. Macquarie began coverage on shares of Nucor Corporation in a research note on Wednesday, September 6th. They set a “neutral” rating and a $57.00 price target for the company. Finally, Bank of America Corporation reaffirmed a “buy” rating and set a $73.00 price target on shares of Nucor Corporation in a research note on Wednesday, September 6th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have assigned a buy rating to the company. Nucor Corporation has an average rating of “Buy” and an average price target of $68.47.
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Shares of Nucor Corporation (NUE) opened at 53.50 on Friday. The company has a market capitalization of $17.09 billion, a P/E ratio of 15.02 and a beta of 1.53. Nucor Corporation has a 1-year low of $45.30 and a 1-year high of $68.00. The firm has a 50-day moving average of $55.44 and a 200 day moving average of $58.47.
Nucor Corporation (NYSE:NUE) last issued its quarterly earnings data on Thursday, July 20th. The basic materials company reported $1.00 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.06 by ($0.06). Nucor Corporation had a return on equity of 13.39% and a net margin of 6.08%. The company had revenue of $5.17 billion during the quarter, compared to the consensus estimate of $5.08 billion. During the same quarter last year, the company posted $0.73 earnings per share. The firm’s revenue for the quarter was up 21.9% compared to the same quarter last year. On average, equities research analysts expect that Nucor Corporation will post $4.08 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 9th. Shareholders of record on Friday, September 29th will be issued a $0.3775 dividend. The ex-dividend date is Thursday, September 28th. This represents a $1.51 annualized dividend and a yield of 2.82%. Nucor Corporation’s dividend payout ratio (DPR) is presently 43.77%.
About Nucor Corporation
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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