Huntington National Bank lowered its position in Nucor Co. (NYSE:NUE) by 21.3% in the second quarter, Holdings Channel.com reports. The institutional investor owned 63,862 shares of the basic materials company’s stock after selling 17,247 shares during the period. Huntington National Bank’s holdings in Nucor were worth $2,644,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in shares of Nucor by 0.7% in the 1st quarter. BlackRock Inc. now owns 22,610,461 shares of the basic materials company’s stock valued at $814,430,000 after buying an additional 155,449 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Nucor by 13.7% in the 1st quarter. Bank of New York Mellon Corp now owns 6,217,908 shares of the basic materials company’s stock valued at $223,968,000 after buying an additional 749,893 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Nucor by 8.3% in the 1st quarter. Geode Capital Management LLC now owns 5,357,590 shares of the basic materials company’s stock valued at $192,644,000 after buying an additional 409,377 shares in the last quarter. Legal & General Group Plc increased its position in shares of Nucor by 0.8% in the 1st quarter. Legal & General Group Plc now owns 2,340,298 shares of the basic materials company’s stock valued at $84,419,000 after buying an additional 19,298 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Nucor by 2.7% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,370,332 shares of the basic materials company’s stock valued at $49,359,000 after buying an additional 36,314 shares in the last quarter. Institutional investors and hedge funds own 75.06% of the company’s stock.
NUE has been the subject of a number of recent analyst reports. BMO Capital Markets upped their price objective on shares of Nucor from $42.00 to $46.00 and gave the company a “market perform” rating in a research report on Friday, June 19th. They noted that the move was a valuation call. JPMorgan Chase & Co. lowered their target price on Nucor from $57.00 to $42.00 and set an “overweight” rating for the company in a report on Friday, April 17th. Credit Suisse Group cut Nucor from an “outperform” rating to a “neutral” rating in a report on Wednesday, April 15th. KeyCorp increased their target price on Nucor from $45.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, June 10th. Finally, UBS Group lowered their target price on Nucor from $56.00 to $39.00 and set a “neutral” rating for the company in a report on Thursday, May 14th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company’s stock. Nucor presently has a consensus rating of “Hold” and an average target price of $50.17.
Nucor stock opened at $41.95 on Friday. The firm has a 50-day moving average of $41.60 and a 200-day moving average of $41.88. Nucor Co. has a one year low of $27.52 and a one year high of $58.70. The company has a debt-to-equity ratio of 0.50, a current ratio of 4.39 and a quick ratio of 2.68. The company has a market cap of $12.63 billion, a price-to-earnings ratio of 24.97, a P/E/G ratio of 1.66 and a beta of 1.43.
Nucor (NYSE:NUE) last posted its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $0.36 EPS for the quarter, topping the Zacks’ consensus estimate of $0.14 by $0.22. Nucor had a net margin of 2.49% and a return on equity of 7.95%. The company had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.43 billion. During the same period in the prior year, the business posted $1.26 EPS. The company’s quarterly revenue was down 26.6% on a year-over-year basis. As a group, sell-side analysts expect that Nucor Co. will post 2.1 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 11th. Investors of record on Tuesday, June 30th will be paid a $0.4025 dividend. The ex-dividend date is Monday, June 29th. This represents a $1.61 dividend on an annualized basis and a yield of 3.84%. Nucor’s dividend payout ratio (DPR) is 37.35%.
In other news, EVP Allen C. Behr sold 2,076 shares of Nucor stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $42.56, for a total transaction of $88,354.56. Following the transaction, the executive vice president now owns 47,579 shares in the company, valued at $2,024,962.24. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Leon J. Topalian sold 9,389 shares of the business’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $43.18, for a total transaction of $405,417.02. Following the completion of the transaction, the chief executive officer now owns 118,090 shares in the company, valued at approximately $5,099,126.20. The disclosure for this sale can be found here. Company insiders own 1.39% of the company’s stock.
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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