Assenagon Asset Management SA reduced its holdings of Nucor Co. shares (NYSE: NUDE – Get a rating) by 16.0% in the 1st quarter, HoldingsChannel.com reports. The fund held 13,860 shares of the basic materials company after selling 2,644 shares during the quarter. Assenagon Asset Management SA’s holdings in Nucor were worth $2,060,000 when it was last filed with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also changed their positions in NUE. Westside Investment Management Inc. bought a new position in Nucor stock during Q4 valued at approximately $25,000. Rational Advisors LLC bought a new position in Nucor stock during Q4 valued at around $28,000. Riverview Trust Co bought a new position in Nucor stock during Q1 worth approximately $28,000. Nvwm LLC increased its equity stake in Nucor by 312.7% during the 4th quarter. Nvwm LLC now owns 260 shares of the basic materials company valued at $30,000 after buying an additional 197 shares in the last quarter. Finally, PrairieView Partners LLC purchased a new position in Nucor stock during Q4 worth approximately $34,000. Institutional investors and hedge funds hold 77.70% of the company’s shares.
Several equity research analysts have recently commented on the stock. Argus raised its price target on Nucor shares from $140.00 to $190.00 and gave the stock a “buy” rating in a Monday, April 25 report. Credit Suisse Group raised its price target on Nucor shares from $142.00 to $175.00 and gave the stock an “outperform” rating in a Friday, April 22 report. BMO Capital Markets cut its price target on Nucor shares from $168.00 to $128.00 in a Tuesday, May 17 report. Morgan Stanley lowered its price target on Nucor shares from $144.00 to $121.00 and set an “equal weight” rating for the company in a Wednesday, July 6 report. Finally, the Goldman Sachs Group lowered its price target on Nucor shares from $148.00 to $130.00 and set a “neutral” rating for the company in a Tuesday, May 31 report. One analyst rated the stock with a sell rating, five issued a hold rating and five gave the company’s stock a buy rating. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $133.73.
In other Nucor news, CEO Leon J. Topalian sold 48,768 shares in a trade that took place on Friday, June 17. The shares were sold at an average price of $112.61, for a total value of $5,491,764.48. As a result of the transaction, the CEO now directly owns 135,809 shares of the company, valued at $15,293,451.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, accessible via the SEC website. Additionally, Executive Vice Chairman Daniel R. Needham sold 4,000 shares in a trade that took place on Tuesday, April 26. The shares were sold at an average price of $160.00, for a total transaction of $640,000.00. Following the completion of the transaction, the executive vice president now owns 46,994 shares of the company, valued at $7,519,040. Disclosure of this sale can be found here. 0.46% of the shares are currently held by company insiders.
Shares of NUE share opened at $108.37 on Friday. The company’s 50-day moving average price is $118.97 and its 200-day moving average price is $127.21. The company has a current ratio of 2.88, a quick ratio of 1.66 and a debt ratio of 0.38. The stock has a market capitalization of $28.83 billion, a price-earnings ratio of 3.88 and a beta of 1.30. Nucor Co. has a 12-month low of $87.71 and a 12-month high of $187.90.
Nucor (NYSE: NUDE – Get a rating) last announced its quarterly results on Thursday, April 21. The basic materials company reported earnings per share of $7.67 for the quarter, beating the consensus estimate of $7.35 by $0.32. Nucor had a net margin of 19.97% and a return on equity of 55.61%. The company posted revenue of $10.49 billion for the quarter, versus $10.72 billion expected by analysts. In the same quarter a year earlier, the company posted EPS of $3.10. The company’s revenue increased by 49.5% compared to the same quarter last year. As a group, equity research analysts expect Nucor Co. to post EPS of 29.75 for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 11. Shareholders of record on Thursday, June 30 will receive a dividend of $0.50 per share. The ex-dividend date is Wednesday, June 29. This represents an annualized dividend of $2.00 and a dividend yield of 1.85%. Nucor’s dividend payout ratio is currently 7.15%.
Nucor Company Profile (Get a rating)
Nucor Corporation manufactures and sells steel and steel products. The Company’s Steel Mills segment produces hot-rolled, cold-rolled and galvanized steel sheets; sheet steel products; wide flange beams, beam blanks and sheet pile and sheet pile products; and steel bar products, such as blooms, billets, concrete rebar and merchant bars, and specialty bar grade products.
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