Nucor Corp. (NUE) Shares Sold by Sippican Capital Advisors
Sippican Capital Advisors cut its position in shares of Nucor Corp. (NYSE:NUE) by 8.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,388 shares of the company’s stock after selling 2,293 shares during the period. Nucor Corp. accounts for approximately 1.6% of Sippican Capital Advisors’ portfolio, making the stock its 23rd largest position. Sippican Capital Advisors’ holdings in Nucor Corp. were worth $1,304,000 as of its most recent filing with the SEC.
Several other institutional investors also recently made changes to their positions in NUE. Acadian Asset Management LLC increased its position in shares of Nucor Corp. by 759.7% in the second quarter. Acadian Asset Management LLC now owns 478,296 shares of the company’s stock worth $23,633,000 after buying an additional 422,661 shares in the last quarter. Renaissance Technologies LLC increased its position in Nucor Corp. by 1,678.3% in the first quarter. Renaissance Technologies LLC now owns 1,063,400 shares of the company’s stock valued at $50,299,000 after buying an additional 1,003,600 shares during the period. Investment Centers of America Inc. increased its position in Nucor Corp. by 45.8% in the first quarter. Investment Centers of America Inc. now owns 63,363 shares of the company’s stock valued at $2,998,000 after buying an additional 19,901 shares during the period. National Pension Service increased its position in Nucor Corp. by 4.4% in the first quarter. National Pension Service now owns 203,541 shares of the company’s stock valued at $9,627,000 after buying an additional 8,649 shares during the period. Finally, Legal & General Group Plc increased its position in Nucor Corp. by 2.7% in the first quarter. Legal & General Group Plc now owns 1,481,290 shares of the company’s stock valued at $70,071,000 after buying an additional 39,278 shares during the period. Institutional investors and hedge funds own 77.92% of the company’s stock.
Nucor Corp. (NYSE:NUE) traded up 0.02% during mid-day trading on Thursday, hitting $47.87. 2,252,253 shares of the stock were exchanged. The company has a 50 day moving average price of $49.37 and a 200 day moving average price of $49.35. The stock has a market cap of $15.24 billion, a price-to-earnings ratio of 32.81 and a beta of 1.48. Nucor Corp. has a 52 week low of $33.90 and a 52 week high of $57.08.
Nucor Corp. (NYSE:NUE) last posted its quarterly earnings data on Thursday, July 21st. The company reported $0.73 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.03. The firm had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $4.49 billion. Nucor Corp. had a return on equity of 8.58% and a net margin of 3.00%. Analysts expect that Nucor Corp. will post $2.71 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 10th. Shareholders of record on Friday, September 30th will be issued a dividend of $0.375 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $1.50 annualized dividend and a yield of 3.13%. Nucor Corp.’s payout ratio is presently 102.04%.
NUE has been the subject of several recent research reports. Bank of America Corp. restated a “buy” rating on shares of Nucor Corp. in a report on Friday, June 17th. Credit Suisse Group AG raised their target price on shares of Nucor Corp. from $45.00 to $55.00 and gave the company a “neutral” rating in a report on Wednesday, June 8th. Jefferies Group dropped their target price on shares of Nucor Corp. from $60.00 to $55.00 and set a “buy” rating for the company in a report on Thursday, September 15th. Deutsche Bank AG upgraded shares of Nucor Corp. from a “hold” rating to a “buy” rating and raised their target price for the company from $52.00 to $60.00 in a report on Wednesday, July 6th. Finally, JPMorgan Chase & Co. restated a “buy” rating and set a $59.50 target price on shares of Nucor Corp. in a report on Friday, July 22nd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $53.14.
In other Nucor Corp. news, Chairman John J. Ferriola sold 12,128 shares of Nucor Corp. stock in a transaction dated Wednesday, July 27th. The stock was sold at an average price of $54.12, for a total transaction of $656,367.36. Following the transaction, the chairman now owns 354,420 shares of the company’s stock, valued at approximately $19,181,210.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider James R. Darsey sold 71,465 shares of Nucor Corp. stock in a transaction dated Monday, July 25th. The shares were sold at an average price of $52.45, for a total value of $3,748,339.25. Following the transaction, the insider now directly owns 234,135 shares in the company, valued at approximately $12,280,380.75. The disclosure for this sale can be found here. Company insiders own 0.63% of the company’s stock.
Nucor Corp. Company Profile
Nucor Corporation (Nucor) manufactures steel and steel products. The Company also produces direct reduced iron (DRI) for use in the Company’s steel mills. It also processes ferrous and nonferrous metals and brokers ferrous and nonferrous metals, pig iron, hot briquetted iron (HBI) and DRI. Nucor operates in three segments: steel mills, steel products and raw materials.
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