Turner Investments LLC lowered its stake in Nucor Corporation (NYSE:NUE) by 26.7% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 22,000 shares of the basic materials company’s stock after selling 8,000 shares during the period. Turner Investments LLC’s holdings in Nucor Corporation were worth $1,314,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Norges Bank bought a new stake in Nucor Corporation during the fourth quarter valued at approximately $492,657,000. FMR LLC boosted its stake in Nucor Corporation by 905.2% in the fourth quarter. FMR LLC now owns 2,715,677 shares of the basic materials company’s stock valued at $161,637,000 after buying an additional 2,445,520 shares in the last quarter. Prudential Financial Inc. boosted its stake in Nucor Corporation by 69.2% in the first quarter. Prudential Financial Inc. now owns 1,866,961 shares of the basic materials company’s stock valued at $111,495,000 after buying an additional 763,540 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new stake in Nucor Corporation during the fourth quarter valued at approximately $39,038,000. Finally, Canada Pension Plan Investment Board boosted its stake in Nucor Corporation by 330.1% in the first quarter. Canada Pension Plan Investment Board now owns 840,142 shares of the basic materials company’s stock valued at $50,173,000 after buying an additional 644,800 shares in the last quarter. Institutional investors and hedge funds own 77.42% of the company’s stock.
Nucor Corporation (NUE) traded up 0.50% during trading on Tuesday, hitting $56.08. 769,919 shares of the stock were exchanged. Nucor Corporation has a 1-year low of $44.81 and a 1-year high of $68.00. The firm’s 50 day moving average price is $58.39 and its 200-day moving average price is $60.48. The stock has a market cap of $17.89 billion, a price-to-earnings ratio of 16.90 and a beta of 1.52.
Nucor Corporation (NYSE:NUE) last released its quarterly earnings data on Thursday, April 20th. The basic materials company reported $1.11 EPS for the quarter, missing the consensus estimate of $1.14 by $0.03. The company had revenue of $4.82 billion during the quarter, compared to analyst estimates of $4.67 billion. Nucor Corporation had a net margin of 5.90% and a return on equity of 12.63%. The company’s quarterly revenue was up 29.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.27 EPS. On average, analysts anticipate that Nucor Corporation will post $4.46 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 11th. Stockholders of record on Friday, June 30th will be issued a $0.3775 dividend. This represents a $1.51 annualized dividend and a dividend yield of 2.71%. The ex-dividend date is Wednesday, June 28th. Nucor Corporation’s payout ratio is presently 47.48%.
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NUE has been the subject of several research reports. J P Morgan Chase & Co raised their price target on shares of Nucor Corporation from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, March 22nd. Barclays PLC restated a “buy” rating and set a $73.00 price target on shares of Nucor Corporation in a report on Monday, May 15th. Deutsche Bank AG raised their price target on shares of Nucor Corporation from $73.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, March 21st. Zacks Investment Research upgraded shares of Nucor Corporation from a “hold” rating to a “buy” rating and set a $67.00 price target for the company in a report on Tuesday, April 11th. Finally, Longbow Research initiated coverage on shares of Nucor Corporation in a report on Tuesday, May 9th. They set a “neutral” rating for the company. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $68.97.
In other news, Chairman John J. Ferriola sold 12,232 shares of the stock in a transaction that occurred on Tuesday, April 25th. The stock was sold at an average price of $61.60, for a total value of $753,491.20. Following the completion of the sale, the chairman now owns 349,855 shares of the company’s stock, valued at approximately $21,551,068. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Victoria F. Haynes sold 3,000 shares of the stock in a transaction that occurred on Thursday, April 27th. The shares were sold at an average price of $61.52, for a total value of $184,560.00. Following the completion of the sale, the director now directly owns 33,703 shares of the company’s stock, valued at approximately $2,073,408.56. The disclosure for this sale can be found here. Corporate insiders own 0.70% of the company’s stock.
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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