Pinebridge Investments L.P. Cuts Stake in Nucor Co. (NYSE:NUE)

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Pinebridge Investments L.P. lowered its position in shares of Nucor Co. (NYSE:NUE) by 18.9% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 367,946 shares of the basic materials company’s stock after selling 85,474 shares during the quarter. Pinebridge Investments L.P. owned 0.12% of Nucor worth $20,273,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in NUE. Berman Capital Advisors LLC grew its stake in Nucor by 37.9% in the 1st quarter. Berman Capital Advisors LLC now owns 677 shares of the basic materials company’s stock valued at $39,000 after acquiring an additional 186 shares during the last quarter. Delta Asset Management LLC TN grew its holdings in shares of Nucor by 20.5% during the second quarter. Delta Asset Management LLC TN now owns 1,141 shares of the basic materials company’s stock worth $63,000 after buying an additional 194 shares in the last quarter. Simmons Bank raised its position in shares of Nucor by 0.5% in the second quarter. Simmons Bank now owns 47,836 shares of the basic materials company’s stock valued at $2,636,000 after buying an additional 224 shares during the last quarter. Empirical Finance LLC lifted its stake in shares of Nucor by 1.0% during the second quarter. Empirical Finance LLC now owns 22,451 shares of the basic materials company’s stock valued at $1,237,000 after buying an additional 227 shares during the period. Finally, Hills Bank & Trust Co. lifted its stake in shares of Nucor by 1.2% during the second quarter. Hills Bank & Trust Co. now owns 20,045 shares of the basic materials company’s stock valued at $1,104,000 after buying an additional 247 shares during the period. Institutional investors own 77.35% of the company’s stock.

In related news, Chairman John J. Ferriola sold 19,193 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $56.37, for a total transaction of $1,081,909.41. Following the transaction, the chairman now directly owns 475,921 shares of the company’s stock, valued at $26,827,666.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ladd R. Hall sold 28,998 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $56.90, for a total transaction of $1,649,986.20. Following the transaction, the insider now directly owns 292,776 shares in the company, valued at $16,658,954.40. The disclosure for this sale can be found here. Insiders have sold 61,203 shares of company stock worth $3,465,601 over the last ninety days. 0.96% of the stock is currently owned by insiders.

NUE has been the topic of a number of analyst reports. Credit Suisse Group set a $61.00 target price on shares of Nucor and gave the stock a “buy” rating in a research report on Friday, July 19th. Goldman Sachs Group decreased their target price on shares of Nucor from $70.00 to $59.00 and set a “buy” rating on the stock in a research report on Tuesday, June 4th. Deutsche Bank downgraded shares of Nucor from a “buy” rating to a “hold” rating in a research report on Thursday, May 30th. Citigroup set a $60.00 target price on shares of Nucor and gave the stock a “buy” rating in a research report on Tuesday, June 11th. Finally, Bank of America dropped their target price on shares of Nucor from $50.00 to $46.00 and set an “underperform” rating on the stock in a research report on Wednesday, September 4th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company’s stock. Nucor currently has an average rating of “Hold” and an average price target of $62.40.

NUE traded up $0.51 on Friday, reaching $54.20. 110,774 shares of the company traded hands, compared to its average volume of 1,662,531. The stock’s 50 day moving average price is $50.80 and its 200-day moving average price is $54.65. Nucor Co. has a 52-week low of $46.10 and a 52-week high of $66.03. The company has a market cap of $16.37 billion, a price-to-earnings ratio of 7.11, a PEG ratio of 0.91 and a beta of 1.62. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.56 and a quick ratio of 1.76.

Nucor (NYSE:NUE) last announced its quarterly earnings data on Thursday, July 18th. The basic materials company reported $1.26 EPS for the quarter, beating the Zacks’ consensus estimate of $1.25 by $0.01. Nucor had a net margin of 8.84% and a return on equity of 21.65%. The firm had revenue of $5.90 billion for the quarter, compared to the consensus estimate of $6 billion. During the same period in the previous year, the firm posted $2.07 earnings per share. The firm’s revenue was down 8.7% on a year-over-year basis. As a group, equities research analysts forecast that Nucor Co. will post 4.82 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Friday, September 27th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date is Thursday, September 26th. Nucor’s payout ratio is presently 21.00%.

Nucor Profile

Nucor Corporation manufactures and sells steel and steel products in the United States and internationally. It operates in three segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and special bar quality products.

See Also: Equity Income

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Institutional Ownership by Quarter for Nucor (NYSE:NUE)

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