Insight 2811 Inc. acquired a new stake in Nucor Co. (NYSE:NUE) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 5,175 shares of the basic materials company’s stock, valued at approximately $302,000.
A number of other institutional investors have also made changes to their positions in the business. Vanguard Group Inc raised its stake in Nucor by 4.4% in the third quarter. Vanguard Group Inc now owns 28,321,567 shares of the basic materials company’s stock valued at $1,797,003,000 after buying an additional 1,186,099 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Nucor by 3.4% in the fourth quarter. BlackRock Inc. now owns 23,134,435 shares of the basic materials company’s stock worth $1,198,595,000 after acquiring an additional 764,927 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Nucor by 1.3% in the first quarter. Northern Trust Corp now owns 5,538,288 shares of the basic materials company’s stock worth $323,158,000 after acquiring an additional 72,896 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Nucor by 10.1% during the fourth quarter. Bank of New York Mellon Corp now owns 5,454,562 shares of the basic materials company’s stock worth $282,600,000 after buying an additional 500,036 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in Nucor by 11.3% during the fourth quarter. Geode Capital Management LLC now owns 4,998,590 shares of the basic materials company’s stock worth $258,607,000 after buying an additional 506,988 shares in the last quarter. 76.40% of the stock is currently owned by institutional investors.
A number of research firms have commented on NUE. Standpoint Research upgraded Nucor from a “hold” rating to a “buy” rating in a research report on Monday, March 18th. Bank of America downgraded Nucor from a “buy” rating to an “underperform” rating and cut their target price for the stock from $68.00 to $50.00 in a research note on Friday, May 31st. Longbow Research cut Nucor from a “buy” rating to a “neutral” rating in a report on Monday, March 11th. Deutsche Bank cut Nucor from a “buy” rating to a “hold” rating in a report on Thursday, May 30th. Finally, Goldman Sachs Group cut their target price on Nucor from $70.00 to $59.00 and set a “buy” rating on the stock in a research report on Tuesday, June 4th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the stock. Nucor currently has an average rating of “Hold” and an average target price of $64.80.
NUE traded up $0.76 during mid-day trading on Monday, hitting $55.86. The stock had a trading volume of 1,698,500 shares, compared to its average volume of 2,511,927. Nucor Co. has a 1-year low of $47.13 and a 1-year high of $68.84. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.37 and a quick ratio of 1.64. The business’s fifty day simple moving average is $52.30. The firm has a market cap of $16.79 billion, a price-to-earnings ratio of 7.33, a price-to-earnings-growth ratio of 0.88 and a beta of 1.59.
Nucor (NYSE:NUE) last announced its quarterly earnings data on Tuesday, April 23rd. The basic materials company reported $1.55 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.05. The company had revenue of $6.10 billion during the quarter, compared to the consensus estimate of $6.05 billion. Nucor had a net margin of 9.80% and a return on equity of 24.86%. The company’s quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.17 EPS. As a group, analysts forecast that Nucor Co. will post 5.2 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Friday, June 28th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.86%. Nucor’s payout ratio is presently 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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