Nordea Investment Management AB increased its holdings in shares of Nucor Corporation (NYSE:NUE – Free Report) by 10.6% during the second quarter, Holdings Channel.com reports. The fund owned 1,856,100 shares of the basic materials company’s stock after purchasing an additional 177,420 shares during the quarter. Nordea Investment Management AB’s holdings in Nucor were worth $244,059,000 as of its most recent filing with the SEC.
Other hedge funds have also bought and sold shares of the company. Matrix Trust Co increased its position in Nucor by 53.8% during the second quarter. Matrix Trust Co now owns 240 shares of the basic materials company’s stock worth $31,000 after acquiring an additional 84 shares during the period. Geneos Wealth Management Inc. increased its position in Nucor by 81.8% during the first quarter. Geneos Wealth Management Inc. now owns 340 shares of the basic materials company’s stock worth $41,000 after acquiring an additional 153 shares during the period. Spirit of America Management Corp NY bought a new position in Nucor during the first quarter worth about $48,000. Meeder Asset Management Inc. increased its position in Nucor by 209.6% during the first quarter. Meeder Asset Management Inc. now owns 418 shares of the basic materials company’s stock worth $50,000 after acquiring an additional 283 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. increased its position in Nucor by 49.8% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 442 shares of the basic materials company’s stock worth $57,000 after acquiring an additional 147 shares during the period. 76.48% of the stock is owned by institutional investors.
Insider Buying and Selling at Nucor
In other Nucor news, EVP Allen C. Behr sold 8,021 shares of the business’s stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $143.38, for a total transaction of $1,150,050.98. Following the sale, the executive vice president directly owned 82,703 shares of the company’s stock, valued at $11,857,956.14. The trade was a 8.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Michael D. Keller sold 6,088 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $148.41, for a total transaction of $903,520.08. Following the sale, the insider directly owned 22,464 shares in the company, valued at $3,333,882.24. The trade was a 21.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 31,309 shares of company stock valued at $4,553,771. 0.46% of the stock is owned by insiders.
Nucor Trading Down 3.1%
Nucor (NYSE:NUE – Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The basic materials company reported $2.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.54 by $0.06. The company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.47 billion. Nucor had a net margin of 4.21% and a return on equity of 6.65%. The firm’s revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the firm posted $2.68 EPS. Equities research analysts forecast that Nucor Corporation will post 7.64 earnings per share for the current fiscal year.
Nucor Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Tuesday, September 30th will be issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Tuesday, September 30th. Nucor’s payout ratio is presently 39.71%.
Analyst Ratings Changes
NUE has been the topic of several recent analyst reports. JPMorgan Chase & Co. raised their target price on shares of Nucor from $165.00 to $172.00 and gave the company an “overweight” rating in a report on Monday. Weiss Ratings reissued a “hold (c)” rating on shares of Nucor in a report on Wednesday, October 8th. Jefferies Financial Group raised shares of Nucor from a “hold” rating to a “buy” rating and raised their target price for the company from $135.00 to $170.00 in a report on Thursday, July 31st. Morgan Stanley raised their target price on shares of Nucor from $134.00 to $149.00 and gave the company an “overweight” rating in a report on Friday, June 20th. Finally, Bank of America raised their target price on shares of Nucor from $150.00 to $165.00 and gave the company a “buy” rating in a report on Monday, September 15th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $157.60.
View Our Latest Research Report on NUE
About Nucor
Nucor Corporation engages in manufacture and sale of steel and steel products. 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 structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products; and engages in the steel trading and rebar distribution businesses.
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