Nucor Corporation (NUE) Position Maintained by Adirondack Trust Co.
Adirondack Trust Co. continued to hold its stake in shares of Nucor Corporation (NYSE:NUE) during the second quarter, Holdings Channel reports. The firm owned 2,000 shares of the basic materials company’s stock at the end of the second quarter. Adirondack Trust Co.’s holdings in Nucor Corporation were worth $116,000 as of its most recent filing with the SEC.
Several other hedge funds have also modified their holdings of NUE. Capital Investment Advisors LLC boosted its stake in shares of Nucor Corporation by 6.0% in the first quarter. Capital Investment Advisors LLC now owns 3,960 shares of the basic materials company’s stock valued at $237,000 after buying an additional 225 shares in the last quarter. Cohen Capital Management Inc. acquired a new stake in shares of Nucor Corporation during the first quarter valued at about $227,000. Farmers & Merchants Investments Inc. boosted its stake in shares of Nucor Corporation by 21.7% in the first quarter. Farmers & Merchants Investments Inc. now owns 71,049 shares of the basic materials company’s stock valued at $4,243,000 after buying an additional 12,690 shares in the last quarter. Berkshire Asset Management LLC PA boosted its stake in shares of Nucor Corporation by 4.7% in the first quarter. Berkshire Asset Management LLC PA now owns 152,156 shares of the basic materials company’s stock valued at $9,087,000 after buying an additional 6,839 shares in the last quarter. Finally, Peoples Financial Services CORP. boosted its stake in shares of Nucor Corporation by 936.0% in the first quarter. Peoples Financial Services CORP. now owns 3,108 shares of the basic materials company’s stock valued at $186,000 after buying an additional 2,808 shares in the last quarter. 76.57% of the stock is currently owned by institutional investors and hedge funds.
Nucor Corporation (NYSE:NUE) opened at 56.54 on Friday. Nucor Corporation has a 52 week low of $44.81 and a 52 week high of $68.00. The firm has a 50-day moving average of $58.45 and a 200 day moving average of $59.55. The stock has a market capitalization of $18.12 billion, a price-to-earnings ratio of 15.87 and a beta of 1.51.
Nucor Corporation (NYSE:NUE) last announced its earnings results on Thursday, July 20th. The basic materials company reported $1.00 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.06 by $0.06. Nucor Corporation had a net margin of 6.08% and a return on equity of 13.39%. The business had revenue of $5.17 billion during the quarter, compared to analyst estimates of $5.08 billion. During the same period in the previous year, the company earned $0.73 earnings per share. The business’s revenue for the quarter was up 21.9% on a year-over-year basis. On average, analysts anticipate that Nucor Corporation will post $4.18 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 11th. Shareholders of record on Friday, June 30th will be given a $0.3775 dividend. This represents a $1.51 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date is Wednesday, June 28th. Nucor Corporation’s payout ratio is 43.77%.
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A number of research firms recently weighed in on NUE. Cowen and Company restated a “market perform” rating and set a $63.00 target price (up from $62.00) on shares of Nucor Corporation in a research note on Tuesday, July 25th. BidaskClub upgraded shares of Nucor Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Barclays PLC restated a “buy” rating and set a $73.00 target price on shares of Nucor Corporation in a research note on Friday, May 5th. BMO Capital Markets restated a “hold” rating on shares of Nucor Corporation in a research note on Friday, April 21st. Finally, Morgan Stanley restated a “buy” rating on shares of Nucor Corporation in a research note on Tuesday, July 18th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the stock. Nucor Corporation has a consensus rating of “Buy” and a consensus price target of $68.76.
In other Nucor Corporation news, Chairman John J. Ferriola sold 14,941 shares of the company’s stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $60.17, for a total value of $898,999.97. Following the transaction, the chairman now directly owns 361,847 shares of the company’s stock, valued at approximately $21,772,333.99. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Leon J. Topalian sold 2,626 shares of the company’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $60.23, for a total value of $158,163.98. Following the completion of the transaction, the insider now directly owns 19,610 shares in the company, valued at $1,181,110.30. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,104 shares of company stock worth $1,213,595. 0.70% of the stock is currently owned by corporate insiders.
About Nucor Corporation
Nucor Corporation (Nucor) manufactures steel and steel products. The Company produces direct reduced iron (DRI) for use in its steel mills. It operates in three segments: steel mills, steel products and raw materials. The steel mills segment produces and distributes sheet steel (hot-rolled, cold-rolled and galvanized), plate steel, structural steel (wide-flange beams, beam blanks, H-piling and sheet piling) and bar steel (blooms, billets, concrete reinforcing bar, merchant bar, wire rod and special bar quality).
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