Oppenheimer & Co. Inc. raised its position in shares of Nucor Co. (NYSE:NUE) by 45.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,086 shares of the basic materials company’s stock after acquiring an additional 2,849 shares during the period. Oppenheimer & Co. Inc.’s holdings in Nucor were worth $501,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of the company. Financial Advisors Network Inc. grew its holdings in shares of Nucor by 6.5% during the 2nd quarter. Financial Advisors Network Inc. now owns 7,602 shares of the basic materials company’s stock valued at $390,000 after purchasing an additional 465 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its position in Nucor by 6.9% in the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 99,300 shares of the basic materials company’s stock valued at $5,471,000 after purchasing an additional 6,400 shares during the last quarter. Ontario Teachers Pension Plan Board boosted its stake in shares of Nucor by 125.4% during the second quarter. Ontario Teachers Pension Plan Board now owns 72,737 shares of the basic materials company’s stock valued at $4,008,000 after purchasing an additional 40,464 shares in the last quarter. Panagora Asset Management Inc. boosted its stake in shares of Nucor by 34.5% during the second quarter. Panagora Asset Management Inc. now owns 67,586 shares of the basic materials company’s stock valued at $3,724,000 after purchasing an additional 17,340 shares in the last quarter. Finally, Verity Asset Management Inc. bought a new stake in shares of Nucor during the second quarter worth about $377,000. Institutional investors own 77.35% of the company’s stock.
In other news, Chairman John J. Ferriola sold 19,193 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $56.37, for a total transaction of $1,081,909.41. Following the completion of the sale, the chairman now owns 475,921 shares in the company, valued at $26,827,666.77. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Leon J. Topalian sold 5,798 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $56.47, for a total value of $327,413.06. Following the transaction, the executive vice president now directly owns 93,559 shares in the company, valued at $5,283,276.73. The disclosure for this sale can be found here. Insiders have sold 61,203 shares of company stock worth $3,465,601 in the last quarter. Company insiders own 0.96% of the company’s stock.
Several research firms have recently issued reports on NUE. KeyCorp lowered their price objective on Nucor from $61.00 to $60.00 and set an “overweight” rating for the company in a research note on Tuesday, August 27th. ValuEngine lowered shares of Nucor from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Goldman Sachs Group decreased their price target on shares of Nucor from $70.00 to $59.00 and set a “buy” rating for the company in a research report on Tuesday, June 4th. Credit Suisse Group set a $61.00 target price on Nucor and gave the stock a “buy” rating in a report on Friday, July 19th. Finally, Bank of America reduced their price target on Nucor from $50.00 to $46.00 and set an “underperform” rating on the stock in a research report on Wednesday, September 4th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $62.40.
NUE stock traded up $0.28 during mid-day trading on Wednesday, reaching $52.91. The company’s stock had a trading volume of 23,687 shares, compared to its average volume of 1,688,744. The company has a market cap of $15.53 billion, a price-to-earnings ratio of 6.94, a price-to-earnings-growth ratio of 0.89 and a beta of 1.62. The business’s 50 day moving average price is $50.86 and its 200 day moving average price is $54.69. The company has a current ratio of 3.56, a quick ratio of 1.76 and a debt-to-equity ratio of 0.40. Nucor Co. has a 12 month low of $46.10 and a 12 month high of $66.03.
Nucor (NYSE:NUE) last posted its quarterly earnings results on Thursday, July 18th. The basic materials company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. The firm had revenue of $5.90 billion for the quarter, compared to analysts’ expectations of $6 billion. Nucor had a return on equity of 21.65% and a net margin of 8.84%. The company’s revenue for the quarter was down 8.7% compared to the same quarter last year. During the same period in the prior year, the business earned $2.07 EPS. As a group, equities analysts expect that Nucor Co. will post 4.82 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.40 per share. The ex-dividend date is Thursday, September 26th. This represents a $1.60 annualized dividend and a dividend yield of 3.02%. Nucor’s dividend payout ratio is currently 21.00%.
Nucor Company Profile
Nucor Corporation manufactures and sells steel and steel products in the United States and internationally. It operates in three segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and special bar quality products.
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