Rehmann Capital Advisory Group Purchases New Position in Nucor Corp. (NUE)
Rehmann Capital Advisory Group purchased a new position in shares of Nucor Corp. (NYSE:NUE) during the second quarter, Holdings Channel reports. The institutional investor purchased 6,690 shares of the company’s stock, valued at approximately $331,000.
A number of other large investors have also modified their holdings of NUE. Norges Bank bought a new stake in Nucor Corp. during the fourth quarter valued at about $58,595,000. Panagora Asset Management Inc. increased its stake in Nucor Corp. by 643.0% in the first quarter. Panagora Asset Management Inc. now owns 1,302,205 shares of the company’s stock valued at $61,594,000 after buying an additional 1,126,931 shares during the last quarter. Renaissance Technologies LLC increased its stake in Nucor Corp. by 1,678.3% in the first quarter. Renaissance Technologies LLC now owns 1,063,400 shares of the company’s stock valued at $50,299,000 after buying an additional 1,003,600 shares during the last quarter. NN Investment Partners Holdings N.V. increased its stake in Nucor Corp. by 1,068.0% in the second quarter. NN Investment Partners Holdings N.V. now owns 463,942 shares of the company’s stock valued at $22,924,000 after buying an additional 424,222 shares during the last quarter. Finally, Acadian Asset Management LLC increased its stake in Nucor Corp. by 759.7% in the second quarter. Acadian Asset Management LLC now owns 478,296 shares of the company’s stock valued at $23,633,000 after buying an additional 422,661 shares during the last quarter. 78.07% of the stock is owned by institutional investors.
Nucor Corp. (NYSE:NUE) traded up 0.37% during midday trading on Tuesday, hitting $46.17. The stock had a trading volume of 3,010,053 shares. The firm has a 50-day moving average price of $49.68 and a 200-day moving average price of $49.37. Nucor Corp. has a 1-year low of $33.90 and a 1-year high of $57.08. The firm has a market capitalization of $14.70 billion, a price-to-earnings ratio of 31.64 and a beta of 1.48.
Nucor Corp. (NYSE:NUE) last released its quarterly earnings data on Thursday, July 21st. The company reported $0.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.03. Nucor Corp. had a return on equity of 8.58% and a net margin of 3.00%. The business had revenue of $4.25 billion for the quarter, compared to analysts’ expectations of $4.49 billion. On average, equities research analysts anticipate that Nucor Corp. will post $2.71 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 10th. Stockholders of record on Friday, September 30th will be issued a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a dividend yield of 3.25%. The ex-dividend date is Wednesday, September 28th. Nucor Corp.’s dividend payout ratio (DPR) is presently 102.04%.
Several analysts have issued reports on NUE shares. Credit Suisse Group AG boosted their price objective on Nucor Corp. from $45.00 to $55.00 and gave the stock a “neutral” rating in a report on Wednesday, June 8th. Jefferies Group restated a “buy” rating and set a $60.00 price objective (up previously from $56.00) on shares of Nucor Corp. in a report on Friday, June 10th. Bank of America Corp. restated a “buy” rating on shares of Nucor Corp. in a report on Friday, June 17th. Argus upgraded Nucor Corp. from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a report on Friday, June 24th. Finally, Zacks Investment Research upgraded Nucor Corp. from a “hold” rating to a “buy” rating and set a $54.00 price objective on the stock in a report on Monday, June 27th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Nucor Corp. currently has a consensus rating of “Buy” and a consensus target price of $53.14.
In related news, CFO James D. Frias sold 9,000 shares of Nucor Corp. stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $53.14, for a total value of $478,260.00. Following the sale, the chief financial officer now owns 156,065 shares of the company’s stock, valued at approximately $8,293,294.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider James R. Darsey sold 71,465 shares of Nucor Corp. stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $52.45, for a total value of $3,748,339.25. Following the completion of the sale, the insider now directly owns 234,135 shares in the company, valued at approximately $12,280,380.75. The disclosure for this sale can be found here. Insiders own 0.63% of the company’s stock.
Nucor Corp. Company Profile
Nucor Corporation (Nucor) manufactures steel and steel products. The Company also produces direct reduced iron (DRI) for use in the Company’s steel mills. It also processes ferrous and nonferrous metals and brokers ferrous and nonferrous metals, pig iron, hot briquetted iron (HBI) and DRI. Nucor operates in three segments: steel mills, steel products and raw materials.
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