Seven Eight Capital LP Buys New Holdings in Nucor Corporation (NUE)

Seven Eight Capital LP bought a new position in Nucor Corporation (NYSE:NUE) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 12,200 shares of the basic materials company’s stock, valued at approximately $706,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Achmea Investment Management B.V. acquired a new position in Nucor Corporation in the 1st quarter worth about $4,047,000. Jennison Associates LLC increased its holdings in Nucor Corporation by 1.4% in the 2nd quarter. Jennison Associates LLC now owns 7,140 shares of the basic materials company’s stock worth $413,000 after purchasing an additional 99 shares in the last quarter. Main Street Research LLC increased its holdings in Nucor Corporation by 1.4% in the 1st quarter. Main Street Research LLC now owns 184,720 shares of the basic materials company’s stock worth $11,031,000 after purchasing an additional 2,489 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Nucor Corporation by 8.9% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 46,237 shares of the basic materials company’s stock worth $2,676,000 after purchasing an additional 3,792 shares in the last quarter. Finally, Swiss National Bank increased its holdings in Nucor Corporation by 3.1% in the 2nd quarter. Swiss National Bank now owns 1,163,561 shares of the basic materials company’s stock worth $67,335,000 after purchasing an additional 35,100 shares in the last quarter. 75.00% of the stock is owned by institutional investors and hedge funds.

A number of equities research analysts have commented on NUE shares. BidaskClub upgraded Nucor Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Zacks Investment Research lowered Nucor Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. KeyCorp reiterated an “overweight” rating and issued a $66.00 price target (down previously from $72.00) on shares of Nucor Corporation in a research report on Monday, June 26th. ValuEngine lowered Nucor Corporation from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Finally, Credit Suisse Group upgraded Nucor Corporation from a “neutral” rating to an “outperform” rating and upped their price target for the company from $56.00 to $68.00 in a research report on Wednesday, May 24th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $68.47.

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In related news, insider David A. Sumoski sold 2,537 shares of the business’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $61.66, for a total transaction of $156,431.42. Following the transaction, the insider now owns 62,434 shares in the company, valued at approximately $3,849,680.44. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman John J. Ferriola sold 14,941 shares of the business’s stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $60.17, for a total value of $898,999.97. Following the transaction, the chairman now owns 361,847 shares in the company, valued at approximately $21,772,333.99. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,104 shares of company stock worth $1,213,595. 0.70% of the stock is owned by company insiders.

Shares of Nucor Corporation (NYSE NUE) opened at 53.50 on Friday. The company has a market cap of $17.09 billion, a price-to-earnings ratio of 15.02 and a beta of 1.53. The company’s 50 day moving average price is $55.44 and its 200 day moving average price is $58.47. Nucor Corporation has a 12 month low of $45.30 and a 12 month high of $68.00.

Nucor Corporation (NYSE:NUE) last announced its quarterly earnings results on Thursday, July 20th. The basic materials company reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.06). Nucor Corporation had a net margin of 6.08% and a return on equity of 13.39%. The business had revenue of $5.17 billion for the quarter, compared to analysts’ expectations of $5.08 billion. During the same quarter in the prior year, the firm earned $0.73 EPS. The firm’s revenue for the quarter was up 21.9% on a year-over-year basis. On average, equities analysts expect that Nucor Corporation will post $4.08 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 9th. Investors of record on Friday, September 29th will be issued a dividend of $0.3775 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.51 dividend on an annualized basis and a yield of 2.82%. Nucor Corporation’s dividend payout ratio is presently 43.77%.

Nucor Corporation Company Profile

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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Institutional Ownership by Quarter for Nucor Corporation (NYSE:NUE)

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