Nucor Corporation (NUE) Shares Bought by Comerica Bank
Comerica Bank increased its position in Nucor Corporation (NYSE:NUE) by 95.5% during the second quarter, according to its most recent filing with the SEC. The fund owned 420,999 shares of the basic materials company’s stock after buying an additional 205,618 shares during the period. Comerica Bank’s holdings in Nucor Corporation were worth $25,475,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Washington Trust Bank boosted 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 during the last quarter. Advantage Investment Management LLC boosted 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 during the last quarter. Ledyard National Bank acquired a new position in shares of Nucor Corporation during the first quarter valued at $122,000. Massmutual Trust Co. FSB ADV boosted 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 during the last quarter. Finally, Valley National Advisers Inc. boosted 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 during the last quarter. 75.99% of the stock is currently owned by institutional investors.
Nucor Corporation (NYSE NUE) opened at 56.075 on Wednesday. Nucor Corporation has a 52-week low of $44.81 and a 52-week high of $68.00. The company has a market cap of $17.91 billion, a PE ratio of 15.743 and a beta of 1.51. The firm’s 50 day moving average is $58.31 and its 200 day moving average is $59.43.
Nucor Corporation (NYSE:NUE) last issued 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. The firm had revenue of $5.17 billion during the quarter, compared to the consensus estimate of $5.08 billion. Nucor Corporation had a return on equity of 13.39% and a net margin of 6.08%. The company’s quarterly revenue was up 21.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.73 EPS. Analysts forecast that Nucor Corporation will post $4.18 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, August 11th. Stockholders of record on Friday, June 30th were paid a $0.3775 dividend. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $1.51 annualized dividend and a dividend yield of 2.72%. Nucor Corporation’s dividend payout ratio is presently 43.77%.
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Several equities analysts recently weighed in on the stock. Barclays PLC reaffirmed a “buy” rating and issued a $68.00 price target (up previously from $67.00) on shares of Nucor Corporation in a research report on Thursday, April 20th. BidaskClub raised shares of Nucor Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Zacks Investment Research cut shares of Nucor Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. KeyCorp reaffirmed an “overweight” rating and issued a $66.00 price target (down previously from $72.00) on shares of Nucor Corporation in a research report on Monday, June 26th. Finally, Credit Suisse Group raised shares of Nucor Corporation from a “neutral” rating to an “outperform” rating and raised their price target for the company from $56.00 to $68.00 in a research report on Wednesday, May 24th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the company. Nucor Corporation currently has an average rating of “Buy” and an average price target of $68.76.
In other news, insider David A. Sumoski sold 2,537 shares of the company’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $61.66, for a total value of $156,431.42. Following the transaction, the insider now owns 62,434 shares in the company, valued at $3,849,680.44. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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 transaction of $898,999.97. Following the completion of the transaction, the chairman now owns 361,847 shares in the company, valued at approximately $21,772,333.99. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,104 shares of company stock worth $1,213,595. Insiders own 0.70% of the company’s stock.
Nucor Corporation Company 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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