Argus Investors Counsel Inc. boosted its position in shares of Nucor Corporation (NYSE:NUE) by 6.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,177 shares of the basic materials company’s stock after buying an additional 4,402 shares during the period. Argus Investors Counsel Inc.’s holdings in Nucor Corporation were worth $4,177,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Quadrature Capital Ltd bought a new stake in Nucor Corporation during the fourth quarter worth $17,960,000. USA Financial Portformulas Corp bought a new stake in Nucor Corporation during the fourth quarter worth $2,554,000. Kentucky Retirement Systems bought a new stake in Nucor Corporation during the fourth quarter worth $1,376,000. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in Nucor Corporation during the fourth quarter worth approximately $614,000. Finally, Macquarie Group Ltd. increased its position in Nucor Corporation by 866.4% in the fourth quarter. Macquarie Group Ltd. now owns 145,925 shares of the basic materials company’s stock worth $8,686,000 after buying an additional 130,825 shares in the last quarter. 76.57% of the stock is owned by institutional investors and hedge funds.
Nucor Corporation (NYSE NUE) traded down 2.07% during midday trading on Friday, reaching $55.37. The company had a trading volume of 2,180,700 shares. The company has a market cap of $17.69 billion, a PE ratio of 15.54 and a beta of 1.51. The company’s 50-day moving average is $58.42 and its 200 day moving average is $59.51. Nucor Corporation has a 52-week low of $44.81 and a 52-week high of $68.00.
Nucor Corporation (NYSE:NUE) last released its quarterly earnings results on Thursday, July 20th. The basic materials company reported $1.00 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.06 by $0.06. The firm had revenue of $5.17 billion for the quarter, compared to analyst estimates of $5.08 billion. Nucor Corporation had a return on equity of 13.39% and a net margin of 6.08%. The business’s revenue for the quarter was up 21.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.73 earnings per share. On average, equities research analysts forecast that Nucor Corporation will post $4.18 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, August 11th. Investors of record on Friday, June 30th were issued a dividend of $0.3775 per share. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $1.51 annualized dividend and a yield of 2.73%. Nucor Corporation’s payout ratio is currently 43.77%.
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Several brokerages have recently issued reports on NUE. ValuEngine downgraded shares of Nucor Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 16th. Morgan Stanley reissued a “buy” rating on shares of Nucor Corporation in a report on Tuesday, July 18th. Longbow Research upgraded shares of Nucor Corporation from a “neutral” rating to a “buy” rating in a research note on Monday, June 19th. KeyCorp restated an “overweight” rating and set a $66.00 price objective (down from $72.00) on shares of Nucor Corporation in a research note on Monday, June 26th. Finally, BidaskClub cut shares of Nucor Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, June 20th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $68.76.
In other Nucor Corporation news, insider David A. Sumoski sold 2,537 shares of Nucor Corporation stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $61.66, for a total value of $156,431.42. Following the completion of the transaction, the insider now directly owns 62,434 shares of the company’s stock, valued at approximately $3,849,680.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman John J. Ferriola sold 14,941 shares of the business’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $60.17, for a total value of $898,999.97. Following the transaction, the chairman now directly owns 361,847 shares of the company’s stock, valued at approximately $21,772,333.99. 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 ninety days. 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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