Commerce Bank decreased its position in shares of Nucor Corporation (NYSE:NUE) by 8.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,871 shares of the basic materials company’s stock after selling 846 shares during the period. Commerce Bank’s holdings in Nucor Corporation were worth $513,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. grew its holdings in Nucor Corporation by 1,900.5% during the 1st quarter. BlackRock Inc. now owns 21,654,414 shares of the basic materials company’s stock worth $1,293,202,000 after acquiring an additional 20,571,970 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Nucor Corporation by 17.3% in the 1st 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 period. Pioneer Investment Management Inc. boosted its holdings in shares of Nucor Corporation by 437.2% in the 2nd quarter. Pioneer Investment Management Inc. now owns 1,813,506 shares of the basic materials company’s stock valued at $104,947,000 after buying an additional 1,475,935 shares during the period. PNC Financial Services Group Inc. lifted its position in Nucor Corporation by 1,351.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,207,726 shares of the basic materials company’s stock valued at $72,124,000 after purchasing an additional 1,124,541 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in Nucor Corporation by 53.6% in the 1st quarter. AQR Capital Management LLC now owns 2,513,579 shares of the basic materials company’s stock valued at $150,111,000 after purchasing an additional 877,194 shares during the last quarter. 75.00% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have commented on the stock. Cowen and Company restated a “market perform” rating and set a $63.00 price target (up from $62.00) on shares of Nucor Corporation in a research report on Tuesday, July 25th. BidaskClub raised shares of Nucor Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Morgan Stanley reaffirmed a “buy” rating on shares of Nucor Corporation in a research report on Tuesday, July 18th. Zacks Investment Research cut shares of Nucor Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Finally, Berenberg Bank reiterated a “buy” rating and set a $77.50 target price on shares of Nucor Corporation in a research note on Wednesday, July 19th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $68.47.
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Shares of Nucor Corporation (NUE) opened at 53.97 on Friday. The company has a market capitalization of $17.24 billion, a PE ratio of 15.15 and a beta of 1.53. The stock’s 50 day moving average price is $55.59 and its 200 day moving average price is $58.54. Nucor Corporation has a 12-month low of $45.18 and a 12-month high of $68.00.
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 the 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 for the quarter, compared to the consensus estimate of $5.08 billion. During the same quarter in the previous year, the business earned $0.73 earnings per share. Nucor Corporation’s revenue was up 21.9% compared to the same quarter last year. On average, equities research analysts forecast 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 paid a dividend of $0.3775 per share. This represents a $1.51 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date of this dividend is Thursday, September 28th. Nucor Corporation’s payout ratio is 43.77%.
In related news, insider Leon J. Topalian sold 2,626 shares of the business’s stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $60.23, for a total value of $158,163.98. Following the sale, the insider now directly owns 19,610 shares in the company, valued at $1,181,110.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider David A. Sumoski sold 2,537 shares of the company’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $61.66, for a total value of $156,431.42. Following the sale, the insider now owns 62,434 shares in the company, valued at $3,849,680.44. The disclosure for this sale can be found here. Insiders sold 20,104 shares of company stock valued at $1,213,595 in the last 90 days. 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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