Solaris Asset Management LLC increased its stake in Nucor Corporation (NYSE:NUE) by 17.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 60,271 shares of the basic materials company’s stock after buying an additional 9,074 shares during the period. Nucor Corporation comprises about 2.2% of Solaris Asset Management LLC’s portfolio, making the stock its 23rd largest position. Solaris Asset Management LLC’s holdings in Nucor Corporation were worth $3,488,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in the company. Macquarie Group Ltd. boosted its stake in shares of Nucor Corporation by 866.4% in the fourth quarter. Macquarie Group Ltd. now owns 145,925 shares of the basic materials company’s stock valued at $8,686,000 after buying an additional 130,825 shares during the period. Manning & Napier Advisors LLC boosted its stake in shares of Nucor Corporation by 10.2% in the first quarter. Manning & Napier Advisors LLC now owns 52,197 shares of the basic materials company’s stock valued at $3,117,000 after buying an additional 4,817 shares during the period. Fulton Bank N.A. acquired a new stake in shares of Nucor Corporation during the first quarter valued at $228,000. Raymond James Trust N.A. boosted its stake in shares of Nucor Corporation by 9.4% in the first quarter. Raymond James Trust N.A. now owns 13,597 shares of the basic materials company’s stock valued at $812,000 after buying an additional 1,172 shares during the period. Finally, Creative Planning boosted its position in shares of Nucor Corporation by 18.4% in the first quarter. Creative Planning now owns 21,360 shares of the basic materials company’s stock valued at $1,276,000 after buying an additional 3,319 shares during the last quarter. 75.99% of the stock is owned by institutional investors and hedge funds.
Nucor Corporation (NYSE NUE) traded down 0.44% on Friday, reaching $54.11. 2,279,463 shares of the company’s stock traded hands. The firm’s 50 day moving average price is $58.08 and its 200 day moving average price is $59.33. Nucor Corporation has a 12 month low of $44.81 and a 12 month high of $68.00. The company has a market cap of $17.28 billion, a PE ratio of 15.19 and a beta of 1.51.
Nucor Corporation (NYSE:NUE) last released its quarterly earnings results on Thursday, July 20th. The basic materials company reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by $0.06. Nucor Corporation had a net margin of 6.08% and a return on equity of 13.39%. The business 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 quarterly revenue was up 21.9% compared to the same quarter last year. On average, equities analysts expect that Nucor Corporation will post $4.17 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 11th. Shareholders of record on Friday, June 30th were paid a $0.3775 dividend. This represents a $1.51 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date was Wednesday, June 28th. Nucor Corporation’s dividend payout ratio (DPR) is presently 43.77%.
Several brokerages have recently commented on NUE. BidaskClub upgraded shares of Nucor Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Zacks Investment Research cut shares of Nucor Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. KeyCorp restated an “overweight” rating and issued a $66.00 target price (down from $72.00) on shares of Nucor Corporation in a research report on Monday, June 26th. Credit Suisse Group raised shares of Nucor Corporation from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $56.00 to $68.00 in a report on Wednesday, May 24th. Finally, Longbow Research raised shares of Nucor Corporation from a “neutral” rating to a “buy” rating in a report on Monday, June 19th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $68.76.
In other Nucor Corporation news, insider Leon J. Topalian sold 2,626 shares of the 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 completion of 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 SEC, which is available at this link. Also, insider David A. Sumoski sold 2,537 shares of the firm’s stock in a transaction dated 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 owns 62,434 shares of the company’s stock, valued at $3,849,680.44. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,104 shares of company stock valued at $1,213,595. 0.70% of the stock is currently owned by company insiders.
About Nucor Corporation
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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