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.
Several other institutional investors also recently made changes to their positions in NUE. NEXT Financial Group Inc increased its position in shares of Nucor Corp. by 4.5% in the second quarter. NEXT Financial Group Inc now owns 2,310 shares of the company’s stock worth $114,000 after buying an additional 100 shares in the last quarter. Brookfield Asset Management Inc. bought a new position in shares of Nucor Corp. during the first quarter worth about $147,000. Kanaly Trust Co increased its position in shares of Nucor Corp. by 0.5% in the second quarter. Kanaly Trust Co now owns 3,326 shares of the company’s stock worth $164,000 after buying an additional 15 shares in the last quarter. Acrospire Investment Management LLC bought a new position in shares of Nucor Corp. during the first quarter worth about $170,000. Finally, Parasol Investment Management LLC increased its position in shares of Nucor Corp. by 13.2% in the second quarter. Parasol Investment Management LLC now owns 4,293 shares of the company’s stock worth $212,000 after buying an additional 500 shares in the last quarter. Institutional investors and hedge funds own 78.07% of the company’s stock.
Shares of Nucor Corp. (NYSE:NUE) traded up 0.37% on Tuesday, reaching $46.17. 3,010,053 shares of the company’s stock were exchanged. The company has a market capitalization of $14.70 billion, a P/E ratio of 31.64 and a beta of 1.48. Nucor Corp. has a 12 month low of $33.90 and a 12 month high of $57.08. The firm’s 50 day moving average price is $49.68 and its 200-day moving average price is $49.37.
Nucor Corp. (NYSE:NUE) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.73 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.03. Nucor Corp. had a net margin of 3.00% and a return on equity of 8.58%. The company earned $4.25 billion during the quarter, compared to the consensus estimate of $4.49 billion. On average, equities analysts anticipate that Nucor Corp. will post $2.71 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 10th. Shareholders of record on Friday, September 30th will be issued a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date is Wednesday, September 28th. Nucor Corp.’s payout ratio is 102.04%.
A number of equities analysts have recently issued reports on the stock. Bank of America Corp. downgraded shares of Nucor Corp. from a “buy” rating to a “neutral” rating and set a $56.00 price target for the company. in a report on Wednesday, July 20th. Argus upgraded shares of Nucor Corp. from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a report on Friday, June 24th. BMO Capital Markets set a $51.00 price target on shares of Nucor Corp. and gave the company a “hold” rating in a report on Wednesday, September 14th. Barclays PLC increased their price target on shares of Nucor Corp. from $52.00 to $55.00 and gave the company an “overweight” rating in a report on Tuesday, July 12th. Finally, Citigroup Inc. began coverage on shares of Nucor Corp. in a report on Monday, August 22nd. They issued a “neutral” rating and a $55.00 price target for the company. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Nucor Corp. currently has a consensus rating of “Buy” and an average price target of $53.14.
In other Nucor Corp. news, CFO James D. Frias sold 9,000 shares of the company’s stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $53.14, for a total value of $478,260.00. Following the completion of the sale, the chief financial officer now directly owns 156,065 shares of the company’s stock, valued at approximately $8,293,294.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider James R. Darsey sold 71,465 shares of the company’s stock in a transaction dated Monday, July 25th. The shares were sold at an average price of $52.45, for a total transaction of $3,748,339.25. Following the completion of the sale, the insider now directly owns 234,135 shares of the company’s stock, valued at $12,280,380.75. The disclosure for this sale can be found here. 0.63% of the stock is currently owned by company insiders.
About Nucor Corp.
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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