Mckinley Capital Management LLC Delaware Buys New Position in Nucor Corporation (NUE)
Mckinley Capital Management LLC Delaware bought a new position in Nucor Corporation (NYSE:NUE) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,720 shares of the basic materials company’s stock, valued at approximately $100,000.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Washington Trust Bank increased its holdings in shares of Nucor Corporation by 60.2% in the second quarter. Washington Trust Bank now owns 1,756 shares of the basic materials company’s stock valued at $102,000 after purchasing an additional 660 shares in the last quarter. Fiduciary Trust Co. bought a new position in Nucor Corporation in the 2nd quarter worth approximately $109,000. Valley National Advisers Inc. lifted its holdings 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 buying an additional 250 shares in the last quarter. First Command Bank lifted its holdings 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 buying an additional 44 shares in the last quarter. Finally, Ledyard National Bank lifted its holdings 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 buying an additional 1,150 shares in the last quarter. 74.86% of the stock is owned by institutional investors.
Shares of Nucor Corporation (NUE) opened at 56.05 on Tuesday. Nucor Corporation has a 12 month low of $45.30 and a 12 month high of $68.00. The stock’s 50 day moving average is $54.81 and its 200 day moving average is $57.86. The company has a market cap of $17.90 billion, a P/E ratio of 15.74 and a beta of 1.54.
Nucor Corporation (NYSE:NUE) last released its quarterly earnings data 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). 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 during the quarter, compared to the consensus estimate of $5.08 billion. During the same quarter in the prior year, the firm earned $0.73 EPS. The business’s revenue was up 21.9% compared to the same quarter last year. On average, analysts anticipate that Nucor Corporation will post $3.92 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 9th. Investors of record on Friday, September 29th will be paid a dividend of $0.3775 per share. This represents a $1.51 annualized dividend and a yield of 2.69%. The ex-dividend date is Thursday, September 28th. Nucor Corporation’s dividend payout ratio is presently 43.77%.
In other Nucor Corporation news, Director Victoria F. Haynes sold 2,500 shares of Nucor Corporation stock in a transaction 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 completion of the sale, the director now directly owns 33,573 shares of the company’s stock, valued at $1,851,886.68. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman John J. Ferriola sold 14,941 shares of Nucor Corporation stock in a transaction on Monday, July 24th. The shares were sold at an average price of $60.17, for a total transaction of $898,999.97. Following the completion of the sale, the chairman now directly owns 361,847 shares of the company’s stock, valued at $21,772,333.99. The disclosure for this sale can be found here. Over the last three months, insiders have sold 22,604 shares of company stock worth $1,351,495. 0.70% of the stock is owned by insiders.
Several brokerages have recently issued reports on NUE. Longbow Research lowered Nucor Corporation from a “buy” rating to a “neutral” rating and upped their price target for the company from $55.01 to $56.04 in a research note on Monday. Zacks Investment Research lowered shares of Nucor Corporation from a “hold” rating to a “strong sell” rating in a research note on Tuesday, September 26th. Credit Suisse Group lowered their price target on shares of Nucor Corporation from $68.00 to $63.00 and set a “buy” rating for the company in a research report on Thursday, September 28th. ValuEngine cut shares of Nucor Corporation from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Finally, Jefferies Group LLC set a $68.00 price target on shares of Nucor Corporation and gave the stock a “buy” rating in a research note on Monday, August 21st. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $67.12.
Nucor Corporation 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).
Want to see what other hedge funds are holding NUE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Nucor Corporation (NYSE:NUE).
Receive News & Stock Ratings for Nucor Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nucor Corporation and related stocks with our FREE daily email newsletter.