Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lessened its stake in Nucor Co. (NYSE:NUE) by 2.4% in the second quarter, Holdings Channel reports. The firm owned 43,130 shares of the basic materials company’s stock after selling 1,078 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Nucor were worth $2,696,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NUE. Verity Asset Management Inc. lifted its position in Nucor by 51.0% during the first quarter. Verity Asset Management Inc. now owns 7,806 shares of the basic materials company’s stock valued at $477,000 after acquiring an additional 2,638 shares during the last quarter. Global X Management Co. LLC lifted its position in Nucor by 170.2% during the first quarter. Global X Management Co. LLC now owns 46,433 shares of the basic materials company’s stock valued at $2,837,000 after acquiring an additional 29,251 shares during the last quarter. HL Financial Services LLC lifted its position in Nucor by 10.9% during the first quarter. HL Financial Services LLC now owns 12,994 shares of the basic materials company’s stock valued at $794,000 after acquiring an additional 1,282 shares during the last quarter. Hennessy Advisors Inc. purchased a new stake in Nucor during the first quarter valued at approximately $2,920,000. Finally, Inverness Counsel LLC NY purchased a new stake in Nucor during the first quarter valued at approximately $1,293,000. Institutional investors and hedge funds own 77.34% of the company’s stock.
A number of research firms recently commented on NUE. KeyCorp raised shares of Nucor from a “sector weight” rating to an “overweight” rating and set a $77.00 target price for the company in a research report on Tuesday, July 24th. Macquarie raised shares of Nucor from a “neutral” rating to an “outperform” rating and set a $75.00 target price for the company in a research report on Thursday, May 17th. Zacks Investment Research raised shares of Nucor from a “hold” rating to a “buy” rating and set a $72.00 target price for the company in a research report on Thursday, July 12th. Finally, Jefferies Financial Group restated a “buy” rating and set a $80.00 price target on shares of Nucor in a research note on Friday, July 13th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $71.16.
Shares of Nucor stock opened at $62.52 on Monday. The company has a current ratio of 3.05, a quick ratio of 1.55 and a debt-to-equity ratio of 0.43. Nucor Co. has a 12-month low of $51.67 and a 12-month high of $70.48. The company has a market cap of $19.78 billion, a price-to-earnings ratio of 17.81, a P/E/G ratio of 0.70 and a beta of 1.57.
Nucor (NYSE:NUE) last issued its quarterly earnings results on Thursday, July 19th. The basic materials company reported $2.07 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.10 by ($0.03). Nucor had a net margin of 7.58% and a return on equity of 16.22%. The company had revenue of $6.46 billion for the quarter, compared to analyst estimates of $6.47 billion. During the same quarter in the previous year, the company posted $1.00 EPS. The company’s revenue for the quarter was up 24.9% compared to the same quarter last year. research analysts forecast that Nucor Co. will post 7.45 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 10th. Shareholders of record on Friday, June 29th were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, June 28th. This represents a $1.52 dividend on an annualized basis and a yield of 2.43%. Nucor’s payout ratio is 43.30%.
Nucor Company Profile
Nucor Corporation manufactures and sells steel and steel products in the United States and internationally. It operates in three segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; hollow structural section steel tubing, steel electrical conduit, plate steel, and structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, wire rods, and special bar quality; and tubular and plate steel products.
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