Synovus Financial Corp raised its stake in shares of Nucor Corporation (NYSE:NUE) by 2.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,608 shares of the basic materials company’s stock after purchasing an additional 188 shares during the period. Synovus Financial Corp’s holdings in Nucor Corporation were worth $440,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Massmutual Trust Co. FSB ADV raised its holdings in shares of Nucor Corporation by 0.7% in the first quarter. Massmutual Trust Co. FSB ADV now owns 2,147 shares of the basic materials company’s stock valued at $128,000 after buying an additional 15 shares during the last quarter. Accredited Investors Inc. raised its stake in shares of Nucor Corporation by 0.6% during the first quarter. Accredited Investors Inc. now owns 3,892 shares of the basic materials company’s stock worth $232,000 after buying an additional 24 shares during the last quarter. FineMark National Bank & Trust grew its holdings in Nucor Corporation by 0.3% during the 2nd quarter. FineMark National Bank & Trust now owns 9,699 shares of the basic materials company’s stock worth $561,000 after acquiring an additional 26 shares during the period. Cleararc Capital Inc. boosted its position in shares of Nucor Corporation by 0.5% in the 1st quarter. Cleararc Capital Inc. now owns 7,795 shares of the basic materials company’s stock worth $466,000 after purchasing an additional 35 shares during the last quarter. Finally, ING Groep NV boosted its holdings in Nucor Corporation by 0.3% during the second quarter. ING Groep NV now owns 16,591 shares of the basic materials company’s stock worth $960,000 after buying an additional 43 shares during the last quarter. Institutional investors own 74.86% of the company’s stock.
Nucor Corporation (NYSE:NUE) opened at 54.53 on Friday. Nucor Corporation has a 12-month low of $45.30 and a 12-month high of $68.00. The firm has a 50-day moving average price of $55.28 and a 200-day moving average price of $58.29. The company has a market cap of $17.42 billion, a P/E ratio of 15.31 and a beta of 1.53.
Nucor Corporation (NYSE:NUE) last released its earnings results on Thursday, July 20th. The basic materials company reported $1.00 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.06 by ($0.06). Nucor Corporation had a net margin of 6.08% and a return on equity of 13.39%. The company had revenue of $5.17 billion during the quarter, compared to analysts’ expectations of $5.08 billion. During the same quarter last year, the business posted $0.73 earnings per share. The company’s revenue for the quarter was up 21.9% on a year-over-year basis. On average, equities research analysts forecast that Nucor Corporation will post $3.96 earnings per share for the current fiscal year.
The firm 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. This represents a $1.51 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date is Thursday, September 28th. Nucor Corporation’s dividend payout ratio is presently 43.77%.
In other news, Director Victoria F. Haynes sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $55.16, for a total transaction of $137,900.00. Following the sale, the director now owns 33,573 shares of the company’s stock, valued at approximately $1,851,886.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Leon J. Topalian sold 2,626 shares of the business’s stock in a transaction that occurred on 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 approximately $1,181,110.30. The disclosure for this sale can be found here. Insiders sold a total of 22,604 shares of company stock worth $1,351,495 in the last ninety days. 0.70% of the stock is owned by corporate insiders.
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NUE has been the subject of several research reports. Macquarie started coverage on Nucor Corporation in a research note on Wednesday, September 6th. They set a “neutral” rating and a $57.00 price objective on the stock. ValuEngine downgraded Nucor Corporation from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Jefferies Group LLC set a $68.00 target price on shares of Nucor Corporation and gave the stock a “buy” rating in a research report on Monday, August 21st. Longbow Research reissued a “buy” rating and issued a $66.00 target price on shares of Nucor Corporation in a report on Thursday, July 27th. Finally, BMO Capital Markets set a $70.00 price target on Nucor Corporation and gave the company a “hold” rating in a research note on Saturday, August 26th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $68.00.
Nucor Corporation 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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