Cigna Investments Inc. New lifted its stake in Nucor Co. (NYSE:NUE) by 14.0% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 9,652 shares of the basic materials company’s stock after purchasing an additional 1,189 shares during the quarter. Cigna Investments Inc. New’s holdings in Nucor were worth $400,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Marshall Wace North America L.P. purchased a new position in shares of Nucor in the first quarter worth $54,000. FMR LLC grew its stake in Nucor by 123.0% during the 1st quarter. FMR LLC now owns 674,154 shares of the basic materials company’s stock valued at $39,337,000 after purchasing an additional 371,876 shares during the last quarter. Public Employees Retirement Association of Colorado grew its stake in Nucor by 3.9% during the 1st quarter. Public Employees Retirement Association of Colorado now owns 52,547 shares of the basic materials company’s stock valued at $1,893,000 after purchasing an additional 1,964 shares during the last quarter. New York State Common Retirement Fund increased its holdings in shares of Nucor by 6.2% in the first quarter. New York State Common Retirement Fund now owns 522,100 shares of the basic materials company’s stock valued at $18,806,000 after purchasing an additional 30,300 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Nucor by 26.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 80,039 shares of the basic materials company’s stock worth $2,883,000 after purchasing an additional 16,962 shares during the last quarter. 74.61% of the stock is owned by hedge funds and other institutional investors.
In other Nucor news, EVP Allen C. Behr sold 2,076 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $42.56, for a total transaction of $88,354.56. Following the completion of the transaction, the executive vice president now owns 47,579 shares of the company’s stock, valued at $2,024,962.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Leon J. Topalian sold 9,389 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $43.18, for a total value of $405,417.02. Following the completion of the transaction, the chief executive officer now owns 118,090 shares in the company, valued at approximately $5,099,126.20. The disclosure for this sale can be found here. 1.39% of the stock is owned by company insiders.
Nucor (NYSE:NUE) last announced its earnings results on Thursday, July 23rd. The basic materials company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.22. The firm had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.43 billion. Nucor had a return on equity of 7.95% and a net margin of 2.49%. The business’s revenue was down 26.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.26 EPS. Equities research analysts forecast that Nucor Co. will post 2.21 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 10th. Shareholders of record on Wednesday, September 30th will be issued a dividend of $0.4025 per share. This represents a $1.61 annualized dividend and a yield of 3.44%. The ex-dividend date is Tuesday, September 29th. Nucor’s payout ratio is 37.35%.
Several equities analysts recently weighed in on the stock. BMO Capital Markets increased their price target on shares of Nucor from $42.00 to $46.00 and gave the stock a “market perform” rating in a report on Friday, June 19th. They noted that the move was a valuation call. Argus reiterated a “hold” rating on shares of Nucor in a research note on Tuesday, August 11th. Finally, KeyCorp boosted their target price on shares of Nucor from $45.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday, June 10th. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $50.55.
Nucor Corporation manufactures and sells steel and steel products in the United States and internationally. It operates in three segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and special bar quality products.
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