Municipal Employees Retirement System of Michigan Cuts Position in Nucor Corporation (NYSE:NUE)
Municipal Employees Retirement System of Michigan cut its position in shares of Nucor Corporation (NYSE:NUE) by 15.1% during the second quarter, Holdings Channel reports. The institutional investor owned 18,710 shares of the basic materials company’s stock after selling 3,330 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Nucor Corporation were worth $1,083,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Capital Investment Advisors LLC boosted its stake in shares of Nucor Corporation by 6.0% in the first quarter. Capital Investment Advisors LLC now owns 3,960 shares of the basic materials company’s stock worth $237,000 after buying an additional 225 shares in the last quarter. Cohen Capital Management Inc. purchased a new stake in shares of Nucor Corporation during the first quarter worth about $227,000. Farmers & Merchants Investments Inc. boosted its stake in shares of Nucor Corporation by 21.7% in the first quarter. Farmers & Merchants Investments Inc. now owns 71,049 shares of the basic materials company’s stock worth $4,243,000 after buying an additional 12,690 shares in the last quarter. Berkshire Asset Management LLC PA boosted its stake in shares of Nucor Corporation by 4.7% in the first quarter. Berkshire Asset Management LLC PA now owns 152,156 shares of the basic materials company’s stock worth $9,087,000 after buying an additional 6,839 shares in the last quarter. Finally, Peoples Financial Services CORP. boosted its stake in shares of Nucor Corporation by 936.0% in the first quarter. Peoples Financial Services CORP. now owns 3,108 shares of the basic materials company’s stock worth $186,000 after buying an additional 2,808 shares in the last quarter. Institutional investors and hedge funds own 76.57% of the company’s stock.
Nucor Corporation (NUE) opened at 56.54 on Friday. The stock has a market cap of $18.12 billion, a price-to-earnings ratio of 15.87 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 stock’s 50 day moving average price is $58.45 and its 200 day moving average price is $59.55.
Nucor Corporation (NYSE:NUE) last released its earnings results on Thursday, July 20th. The basic materials company reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by $0.06. Nucor Corporation had a return on equity of 13.39% and a net margin of 6.08%. The business had revenue of $5.17 billion for the quarter, compared to analysts’ expectations of $5.08 billion. During the same quarter in the prior year, the business posted $0.73 EPS. The business’s revenue for the quarter was up 21.9% compared to the same quarter last year. Equities analysts predict that Nucor Corporation will post $4.18 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 11th. Investors of record on Friday, June 30th will be given a dividend of $0.3775 per share. This represents a $1.51 annualized dividend and a dividend yield of 2.67%. The ex-dividend date is Wednesday, June 28th. Nucor Corporation’s dividend payout ratio is currently 43.77%.
A number of equities research analysts recently issued reports on the company. Cowen and Company restated a “market perform” rating and issued a $63.00 price objective (up from $62.00) on shares of Nucor Corporation in a research note on Tuesday, July 25th. BidaskClub upgraded Nucor Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Barclays PLC restated a “buy” rating and issued a $73.00 price objective on shares of Nucor Corporation in a research note on Friday, May 5th. BMO Capital Markets restated a “hold” rating on shares of Nucor Corporation in a research note on Friday, April 21st. Finally, Morgan Stanley reaffirmed a “buy” rating on shares of Nucor Corporation in a report on Tuesday, July 18th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $68.76.
In related news, insider David A. Sumoski sold 2,537 shares of the stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $61.66, for a total transaction of $156,431.42. Following the completion of the sale, the insider now owns 62,434 shares in the company, valued at $3,849,680.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman John J. Ferriola sold 14,941 shares of the stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $60.17, for a total value of $898,999.97. Following the sale, the chairman now 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 20,104 shares of company stock valued at $1,213,595 in the last quarter. 0.70% of the stock is currently owned by company insiders.
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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