Nucor Corporation (NUE) Position Cut by Zurich Insurance Group Ltd FI
Zurich Insurance Group Ltd FI trimmed its holdings in Nucor Corporation (NYSE:NUE) by 8.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,704 shares of the basic materials company’s stock after selling 5,969 shares during the quarter. Zurich Insurance Group Ltd FI’s holdings in Nucor Corporation were worth $3,744,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Mckinley Capital Management LLC Delaware acquired a new stake in Nucor Corporation in the 2nd quarter valued at approximately $100,000. Washington Trust Bank raised its stake in Nucor Corporation by 60.2% during the 2nd quarter. Washington Trust Bank now owns 1,756 shares of the basic materials company’s stock valued at $102,000 after acquiring an additional 660 shares in the last quarter. Fiduciary Trust Co. bought a new stake in Nucor Corporation during the 2nd quarter valued at $109,000. Sun Life Financial INC raised its stake in Nucor Corporation by 23,290.0% during the 2nd quarter. Sun Life Financial INC now owns 2,339 shares of the basic materials company’s stock valued at $135,000 after acquiring an additional 2,329 shares in the last quarter. Finally, Valley National Advisers Inc. raised its stake in Nucor Corporation by 12.0% during the 1st quarter. Valley National Advisers Inc. now owns 2,340 shares of the basic materials company’s stock valued at $140,000 after acquiring an additional 250 shares in the last quarter. 74.86% of the stock is owned by institutional investors and hedge funds.
NUE has been the subject of several recent analyst reports. Morgan Stanley reissued a “buy” rating on shares of Nucor Corporation in a report on Tuesday, July 18th. BMO Capital Markets set a $70.00 price objective on shares of Nucor Corporation and gave the company a “hold” rating in a research note on Saturday, August 26th. Macquarie began coverage on shares of Nucor Corporation in a report on Wednesday, September 6th. They issued a “neutral” rating and a $57.00 price objective for the company. ValuEngine downgraded shares of Nucor Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 16th. Finally, Longbow Research raised shares of Nucor Corporation from a “neutral” rating to a “buy” rating in a report on Monday, June 19th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the stock. Nucor Corporation currently has a consensus rating of “Hold” and a consensus price target of $67.12.
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In other Nucor Corporation news, insider Leon J. Topalian sold 2,626 shares of the company’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $60.23, for a total value of $158,163.98. Following the completion of the sale, the insider now owns 19,610 shares of the company’s stock, valued at $1,181,110.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman John J. Ferriola sold 14,941 shares of the company’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $60.17, for a total transaction of $898,999.97. Following the completion of the sale, the chairman now directly owns 361,847 shares of the company’s stock, valued at approximately $21,772,333.99. The disclosure for this sale can be found here. Insiders have sold a total of 22,604 shares of company stock worth $1,351,495 in the last three months. 0.70% of the stock is owned by insiders.
Shares of Nucor Corporation (NYSE:NUE) traded down 0.39% during midday trading on Wednesday, hitting $55.74. The stock had a trading volume of 164,641 shares. Nucor Corporation has a 52 week low of $45.30 and a 52 week high of $68.00. The stock has a 50-day moving average of $54.81 and a 200 day moving average of $57.80. The stock has a market cap of $17.80 billion, a PE ratio of 15.65 and a beta of 1.54.
Nucor Corporation (NYSE:NUE) last announced its quarterly earnings results on Thursday, July 20th. The basic materials company reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.06). The company had revenue of $5.17 billion during the quarter, compared to the consensus estimate of $5.08 billion. Nucor Corporation had a net margin of 6.08% and a return on equity of 13.39%. The business’s revenue was up 21.9% compared to the same quarter last year. During the same period last year, the company earned $0.73 earnings per share. Analysts anticipate that Nucor Corporation will post $3.91 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 9th. Investors of record on Friday, September 29th will be paid a dividend of $0.3775 per share. This represents a $1.51 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend is Thursday, September 28th. Nucor Corporation’s payout ratio is 43.77%.
Nucor Corporation 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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