Eastern Bank decreased its position in Nucor Corporation (NYSE:NUE) by 8.9% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 4,385 shares of the basic materials company’s stock after selling 426 shares during the period. Eastern Bank’s holdings in Nucor Corporation were worth $254,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Washington Trust Bank raised its stake in shares of Nucor Corporation by 60.2% in the second quarter. Washington Trust Bank now owns 1,756 shares of the basic materials company’s stock worth $102,000 after buying an additional 660 shares during the period. Advantage Investment Management LLC raised its stake in shares of Nucor Corporation by 164.9% in the first quarter. Advantage Investment Management LLC now owns 1,854 shares of the basic materials company’s stock worth $111,000 after buying an additional 1,154 shares during the period. Ledyard National Bank purchased a new stake in shares of Nucor Corporation during the first quarter worth approximately $122,000. Massmutual Trust Co. FSB ADV raised its stake 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 worth $128,000 after buying an additional 15 shares during the period. Finally, Valley National Advisers Inc. raised its stake in shares of Nucor Corporation by 12.0% in the first quarter. Valley National Advisers Inc. now owns 2,340 shares of the basic materials company’s stock worth $140,000 after buying an additional 250 shares during the period. 75.99% of the stock is owned by institutional investors and hedge funds.
Shares of Nucor Corporation (NYSE:NUE) opened at 54.11 on Friday. Nucor Corporation has a 12 month low of $44.81 and a 12 month high of $68.00. The firm has a market cap of $17.28 billion, a P/E ratio of 15.19 and a beta of 1.51. The company’s 50-day moving average price is $58.08 and its 200-day moving average price is $59.33.
Nucor Corporation (NYSE:NUE) last posted 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. The company had revenue of $5.17 billion during the quarter, compared to the consensus estimate of $5.08 billion. Nucor Corporation had a return on equity of 13.39% and a net margin of 6.08%. The company’s revenue for the quarter was up 21.9% compared to the same quarter last year. During the same period last year, the firm posted $0.73 EPS. On average, analysts predict that Nucor Corporation will post $4.17 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 11th. Investors of record on Friday, June 30th were issued a $0.3775 dividend. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $1.51 dividend on an annualized basis and a dividend yield of 2.79%. Nucor Corporation’s dividend payout ratio (DPR) is presently 43.77%.
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Several analysts recently issued reports on NUE shares. BidaskClub lowered Nucor Corporation from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Longbow Research reiterated a “buy” rating and set a $66.00 target price on shares of Nucor Corporation in a report on Thursday, July 27th. Cowen and Company reiterated a “market perform” rating and set a $63.00 target price (up previously from $62.00) on shares of Nucor Corporation in a report on Tuesday, July 25th. Zacks Investment Research lowered Nucor Corporation from a “hold” rating to a “sell” rating in a report 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 report on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have assigned a buy rating to the stock. Nucor Corporation presently has an average rating of “Buy” and an average price target of $68.76.
In related news, insider David A. Sumoski sold 2,537 shares of Nucor Corporation 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 completion of the transaction, the insider now directly owns 62,434 shares in the company, valued at approximately $3,849,680.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Leon J. Topalian sold 2,626 shares of Nucor Corporation stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $60.23, for a total transaction of $158,163.98. Following the completion of the transaction, the insider now owns 19,610 shares of the company’s stock, valued at $1,181,110.30. The disclosure for this sale can be found here. Insiders sold a total of 20,104 shares of company stock worth $1,213,595 in the last ninety days. 0.70% of the stock is currently owned by insiders.
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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