Dynamic Technology Lab Private Ltd Takes Position in Nucor Corp. (NUE)
Dynamic Technology Lab Private Ltd acquired a new stake in Nucor Corp. (NYSE:NUE) during the second quarter, Holdings Channel reports. The institutional investor acquired 5,051 shares of the company’s stock, valued at approximately $250,000.
Other hedge funds and other institutional investors also recently modified their holdings of the company. NEXT Financial Group Inc boosted its stake in Nucor Corp. by 4.5% in the second quarter. NEXT Financial Group Inc now owns 2,310 shares of the company’s stock valued at $114,000 after buying an additional 100 shares during the last quarter. Tuttle Tactical Management LLC purchased a new stake in Nucor Corp. during the second quarter valued at approximately $116,000. Brookfield Asset Management Inc. purchased a new stake in Nucor Corp. during the first quarter valued at approximately $147,000. Kanaly Trust Co boosted its stake in Nucor Corp. by 0.5% in the second quarter. Kanaly Trust Co now owns 3,326 shares of the company’s stock valued at $164,000 after buying an additional 15 shares during the last quarter. Finally, Acrospire Investment Management LLC purchased a new stake in Nucor Corp. during the first quarter valued at approximately $170,000. Hedge funds and other institutional investors own 77.92% of the company’s stock.
Shares of Nucor Corp. (NYSE:NUE) traded down 0.69% during midday trading on Monday, hitting $49.11. 140,291 shares of the stock were exchanged. Nucor Corp. has a 12-month low of $33.90 and a 12-month high of $57.08. The firm has a market cap of $15.63 billion, a P/E ratio of 33.66 and a beta of 1.47. The stock’s 50 day moving average is $48.71 and its 200 day moving average is $49.54.
Nucor Corp. (NYSE:NUE) last released its quarterly earnings data on Thursday, July 21st. The company reported $0.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.03. The firm had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.49 billion. Nucor Corp. had a net margin of 3.00% and a return on equity of 8.58%. On average, equities research analysts forecast that Nucor Corp. will post $2.71 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 10th. Stockholders of record on Friday, September 30th will be paid a dividend of $0.375 per share. The ex-dividend date is Wednesday, September 28th. This represents a $1.50 annualized dividend and a dividend yield of 3.03%. Nucor Corp.’s dividend payout ratio (DPR) is 102.04%.
Several analysts have commented on NUE shares. Deutsche Bank AG raised shares of Nucor Corp. from a “hold” rating to a “buy” rating and lifted their target price for the stock from $52.00 to $60.00 in a research note on Wednesday, July 6th. BMO Capital Markets set a $51.00 price objective on shares of Nucor Corp. and gave the company a “hold” rating in a research note on Wednesday, September 14th. Barclays PLC boosted their price objective on shares of Nucor Corp. from $52.00 to $55.00 and gave the company an “overweight” rating in a research note on Tuesday, July 12th. Bank of America Corp. cut shares of Nucor Corp. from a “buy” rating to a “neutral” rating and set a $56.00 price objective for the company. in a research note on Wednesday, July 20th. Finally, Jefferies Group reissued a “buy” rating and set a $60.00 price objective (up from $56.00) on shares of Nucor Corp. in a research note on Friday, June 10th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $53.14.
In related news, Chairman John J. Ferriola sold 12,128 shares of the firm’s stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $54.12, for a total value of $656,367.36. Following the transaction, the chairman now directly owns 354,420 shares in the company, valued at approximately $19,181,210.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider James R. Darsey sold 71,465 shares of the firm’s stock in a transaction on Monday, July 25th. The shares were sold at an average price of $52.45, for a total transaction of $3,748,339.25. Following the completion of the transaction, the insider now owns 234,135 shares in the company, valued at $12,280,380.75. The disclosure for this sale can be found here. 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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