Nordea Investment Management AB Raises Holdings in Nucor Corporation (NUE)
Nordea Investment Management AB grew its holdings in shares of Nucor Corporation (NYSE:NUE) by 0.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 72,973 shares of the basic materials company’s stock after purchasing an additional 315 shares during the quarter. Nordea Investment Management AB’s holdings in Nucor Corporation were worth $4,223,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of the business. Accredited Investors Inc. boosted its position in Nucor Corporation by 0.6% during the first quarter. Accredited Investors Inc. now owns 3,892 shares of the basic materials company’s stock worth $232,000 after purchasing an additional 24 shares during the period. FineMark National Bank & Trust boosted its position in Nucor Corporation by 0.3% during the second quarter. FineMark National Bank & Trust now owns 9,699 shares of the basic materials company’s stock worth $561,000 after purchasing an additional 26 shares during the period. Cleararc Capital Inc. boosted its position in Nucor Corporation by 0.5% during the first quarter. Cleararc Capital Inc. now owns 7,795 shares of the basic materials company’s stock worth $466,000 after purchasing an additional 35 shares during the period. ING Groep NV boosted its position in Nucor Corporation by 0.3% during the second quarter. ING Groep NV now owns 16,591 shares of the basic materials company’s stock worth $960,000 after purchasing an additional 43 shares during the period. Finally, First Command Bank boosted its position in Nucor Corporation by 1.5% during the second quarter. First Command Bank now owns 2,905 shares of the basic materials company’s stock worth $169,000 after purchasing an additional 44 shares during the period. Hedge funds and other institutional investors own 74.86% of the company’s stock.
A number of brokerages have weighed in on NUE. Credit Suisse Group cut their target price on shares of Nucor Corporation from $68.00 to $63.00 and set a “buy” rating for the company in a research report on Thursday. Zacks Investment Research lowered shares of Nucor Corporation from a “hold” rating to a “strong sell” rating in a research report on Tuesday. KeyCorp reiterated a “hold” rating on shares of Nucor Corporation in a research report on Tuesday, September 19th. BMO Capital Markets reiterated a “market perform” rating and set a $62.00 target price (down previously from $70.00) on shares of Nucor Corporation in a research report on Monday, September 18th. Finally, Jefferies Group LLC reiterated a “buy” rating on shares of Nucor Corporation in a research report on Saturday, September 16th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $67.71.
In other Nucor Corporation news, Director Victoria F. Haynes sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $55.16, for a total value of $137,900.00. Following the completion of the transaction, the director now directly owns 33,573 shares in the company, valued at approximately $1,851,886.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman John J. Ferriola sold 14,941 shares of the company’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 owns 361,847 shares of the company’s stock, valued at $21,772,333.99. The disclosure for this sale can be found here. Insiders sold a total of 22,604 shares of company stock valued at $1,351,495 over the last 90 days. 0.70% of the stock is currently owned by corporate insiders.
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Shares of Nucor Corporation (NUE) opened at 56.04 on Friday. The company has a 50-day moving average of $55.28 and a 200-day moving average of $58.29. The stock has a market capitalization of $17.90 billion, a P/E ratio of 15.73 and a beta of 1.53. Nucor Corporation has a 52 week low of $45.30 and a 52 week high of $68.00.
Nucor Corporation (NYSE:NUE) last announced its quarterly earnings data on Thursday, July 20th. The basic materials company reported $1.00 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.06 by ($0.06). The company had revenue of $5.17 billion for the quarter, compared to the consensus estimate of $5.08 billion. Nucor Corporation had a net margin of 6.08% and a return on equity of 13.39%. The company’s revenue was up 21.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.73 earnings per share. On average, analysts anticipate that Nucor Corporation will post $3.92 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 9th. Shareholders of record on Friday, September 29th will be paid a $0.3775 dividend. The ex-dividend date is Thursday, September 28th. This represents a $1.51 annualized dividend and a yield of 2.69%. Nucor Corporation’s payout ratio is 43.77%.
Nucor Corporation Profile
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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