TD Asset Management Inc. Cuts Position in Nucor Corporation (NUE)
TD Asset Management Inc. cut its position in shares of Nucor Corporation (NYSE:NUE) by 11.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 318,173 shares of the basic materials company’s stock after selling 39,229 shares during the period. TD Asset Management Inc.’s holdings in Nucor Corporation were worth $18,413,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. SFE Investment Counsel acquired a new stake in shares of Nucor Corporation during the first quarter worth $411,000. Gateway Investment Advisers LLC raised its stake in shares of 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 worth $2,930,000 after buying an additional 1,234 shares during the period. Capital Investment Advisors LLC raised 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 worth $237,000 after buying an additional 225 shares during the period. Cohen Capital Management Inc. acquired a new stake in shares of Nucor Corporation during the first quarter worth $227,000. Finally, Farmers & Merchants Investments Inc. raised 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 worth $4,243,000 after buying an additional 12,690 shares during the period. Institutional investors own 76.57% of the company’s stock.
Nucor Corporation (NYSE NUE) opened at 55.37 on Friday. Nucor Corporation has a one year low of $44.81 and a one year high of $68.00. The firm’s 50-day moving average price is $58.42 and its 200-day moving average price is $59.51. The company has a market cap of $17.69 billion, a PE ratio of 15.54 and a beta of 1.51.
Nucor Corporation (NYSE:NUE) last issued its quarterly earnings results on Thursday, July 20th. The basic materials company reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.06 by $0.06. The company had revenue of $5.17 billion during the quarter, compared to analyst estimates of $5.08 billion. Nucor Corporation had a net margin of 6.08% and a return on equity of 13.39%. The company’s quarterly revenue was up 21.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.73 EPS. On average, equities research analysts forecast that Nucor Corporation will post $4.18 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 11th. Stockholders of record on Friday, June 30th were paid a $0.3775 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $1.51 annualized dividend and a dividend yield of 2.73%. Nucor Corporation’s payout ratio is 43.77%.
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A number of analysts have recently weighed in on the company. Cowen and Company restated a “market perform” rating and issued a $63.00 target price (up from $62.00) on shares of Nucor Corporation in a research note on Tuesday, July 25th. BidaskClub upgraded 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 issued 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 analysts have rated the stock with a sell rating, five have given a hold rating and twelve have issued a buy rating to the company’s stock. Nucor Corporation currently has a consensus rating of “Buy” and an average price target of $68.76.
In other news, insider David A. Sumoski sold 2,537 shares of the stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $61.66, for a total value of $156,431.42. Following the completion of the sale, the insider now owns 62,434 shares of the company’s stock, valued at $3,849,680.44. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Leon J. Topalian sold 2,626 shares of the stock in a transaction dated 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 sale, the insider now directly owns 19,610 shares of the company’s stock, valued at approximately $1,181,110.30. The disclosure for this sale can be found here. In the last three months, insiders sold 20,104 shares of company stock valued at $1,213,595. Insiders own 0.70% of the company’s stock.
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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