Asahi Life Asset Management CO. LTD. cut its stake in shares of Nucor Co. (NYSE:NUE) by 71.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,000 shares of the basic materials company’s stock after selling 5,040 shares during the quarter. Asahi Life Asset Management CO. LTD.’s holdings in Nucor were worth $192,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in NUE. Intrust Bank NA lifted its stake in shares of Nucor by 0.7% in the 2nd quarter. Intrust Bank NA now owns 14,690 shares of the basic materials company’s stock valued at $1,410,000 after purchasing an additional 103 shares during the period. Cullen Frost Bankers Inc. lifted its stake in shares of Nucor by 4.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 2,597 shares of the basic materials company’s stock valued at $249,000 after purchasing an additional 113 shares during the period. Beacon Investment Advisory Services Inc. lifted its stake in shares of Nucor by 2.4% in the 1st quarter. Beacon Investment Advisory Services Inc. now owns 5,300 shares of the basic materials company’s stock valued at $425,000 after purchasing an additional 122 shares during the period. Wealthfront Advisers LLC lifted its stake in shares of Nucor by 2.5% in the 1st quarter. Wealthfront Advisers LLC now owns 6,329 shares of the basic materials company’s stock valued at $508,000 after purchasing an additional 152 shares during the period. Finally, Rehmann Capital Advisory Group lifted its stake in shares of Nucor by 3.7% in the 1st quarter. Rehmann Capital Advisory Group now owns 4,387 shares of the basic materials company’s stock valued at $352,000 after purchasing an additional 158 shares during the period. 76.45% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have recently issued reports on NUE. JPMorgan Chase & Co. began coverage on Nucor in a research note on Wednesday, June 16th. They issued a “neutral” rating and a $114.00 price objective on the stock. Seaport Global Securities initiated coverage on Nucor in a research note on Monday, August 23rd. They set a “buy” rating and a $130.00 price target on the stock. Argus upped their price target on Nucor from $110.00 to $140.00 and gave the stock a “buy” rating in a research note on Tuesday, August 24th. Morgan Stanley boosted their price objective on Nucor from $95.00 to $101.00 and gave the stock an “equal weight” rating in a report on Monday, June 14th. Finally, Deutsche Bank Aktiengesellschaft raised Nucor to a “hold” rating and boosted their price objective for the stock from $100.00 to $130.00 in a report on Wednesday. They noted that the move was a valuation call. Seven equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $90.31.
NUE stock opened at $106.20 on Wednesday. The firm has a market cap of $31.19 billion, a PE ratio of 10.55 and a beta of 1.38. The company has a quick ratio of 1.76, a current ratio of 3.11 and a debt-to-equity ratio of 0.42. The business has a 50 day moving average of $108.24 and a 200-day moving average of $94.52. Nucor Co. has a 12-month low of $44.05 and a 12-month high of $128.81.
Nucor (NYSE:NUE) last released its earnings results on Thursday, July 22nd. The basic materials company reported $5.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.81 by $0.23. The company had revenue of $6.73 billion during the quarter, compared to analyst estimates of $8.24 billion. Nucor had a return on equity of 26.26% and a net margin of 11.70%. Nucor’s quarterly revenue was up 55.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.37 earnings per share. On average, research analysts expect that Nucor Co. will post 19.33 earnings per share for the current year.
Nucor Company Profile
Nucor Corp. engages in the manufacturing of steel and steel products. It operates through the following segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment comprises of carbon and alloy steel in sheet, bars; structural and plate; steel trading businesses; rebar distribution businesses; and Nucor’s equity method investments.
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