HL Financial Services LLC Takes Position in Nucor Corporation (NYSE:NUE)
HL Financial Services LLC acquired a new stake in Nucor Corporation (NYSE:NUE) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,922 shares of the basic materials company’s stock, valued at approximately $401,000.
Other hedge funds also recently made changes to their positions in the company. Massmutual Trust Co. FSB ADV raised its stake in shares of Nucor Corporation by 0.7% in the first quarter. Massmutual Trust Co. FSB ADV now owns 2,147 shares of the basic materials company’s stock valued at $128,000 after buying an additional 15 shares in the last quarter. Accredited Investors Inc. raised its stake in shares of Nucor Corporation by 0.6% in the first quarter. Accredited Investors Inc. now owns 3,892 shares of the basic materials company’s stock valued at $232,000 after buying an additional 24 shares in the last quarter. FineMark National Bank & Trust raised its stake in shares of Nucor Corporation by 0.3% in the second quarter. FineMark National Bank & Trust now owns 9,699 shares of the basic materials company’s stock valued at $561,000 after buying an additional 26 shares in the last quarter. Cleararc Capital Inc. raised its stake in shares of Nucor Corporation by 0.5% in the first quarter. Cleararc Capital Inc. now owns 7,795 shares of the basic materials company’s stock valued at $466,000 after buying an additional 35 shares in the last quarter. Finally, ING Groep NV raised its stake in shares of Nucor Corporation by 0.3% in the second quarter. ING Groep NV now owns 16,591 shares of the basic materials company’s stock valued at $960,000 after buying an additional 43 shares in the last quarter. 75.99% of the stock is currently owned by institutional investors and hedge funds.
Nucor Corporation (NYSE:NUE) opened at 55.72 on Tuesday. The company’s 50-day moving average is $58.37 and its 200 day moving average is $59.47. The stock has a market cap of $17.80 billion, a PE ratio of 15.64 and a beta of 1.51. Nucor Corporation has a 52 week low of $44.81 and a 52 week high of $68.00.
Nucor Corporation (NYSE:NUE) last released its earnings results 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. Nucor Corporation had a return on equity of 13.39% and a net margin of 6.08%. The firm had revenue of $5.17 billion for the quarter, compared to the consensus estimate of $5.08 billion. During the same quarter in the previous year, the business posted $0.73 EPS. Nucor Corporation’s revenue was up 21.9% on a year-over-year basis. On average, analysts expect that Nucor Corporation will post $4.18 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, August 11th. Shareholders of record on Friday, June 30th were paid a dividend of $0.3775 per share. This represents a $1.51 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date was Wednesday, June 28th. Nucor Corporation’s payout ratio is 43.77%.
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Several analysts have commented on the stock. Morgan Stanley reaffirmed a “buy” rating on shares of Nucor Corporation in a research report on Tuesday, July 18th. Cowen and Company reiterated a “market perform” rating and issued a $63.00 target price (up previously from $62.00) on shares of Nucor Corporation in a research note on Tuesday, July 25th. Zacks Investment Research downgraded shares of Nucor Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, May 16th. Jefferies Group LLC reiterated a “buy” rating and issued a $75.00 target price (down previously from $77.00) on shares of Nucor Corporation in a research note on Wednesday, April 19th. Finally, Longbow Research assumed coverage on shares of Nucor Corporation in a research note on Tuesday, May 9th. They issued a “neutral” rating for the company. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the company. Nucor Corporation has an average rating of “Buy” and an average target price of $68.76.
In other Nucor Corporation news, insider David A. Sumoski sold 2,537 shares of the firm’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $61.66, for a total transaction of $156,431.42. Following the sale, the insider now owns 62,434 shares in the company, valued at approximately $3,849,680.44. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Leon J. Topalian sold 2,626 shares of the firm’s stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $60.23, for a total transaction of $158,163.98. Following the sale, the insider now owns 19,610 shares in the company, valued at approximately $1,181,110.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,104 shares of company stock worth $1,213,595. 0.70% of the stock is owned by company 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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