Penobscot Investment Management Company Inc. Has $1.89 Million Stake in Nucor Corporation $NUE

Penobscot Investment Management Company Inc. decreased its holdings in shares of Nucor Corporation (NYSE:NUE) by 3.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,619 shares of the basic materials company’s stock after selling 453 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Nucor were worth $1,894,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of Nucor by 2.6% in the first quarter. Vanguard Group Inc. now owns 28,959,327 shares of the basic materials company’s stock valued at $3,484,965,000 after buying an additional 745,671 shares during the period. Price T Rowe Associates Inc. MD increased its position in Nucor by 18.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,309,452 shares of the basic materials company’s stock valued at $277,920,000 after purchasing an additional 355,364 shares during the period. Charles Schwab Investment Management Inc. increased its position in Nucor by 5.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,772,831 shares of the basic materials company’s stock valued at $213,342,000 after purchasing an additional 92,363 shares during the period. Diamond Hill Capital Management Inc. acquired a new stake in Nucor during the 1st quarter valued at approximately $194,804,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Nucor by 16.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,610,933 shares of the basic materials company’s stock valued at $193,863,000 after purchasing an additional 226,343 shares during the period. Institutional investors and hedge funds own 76.48% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Wells Fargo & Company cut their price target on Nucor from $146.00 to $140.00 and set an “equal weight” rating on the stock in a report on Thursday, September 18th. Morgan Stanley increased their price target on Nucor from $134.00 to $149.00 and gave the stock an “overweight” rating in a report on Friday, June 20th. The Goldman Sachs Group cut their target price on Nucor from $182.00 to $173.00 and set a “buy” rating on the stock in a report on Monday, September 22nd. JPMorgan Chase & Co. increased their target price on Nucor from $143.00 to $162.00 and gave the stock an “overweight” rating in a report on Monday, July 14th. Finally, Bank of America raised their price objective on Nucor from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Monday, September 15th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Nucor currently has an average rating of “Moderate Buy” and a consensus price target of $156.60.

Insider Buying and Selling

In other Nucor news, EVP Kenneth Rex Query sold 10,000 shares of the firm’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $144.90, for a total value of $1,449,000.00. Following the completion of the transaction, the executive vice president owned 84,080 shares in the company, valued at $12,183,192. This trade represents a 10.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael D. Keller sold 6,088 shares of Nucor stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $148.41, for a total value of $903,520.08. Following the sale, the insider owned 22,464 shares of the company’s stock, valued at approximately $3,333,882.24. This trade represents a 21.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 31,309 shares of company stock worth $4,553,771 in the last 90 days. 0.46% of the stock is owned by company insiders.

Nucor Trading Down 0.7%

Shares of NUE opened at $137.98 on Friday. The business has a 50-day moving average of $141.84 and a 200 day moving average of $129.01. Nucor Corporation has a fifty-two week low of $97.59 and a fifty-two week high of $170.52. The firm has a market cap of $31.67 billion, a P/E ratio of 24.91, a price-to-earnings-growth ratio of 0.96 and a beta of 1.75. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.51 and a current ratio of 2.83.

Nucor (NYSE:NUE) last announced its quarterly earnings data on Monday, July 28th. The basic materials company reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.54 by $0.06. Nucor had a return on equity of 6.65% and a net margin of 4.21%.The company had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.47 billion. During the same quarter last year, the firm posted $2.68 EPS. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. As a group, research analysts forecast that Nucor Corporation will post 7.64 EPS for the current year.

Nucor Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Tuesday, September 30th will be paid a $0.55 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $2.20 annualized dividend and a yield of 1.6%. Nucor’s dividend payout ratio (DPR) is currently 39.71%.

Nucor Profile

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.