Resona Asset Management Co. Ltd. Sells 2,740 Shares of Nucor Corporation $NUE

Resona Asset Management Co. Ltd. trimmed its stake in shares of Nucor Corporation (NYSE:NUE) by 3.2% during the first quarter, Holdings Channel reports. The firm owned 82,151 shares of the basic materials company’s stock after selling 2,740 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Nucor were worth $13,784,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of NUE. Norges Bank acquired a new stake in Nucor in the 4th quarter valued at $609,002,000. AQR Capital Management LLC grew its position in Nucor by 580.9% in the second quarter. AQR Capital Management LLC now owns 653,845 shares of the basic materials company’s stock valued at $84,699,000 after acquiring an additional 557,819 shares during the period. Vaughan Nelson Investment Management L.P. raised its stake in Nucor by 169.0% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 779,940 shares of the basic materials company’s stock worth $127,216,000 after acquiring an additional 489,950 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Nucor by 27.5% during the fourth quarter. Bank of New York Mellon Corp now owns 1,780,423 shares of the basic materials company’s stock worth $290,405,000 after acquiring an additional 383,952 shares in the last quarter. Finally, M&T Bank Corp lifted its holdings in shares of Nucor by 494.5% during the fourth quarter. M&T Bank Corp now owns 434,511 shares of the basic materials company’s stock valued at $70,873,000 after acquiring an additional 361,417 shares during the period. 76.48% of the stock is currently owned by institutional investors.

Nucor Price Performance

NUE traded up $5.00 during midday trading on Friday, hitting $227.28. The company had a trading volume of 786,569 shares, compared to its average volume of 1,767,844. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.55 and a current ratio of 2.90. The company has a market capitalization of $51.76 billion, a PE ratio of 22.50, a P/E/G ratio of 0.51 and a beta of 1.91. Nucor Corporation has a twelve month low of $131.32 and a twelve month high of $270.90. The firm’s 50-day simple moving average is $238.59 and its 200-day simple moving average is $199.17.

Nucor (NYSE:NUE) last announced its earnings results on Monday, April 27th. The basic materials company reported $3.23 earnings per share for the quarter, topping analysts’ consensus estimates of $2.82 by $0.41. Nucor had a net margin of 6.82% and a return on equity of 10.68%. The company had revenue of $9.50 billion during the quarter, compared to the consensus estimate of $8.88 billion. During the same period in the previous year, the firm posted $0.77 earnings per share. The company’s revenue was up 21.3% on a year-over-year basis. Equities research analysts predict that Nucor Corporation will post 17.68 EPS for the current fiscal year.

Nucor Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 11th. Investors of record on Tuesday, June 30th will be given a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 1.0%. The ex-dividend date is Tuesday, June 30th. Nucor’s payout ratio is 22.18%.

Insider Activity

In other news, EVP Allen C. Behr sold 10,096 shares of the business’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $226.08, for a total transaction of $2,282,503.68. Following the completion of the sale, the executive vice president owned 62,871 shares in the company, valued at $14,213,875.68. The trade was a 13.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP John J. Hollatz sold 10,560 shares of the company’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $258.46, for a total value of $2,729,337.60. Following the transaction, the executive vice president directly owned 97,865 shares in the company, valued at $25,294,187.90. This trade represents a 9.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 82,378 shares of company stock worth $18,963,930. 0.62% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on NUE shares. Zacks Research downgraded shares of Nucor from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 29th. Wall Street Zen raised shares of Nucor from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 16th. Barclays assumed coverage on shares of Nucor in a report on Thursday, May 21st. They set an “overweight” rating and a $270.00 price objective for the company. CICC Research started coverage on Nucor in a report on Monday, May 25th. They issued an “outperform” rating on the stock. Finally, JPMorgan Chase & Co. increased their price target on Nucor from $240.00 to $282.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Nucor presently has a consensus rating of “Moderate Buy” and an average price target of $266.15.

About Nucor

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.