Pacific Heights Asset Management LLC Has $6,670,000 Position in Nucor Corp. (NUE)
Pacific Heights Asset Management LLC increased its stake in shares of Nucor Corp. (NYSE:NUE) by 22.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 135,000 shares of the company’s stock after buying an additional 25,000 shares during the period. Pacific Heights Asset Management LLC’s holdings in Nucor Corp. were worth $6,670,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. NEXT Financial Group Inc boosted its stake in shares of Nucor Corp. by 4.5% in the second quarter. NEXT Financial Group Inc now owns 2,310 shares of the company’s stock worth $114,000 after buying an additional 100 shares in the last quarter. Brookfield Asset Management Inc. acquired a new stake in shares of Nucor Corp. during the first quarter worth approximately $147,000. Kanaly Trust Co boosted its stake in shares of Nucor Corp. by 0.5% in the second quarter. Kanaly Trust Co now owns 3,326 shares of the company’s stock worth $164,000 after buying an additional 15 shares in the last quarter. Acrospire Investment Management LLC acquired a new stake in shares of Nucor Corp. during the first quarter worth approximately $170,000. Finally, Parasol Investment Management LLC boosted its stake in shares of Nucor Corp. by 13.2% in the second quarter. Parasol Investment Management LLC now owns 4,293 shares of the company’s stock worth $212,000 after buying an additional 500 shares in the last quarter. 77.92% of the stock is owned by hedge funds and other institutional investors.
Nucor Corp. (NYSE:NUE) traded down 2.46% during midday trading on Tuesday, reaching $47.62. 2,642,615 shares of the company were exchanged. Nucor Corp. has a 52 week low of $33.90 and a 52 week high of $57.08. The firm’s 50 day moving average price is $48.66 and its 200-day moving average price is $49.61. The stock has a market capitalization of $15.16 billion, a P/E ratio of 32.64 and a beta of 1.47.
Nucor Corp. (NYSE:NUE) last posted its earnings results on Thursday, July 21st. The company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.03. The firm earned $4.25 billion during 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%. Equities analysts forecast that Nucor Corp. will post $2.71 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 10th. Stockholders of record on Friday, September 30th will be issued a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a dividend yield of 3.15%. The ex-dividend date of this dividend is Wednesday, September 28th. Nucor Corp.’s dividend payout ratio (DPR) is 102.04%.
A number of analysts have commented on the stock. Jefferies Group reaffirmed a “buy” rating on shares of Nucor Corp. in a report on Saturday. Berenberg Bank reaffirmed a “hold” rating and set a $57.50 target price on shares of Nucor Corp. in a report on Tuesday, September 20th. BMO Capital Markets set a $51.00 target price on shares of Nucor Corp. and gave the company a “hold” rating in a report on Wednesday, September 14th. Citigroup Inc. assumed coverage on shares of Nucor Corp. in a report on Monday, August 22nd. They set a “neutral” rating and a $55.00 target price for the company. Finally, Cowen and Company upped their target price on shares of Nucor Corp. from $50.00 to $55.00 and gave the company a “market perform” rating in a report on Tuesday, July 26th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Nucor Corp. currently has a consensus rating of “Buy” and a consensus target price of $53.14.
In other news, CFO James D. Frias sold 9,000 shares of Nucor Corp. stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $53.14, for a total transaction of $478,260.00. Following the completion of the transaction, the chief financial officer now directly owns 156,065 shares of the company’s stock, valued at approximately $8,293,294.10. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman John J. Ferriola sold 12,128 shares of Nucor Corp. stock in a transaction that occurred on Wednesday, July 27th. The shares were sold at an average price of $54.12, for a total transaction of $656,367.36. Following the transaction, the chairman now directly owns 354,420 shares of the company’s stock, valued at $19,181,210.40. 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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