Los Angeles Capital Management & Equity Research Inc. Decreases Holdings in Nucor Corporation (NUE)
Los Angeles Capital Management & Equity Research Inc. cut its holdings in shares of Nucor Corporation (NYSE:NUE) by 95.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,167 shares of the basic materials company’s stock after selling 219,139 shares during the quarter. Los Angeles Capital Management & Equity Research Inc.’s holdings in Nucor Corporation were worth $646,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Washington Trust Bank boosted its position in Nucor Corporation by 60.2% during the 2nd quarter. Washington Trust Bank now owns 1,756 shares of the basic materials company’s stock worth $102,000 after acquiring an additional 660 shares during the period. Advantage Investment Management LLC boosted its position in Nucor Corporation by 164.9% during the 1st quarter. Advantage Investment Management LLC now owns 1,854 shares of the basic materials company’s stock worth $111,000 after acquiring an additional 1,154 shares during the period. Valley National Advisers Inc. boosted its position in Nucor Corporation by 12.0% during the 1st quarter. Valley National Advisers Inc. now owns 2,340 shares of the basic materials company’s stock worth $140,000 after acquiring an additional 250 shares during the period. First Command Bank boosted its position in Nucor Corporation by 1.5% during the 2nd quarter. First Command Bank now owns 2,905 shares of the basic materials company’s stock worth $169,000 after acquiring an additional 44 shares during the period. Finally, Ledyard National Bank boosted its position in Nucor Corporation by 56.2% during the 2nd quarter. Ledyard National Bank now owns 3,195 shares of the basic materials company’s stock worth $185,000 after acquiring an additional 1,150 shares during the period. Hedge funds and other institutional investors own 74.86% of the company’s stock.
Shares of Nucor Corporation (NYSE:NUE) opened at 54.53 on Friday. The company has a 50-day moving average price of $55.28 and a 200 day moving average price of $58.29. Nucor Corporation has a 12-month low of $45.30 and a 12-month high of $68.00. The firm has a market capitalization of $17.42 billion, a price-to-earnings ratio of 15.31 and a beta of 1.53.
Nucor Corporation (NYSE:NUE) last issued its quarterly earnings results on Thursday, July 20th. The basic materials company reported $1.00 EPS for the quarter, missing the 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 company had revenue of $5.17 billion for the quarter, compared to analyst estimates of $5.08 billion. During the same period last year, the company posted $0.73 earnings per share. The business’s revenue for the quarter was up 21.9% on a year-over-year basis. Equities research analysts expect that Nucor Corporation will post $3.96 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 9th. Investors of record on Friday, September 29th will be given a dividend of $0.3775 per share. The ex-dividend date is Thursday, September 28th. This represents a $1.51 annualized dividend and a yield of 2.77%. Nucor Corporation’s dividend payout ratio (DPR) is presently 43.77%.
Several equities research analysts have recently issued reports on NUE shares. Jefferies Group LLC reiterated a “buy” rating on shares of Nucor Corporation in a report on Friday, June 30th. Bank of America Corporation reiterated a “buy” rating and set a $73.00 price target on shares of Nucor Corporation in a report on Wednesday, September 6th. ValuEngine lowered Nucor Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 16th. Berenberg Bank reiterated a “buy” rating and set a $77.50 price target on shares of Nucor Corporation in a report on Wednesday, July 19th. Finally, Cowen and Company reiterated a “market perform” rating and set a $63.00 price target (up from $62.00) on shares of Nucor Corporation in a report on Tuesday, July 25th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $68.00.
In related news, Chairman John J. Ferriola sold 14,941 shares of the stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $60.17, for a total transaction of $898,999.97. Following the completion of the transaction, the chairman now directly owns 361,847 shares of the company’s stock, valued at $21,772,333.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Victoria F. Haynes sold 2,500 shares of the stock in a transaction that occurred on Tuesday, September 19th. The shares were sold at an average price of $55.16, for a total value of $137,900.00. Following the transaction, the director now directly owns 33,573 shares of the company’s stock, valued at $1,851,886.68. The disclosure for this sale can be found here. Insiders have sold 22,604 shares of company stock valued at $1,351,495 over the last three months. Insiders own 0.70% of the company’s stock.
Nucor Corporation Company Profile
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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