Bank of The Ozarks Increases Position in Nucor Corporation (NUE)
Bank of The Ozarks boosted its stake in shares of Nucor Corporation (NYSE:NUE) by 24.6% during the second quarter, Holdings Channel reports. The institutional investor owned 20,240 shares of the basic materials company’s stock after buying an additional 4,000 shares during the period. Bank of The Ozarks’ holdings in Nucor Corporation were worth $1,171,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently made changes to their positions in the stock. Washington Trust Bank raised its position in shares of Nucor Corporation by 60.2% in the second quarter. Washington Trust Bank now owns 1,756 shares of the basic materials company’s stock valued at $102,000 after buying an additional 660 shares in the last quarter. Advantage Investment Management LLC raised its position in shares of Nucor Corporation by 164.9% in the first quarter. Advantage Investment Management LLC now owns 1,854 shares of the basic materials company’s stock valued at $111,000 after buying an additional 1,154 shares in the last quarter. Ledyard National Bank purchased a new position in shares of Nucor Corporation during the first quarter valued at approximately $122,000. Massmutual Trust Co. FSB ADV raised its position in shares of Nucor Corporation by 0.7% in the first quarter. Massmutual Trust Co. FSB ADV now owns 2,147 shares of the basic materials company’s stock valued at $128,000 after buying an additional 15 shares in the last quarter. Finally, Valley National Advisers Inc. raised its position in shares of Nucor Corporation by 12.0% in the first quarter. Valley National Advisers Inc. now owns 2,340 shares of the basic materials company’s stock valued at $140,000 after buying an additional 250 shares in the last quarter. Hedge funds and other institutional investors own 76.57% of the company’s stock.
Shares of Nucor Corporation (NYSE NUE) opened at 57.14 on Thursday. The firm has a market cap of $18.31 billion, a P/E ratio of 16.04 and a beta of 1.51. Nucor Corporation has a one year low of $44.81 and a one year high of $68.00. The firm has a 50-day moving average price of $58.44 and a 200 day moving average price of $59.57. Nucor Corporation also was the recipient of some unusual options trading on Monday. Investors purchased 10,201 put options on the company. This is an increase of 501% compared to the average daily volume of 1,697 put options.
Nucor Corporation (NYSE:NUE) last posted its quarterly earnings data on Thursday, July 20th. The basic materials company reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.06 by $0.06. Nucor Corporation had a return on equity of 13.39% and a net margin of 6.08%. The company had revenue of $5.17 billion for the quarter, compared to analyst estimates of $5.08 billion. During the same period in the previous year, the business posted $0.73 earnings per share. The firm’s revenue was up 21.9% compared to the same quarter last year. On average, analysts forecast that Nucor Corporation will post $4.18 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 11th. Stockholders of record on Friday, June 30th will be issued a $0.3775 dividend. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $1.51 annualized dividend and a dividend yield of 2.64%. Nucor Corporation’s dividend payout ratio is currently 43.77%.
Several equities analysts have issued reports on the company. Barclays PLC reiterated a “buy” rating and issued a $68.00 target price (up previously from $67.00) on shares of Nucor Corporation in a research note on Thursday, April 20th. BidaskClub upgraded Nucor Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Zacks Investment Research lowered Nucor Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. KeyCorp reiterated an “overweight” rating and issued a $66.00 target price (down previously from $72.00) on shares of Nucor Corporation in a research note on Monday, June 26th. Finally, Credit Suisse Group upgraded Nucor Corporation from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $56.00 to $68.00 in a research note on Wednesday, May 24th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have assigned a buy rating to the company. Nucor Corporation has a consensus rating of “Buy” and a consensus price target of $68.76.
In related news, Chairman John J. Ferriola sold 14,941 shares of the firm’s stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $60.17, for a total value of $898,999.97. Following the completion of the transaction, the chairman now directly owns 361,847 shares of the company’s stock, valued at approximately $21,772,333.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Leon J. Topalian sold 2,626 shares of the firm’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 transaction, the insider now directly owns 19,610 shares of the company’s stock, valued at $1,181,110.30. The disclosure for this sale can be found here. Insiders sold a total of 20,104 shares of company stock valued at $1,213,595 over the last three months. Insiders own 0.70% of the company’s stock.
About Nucor Corporation
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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