Arrow Investment Advisors LLC Has $1.04 Million Position in Nucor Corporation (NUE)
Arrow Investment Advisors LLC trimmed its position in Nucor Corporation (NYSE:NUE) by 3.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,940 shares of the basic materials company’s stock after selling 663 shares during the period. Nucor Corporation makes up about 0.3% of Arrow Investment Advisors LLC’s holdings, making the stock its 25th biggest position. Arrow Investment Advisors LLC’s holdings in Nucor Corporation were worth $1,038,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of the stock. Accredited Investors Inc. grew its position in Nucor Corporation by 0.6% in the 1st 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 during the last quarter. FineMark National Bank & Trust grew its position in Nucor Corporation by 0.3% in the 2nd 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 during the last quarter. Cleararc Capital Inc. grew its position in Nucor Corporation by 0.5% in the 1st 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 during the last quarter. ING Groep NV grew its position in Nucor Corporation by 0.3% in the 2nd 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 during the last quarter. Finally, First Command Bank grew its position in Nucor Corporation by 1.5% in the 2nd quarter. First Command Bank now owns 2,905 shares of the basic materials company’s stock valued at $169,000 after buying an additional 44 shares during the last quarter. Hedge funds and other institutional investors own 74.86% of the company’s stock.
A number of research firms recently weighed in on NUE. Jefferies Group LLC reiterated a “buy” rating on shares of Nucor Corporation in a research report on Saturday. Citigroup Inc. upgraded shares of Nucor Corporation from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $53.60 to $65.00 in a research report on Thursday. Morgan Stanley lowered shares of Nucor Corporation from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $78.00 to $60.00 in a research report on Tuesday, September 12th. Macquarie began coverage on shares of Nucor Corporation in a research report on Wednesday, September 6th. They issued a “neutral” rating and a $57.00 price objective on the stock. Finally, Bank of America Corporation reiterated a “buy” rating and issued a $73.00 price objective on shares of Nucor Corporation in a research report on Wednesday, September 6th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $68.47.
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Nucor Corporation (NYSE NUE) traded up 1.07% on Monday, hitting $54.07. The stock had a trading volume of 840,046 shares. The stock has a 50-day moving average of $55.44 and a 200-day moving average of $58.47. Nucor Corporation has a one year low of $45.18 and a one year high of $68.00. The company has a market cap of $17.27 billion, a PE ratio of 15.18 and a beta of 1.53.
Nucor Corporation (NYSE:NUE) last released its quarterly earnings results on Thursday, July 20th. The basic materials company reported $1.00 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.06 by ($0.06). Nucor Corporation had a return on equity of 13.39% and a net margin of 6.08%. The business had revenue of $5.17 billion during the quarter, compared to the consensus estimate of $5.08 billion. During the same period in the previous year, the company posted $0.73 EPS. The company’s revenue for the quarter was up 21.9% compared to the same quarter last year. Equities analysts expect that Nucor Corporation will post $4.08 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 9th. Stockholders of record on Friday, September 29th will be paid a $0.3775 dividend. The ex-dividend date is Thursday, September 28th. This represents a $1.51 annualized dividend and a dividend yield of 2.82%. Nucor Corporation’s payout ratio is 43.77%.
In other news, insider David A. Sumoski sold 2,537 shares of the stock in a transaction on 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 transaction, the insider now owns 62,434 shares of the company’s stock, valued at $3,849,680.44. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman John J. Ferriola sold 14,941 shares of the stock in a transaction on Monday, July 24th. The stock was sold at an average price of $60.17, for a total value 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 approximately $21,772,333.99. 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. Company 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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