New Mexico Educational Retirement Board Has $1.71 Million Stake in Nucor Corporation (NUE)
New Mexico Educational Retirement Board lowered its stake in Nucor Corporation (NYSE:NUE) by 8.4% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 29,609 shares of the basic materials company’s stock after selling 2,700 shares during the period. New Mexico Educational Retirement Board’s holdings in Nucor Corporation were worth $1,708,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of NUE. SFE Investment Counsel purchased a new position in Nucor Corporation during the first quarter valued at approximately $411,000. Gateway Investment Advisers LLC boosted its position in Nucor Corporation by 2.6% in the first quarter. Gateway Investment Advisers LLC now owns 49,066 shares of the basic materials company’s stock valued at $2,930,000 after buying an additional 1,234 shares during the period. Capital Investment Advisors LLC boosted its position in 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 during the period. Cohen Capital Management Inc. purchased a new position in Nucor Corporation during the first quarter valued at approximately $227,000. Finally, Farmers & Merchants Investments Inc. boosted its position in 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 during the period. Institutional investors own 76.57% of the company’s stock.
Shares of Nucor Corporation (NUE) opened at 55.37 on Friday. The stock has a market cap of $17.74 billion, a P/E ratio of 15.54 and a beta of 1.51. Nucor Corporation has a 52-week low of $44.81 and a 52-week high of $68.00. The company has a 50-day moving average of $58.42 and a 200 day moving average of $59.51.
Nucor Corporation (NYSE:NUE) last released its quarterly earnings data on Thursday, July 20th. The basic materials company reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by $0.06. The business had revenue of $5.17 billion during the quarter, compared to analyst estimates of $5.08 billion. Nucor Corporation had a return on equity of 13.39% and a net margin of 6.08%. The business’s revenue for the quarter was up 21.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.73 EPS. Equities research analysts forecast that Nucor Corporation will post $4.18 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 11th. Shareholders of record on Friday, June 30th were issued a $0.3775 dividend. This represents a $1.51 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date was Wednesday, June 28th. Nucor Corporation’s dividend payout ratio is presently 43.77%.
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Several research firms have commented on NUE. Cowen and Company reiterated a “market perform” rating and set a $63.00 price target (up previously from $62.00) on shares of Nucor Corporation in a report on Tuesday, July 25th. BidaskClub upgraded shares of Nucor Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Barclays PLC reiterated a “buy” rating and set a $73.00 price target on shares of Nucor Corporation in a report on Friday, May 5th. BMO Capital Markets restated a “hold” rating on shares of Nucor Corporation in a report on Friday, April 21st. Finally, Morgan Stanley restated a “buy” rating on shares of Nucor Corporation in a report on Tuesday, July 18th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $68.76.
In other Nucor Corporation news, insider Leon J. Topalian sold 2,626 shares of Nucor Corporation stock in a transaction 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 owns 19,610 shares of the company’s stock, valued at $1,181,110.30. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider David A. Sumoski sold 2,537 shares of Nucor Corporation stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $61.66, for a total transaction of $156,431.42. Following the completion of the transaction, the insider now directly owns 62,434 shares of the company’s stock, valued at approximately $3,849,680.44. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,104 shares of company stock valued at $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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