Royal London Asset Management Ltd. Trims Holdings in Nucor Corporation $NUE

Royal London Asset Management Ltd. decreased its holdings in shares of Nucor Corporation (NYSE:NUE) by 2.5% in the second quarter, HoldingsChannel reports. The firm owned 94,647 shares of the basic materials company’s stock after selling 2,445 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Nucor were worth $21,083,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of NUE. BlackRock Inc. bought a new stake in Nucor in the second quarter valued at $4,452,563,000. Norges Bank purchased a new position in shares of Nucor during the 4th quarter worth approximately $609,002,000. Bank of America Corp DE purchased a new position in shares of Nucor during the 2nd quarter worth approximately $462,886,000. Berkshire Hathaway Inc bought a new position in shares of Nucor in the 2nd quarter worth approximately $413,814,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Nucor in the 2nd quarter worth approximately $330,902,000. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Insider Activity

In related news, EVP Thomas J. Batterbee sold 4,000 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $261.02, for a total transaction of $1,044,080.00. Following the sale, the executive vice president directly owned 16,138 shares of the company’s stock, valued at approximately $4,212,340.76. This represents a 19.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP John J. Hollatz sold 10,560 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $258.46, for a total transaction of $2,729,337.60. Following the sale, the executive vice president owned 97,865 shares of the company’s stock, valued at approximately $25,294,187.90. This represents a 9.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 18,528 shares of company stock worth $4,793,035 over the last three months. 0.62% of the stock is currently owned by corporate insiders.

Nucor Stock Performance

Shares of NUE opened at $250.84 on Monday. The company has a quick ratio of 1.36, a current ratio of 2.51 and a debt-to-equity ratio of 0.27. The business’s 50 day moving average price is $246.64 and its 200-day moving average price is $219.15. Nucor Corporation has a 52 week low of $131.32 and a 52 week high of $280.11. The stock has a market cap of $56.91 billion, a P/E ratio of 20.00, a P/E/G ratio of 0.93 and a beta of 1.89.

Nucor (NYSE:NUE) last posted its quarterly earnings data on Monday, July 27th. The basic materials company reported $4.84 earnings per share for the quarter, beating analysts’ consensus estimates of $4.46 by $0.38. The company had revenue of $10.40 billion during the quarter, compared to analyst estimates of $10.15 billion. Nucor had a return on equity of 12.73% and a net margin of 7.99%.The firm’s revenue for the quarter was up 23.0% on a year-over-year basis. During the same quarter last year, the company earned $2.60 EPS. Equities research analysts anticipate that Nucor Corporation will post 17.95 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 11th. Stockholders of record on Tuesday, June 30th were issued a dividend of $0.56 per share. The ex-dividend date was Tuesday, June 30th. This represents a $2.24 annualized dividend and a dividend yield of 0.9%. Nucor’s dividend payout ratio (DPR) is presently 17.86%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on NUE. Wall Street Zen upgraded Nucor from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 16th. The Goldman Sachs Group increased their price objective on Nucor from $260.00 to $284.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th. KeyCorp raised Nucor from a “sector weight” rating to an “overweight” rating and set a $274.00 price objective for the company in a research report on Wednesday, June 24th. CICC Research started coverage on shares of Nucor in a report on Monday, May 25th. They set an “outperform” rating on the stock. Finally, Wells Fargo & Company reduced their target price on shares of Nucor from $297.00 to $285.00 and set an “overweight” rating on the stock in a research report on Monday, August 24th. Thirteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Nucor currently has an average rating of “Moderate Buy” and an average price target of $272.38.

Nucor Company Profile

Nucor Corporation (NYSE: NUE) is an American steel producer headquartered in Charlotte, North Carolina. The company is primarily engaged in the manufacture and sale of steel and steel products, operating a network of steel mills, recycling facilities and fabrication plants across the United States and North America. Nucor’s operations emphasize electric arc furnace steelmaking using recycled scrap metal, which supports a decentralized, mill-based production model focused on efficiency and flexibility.

Product offerings span a broad range of basic and value‑added steel items, including sheet, plate, merchant bar, structural beams, reinforcing bar, tubing, fasteners and fabricated components.