BlackRock Inc. reduced its position in shares of Nucor Co. (NYSE:NUE) by 0.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 21,553,493 shares of the basic materials company’s stock after selling 147,322 shares during the period. BlackRock Inc. owned about 7.11% of Nucor worth $1,187,596,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Hills Bank & Trust Co. lifted its holdings in Nucor by 1.2% during the 2nd quarter. Hills Bank & Trust Co. now owns 20,045 shares of the basic materials company’s stock valued at $1,104,000 after purchasing an additional 247 shares during the last quarter. Cibc World Markets Corp lifted its holdings in Nucor by 228.6% during the 2nd quarter. Cibc World Markets Corp now owns 393,707 shares of the basic materials company’s stock valued at $21,693,000 after purchasing an additional 273,888 shares during the last quarter. Empowered Funds LLC bought a new position in Nucor during the 2nd quarter valued at about $2,396,000. AGF Investments LLC bought a new position in Nucor during the 2nd quarter valued at about $989,000. Finally, Investment Counselors of Maryland LLC lifted its holdings in Nucor by 4.4% during the 2nd quarter. Investment Counselors of Maryland LLC now owns 23,479 shares of the basic materials company’s stock valued at $1,294,000 after purchasing an additional 1,000 shares during the last quarter. 77.52% of the stock is owned by hedge funds and other institutional investors.
In other news, EVP Raymond S. Napolitan, Jr. sold 8,000 shares of Nucor stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $52.67, for a total transaction of $421,360.00. Following the completion of the sale, the executive vice president now owns 142,393 shares in the company, valued at approximately $7,499,839.31. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO John J. Ferriola sold 3,203 shares of Nucor stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $54.00, for a total transaction of $172,962.00. Following the sale, the chief executive officer now owns 453,954 shares of the company’s stock, valued at approximately $24,513,516. The disclosure for this sale can be found here. Company insiders own 0.96% of the company’s stock.
NUE opened at $55.14 on Thursday. The company has a current ratio of 3.36, a quick ratio of 1.78 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $16.78 billion, a PE ratio of 7.24, a PEG ratio of 1.05 and a beta of 1.65. Nucor Co. has a 1-year low of $46.10 and a 1-year high of $64.48. The firm has a 50-day moving average price of $52.22 and a two-hundred day moving average price of $52.80.
Nucor (NYSE:NUE) last posted its quarterly earnings data on Tuesday, October 22nd. The basic materials company reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. The firm had revenue of $5.46 billion during the quarter, compared to analysts’ expectations of $5.57 billion. Nucor had a net margin of 7.62% and a return on equity of 16.90%. The company’s quarterly revenue was down 19.0% compared to the same quarter last year. During the same quarter last year, the company posted $2.33 EPS. On average, research analysts predict that Nucor Co. will post 4.39 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Friday, September 27th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.90%. The ex-dividend date of this dividend is Thursday, September 26th. Nucor’s payout ratio is presently 21.00%.
NUE has been the subject of several analyst reports. ValuEngine raised shares of Nucor from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Bank of America lowered their price objective on shares of Nucor from $50.00 to $46.00 and set an “underperform” rating for the company in a research report on Wednesday, September 4th. KeyCorp lowered their price objective on shares of Nucor from $61.00 to $60.00 and set an “overweight” rating for the company in a research report on Tuesday, August 27th. Finally, Credit Suisse Group set a $61.00 price objective on shares of Nucor and gave the company a “buy” rating in a research report on Friday, July 19th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $58.14.
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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