Trade Report: The Nucor Corp. (NUE) Stake Lowered by 1ST Source Bank

The Nucor Corp. (NUE) Stake Lowered by 1ST Source Bank

1ST Source Bank decreased its position in Nucor Corp. (NYSE:NUE) by 2.3% during the second quarter, Holdings Channel reports. The firm owned 16,351 shares of the company’s stock after selling 379 shares during the period. 1ST Source Bank’s holdings in Nucor Corp. were worth $808,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. State Street Corp boosted its stake in shares of Nucor Corp. by 0.7% in the first quarter. State Street Corp now owns 19,261,888 shares of the company’s stock worth $911,088,000 after buying an additional 136,095 shares during the period. Geode Capital Management LLC boosted its stake in shares of Nucor Corp. by 8.7% in the first quarter. Geode Capital Management LLC now owns 2,779,945 shares of the company’s stock worth $131,245,000 after buying an additional 223,580 shares during the period. American Century Companies Inc. boosted its stake in shares of Nucor Corp. by 20.0% in the second quarter. American Century Companies Inc. now owns 2,019,648 shares of the company’s stock worth $99,791,000 after buying an additional 337,158 shares during the period. Legal & General Group Plc boosted its stake in shares of Nucor Corp. by 2.7% in the first quarter. Legal & General Group Plc now owns 1,481,290 shares of the company’s stock worth $70,071,000 after buying an additional 39,278 shares during the period. Finally, Panagora Asset Management Inc. boosted its stake in shares of Nucor Corp. by 643.0% in the first quarter. Panagora Asset Management Inc. now owns 1,302,205 shares of the company’s stock worth $61,594,000 after buying an additional 1,126,931 shares during the period. Hedge funds and other institutional investors own 77.91% of the company’s stock.

Shares of Nucor Corp. (NYSE:NUE) traded up 0.97% during mid-day trading on Friday, reaching $46.99. The company’s stock had a trading volume of 1,204,679 shares. Nucor Corp. has a 1-year low of $33.90 and a 1-year high of $57.08. The company has a market capitalization of $14.96 billion, a price-to-earnings ratio of 32.21 and a beta of 1.47. The company’s 50 day moving average price is $48.00 and its 200-day moving average price is $49.61.

Nucor Corp. (NYSE:NUE) last released its quarterly earnings data on Thursday, July 21st. The company reported $0.73 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.03. The business earned $4.25 billion during the quarter, compared to analysts’ expectations of $4.49 billion. Nucor Corp. had a return on equity of 8.58% and a net margin of 3.00%. Analysts predict that Nucor Corp. will post $2.67 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 10th. Stockholders of record on Friday, September 30th will be given a dividend of $0.375 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $1.50 annualized dividend and a dividend yield of 3.22%. Nucor Corp.’s dividend payout ratio is currently 102.04%.

NUE has been the subject of a number of analyst reports. Bank of America Corp. restated a “buy” rating on shares of Nucor Corp. in a research note on Friday, June 17th. Jefferies Group decreased their price objective on Nucor Corp. from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Thursday, September 15th. Deutsche Bank AG upgraded Nucor Corp. from a “hold” rating to a “buy” rating and upped their price objective for the stock from $52.00 to $60.00 in a research note on Wednesday, July 6th. Credit Suisse Group AG set a $52.00 price objective on Nucor Corp. and gave the stock a “hold” rating in a research note on Saturday, October 8th. Finally, JPMorgan Chase & Co. restated a “buy” rating and set a $59.50 price objective on shares of Nucor Corp. in a research note on Friday, July 22nd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Nucor Corp. currently has an average rating of “Buy” and a consensus price target of $52.99.

In other news, insider James R. Darsey sold 71,465 shares of the company’s stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $52.45, for a total transaction of $3,748,339.25. Following the completion of the transaction, the insider now directly owns 234,135 shares of the company’s stock, valued at approximately $12,280,380.75. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO James D. Frias sold 9,000 shares of the business’s stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $53.14, for a total value of $478,260.00. Following the completion of the sale, the chief financial officer now directly owns 156,065 shares of the company’s stock, valued at $8,293,294.10. The disclosure for this sale can be found here. Insiders own 0.63% of the company’s stock.

About Nucor Corp.

Nucor Corporation (Nucor) manufactures steel and steel products. The Company also produces direct reduced iron (DRI) for use in the Company’s steel mills. It also processes ferrous and nonferrous metals and brokers ferrous and nonferrous metals, pig iron, hot briquetted iron (HBI) and DRI. Nucor operates in three segments: steel mills, steel products and raw materials.

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