The Bp Plc Acquires 40,000 Shares of Nucor Corp. (NUE)

The Bp Plc Acquires 40,000  Shares of Nucor Corp. (NUE)

Bp Plc acquired a new position in Nucor Corp. (NYSE:NUE) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 40,000 shares of the company’s stock, valued at approximately $1,976,000.

Several other hedge funds have also recently modified their holdings of NUE. Kimelman & Baird LLC boosted its stake in shares of Nucor Corp. by 34.1% in the first quarter. Kimelman & Baird LLC now owns 62,110 shares of the company’s stock worth $2,938,000 after buying an additional 15,790 shares during the last quarter. Loomis Sayles & Co. L P boosted its stake in shares of Nucor Corp. by 122.9% in the first quarter. Loomis Sayles & Co. L P now owns 7,783 shares of the company’s stock worth $368,000 after buying an additional 4,291 shares during the last quarter. Riverhead Capital Management LLC boosted its stake in shares of Nucor Corp. by 224.3% in the first quarter. Riverhead Capital Management LLC now owns 171,409 shares of the company’s stock worth $8,108,000 after buying an additional 118,560 shares during the last quarter. Pictet Asset Management Ltd. boosted its stake in shares of Nucor Corp. by 1.6% in the first quarter. Pictet Asset Management Ltd. now owns 167,755 shares of the company’s stock worth $6,600,000 after buying an additional 2,600 shares during the last quarter. Finally, Meeder Asset Management Inc. purchased a new stake in shares of Nucor Corp. during the first quarter worth $357,000. Institutional investors and hedge funds own 77.95% of the company’s stock.

Shares of Nucor Corp. (NYSE:NUE) traded down 0.13% on Monday, reaching $46.80. 1,912,156 shares of the company traded hands. The firm’s 50 day moving average is $47.94 and its 200 day moving average is $49.61. Nucor Corp. has a one year low of $33.90 and a one year high of $57.08. The company has a market capitalization of $14.90 billion, a P/E ratio of 32.08 and a beta of 1.47.

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

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 10th. Stockholders of record on Friday, September 30th will be issued a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date is Wednesday, September 28th. Nucor Corp.’s dividend payout ratio is currently 102.04%.

A number of analysts have recently weighed in on the stock. Bank of America Corp. cut shares of Nucor Corp. from a “buy” rating to a “neutral” rating and set a $56.00 price objective for the company. in a research note on Wednesday, July 20th. Barclays PLC boosted their price objective on shares of Nucor Corp. from $52.00 to $55.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 12th. JPMorgan Chase & Co. restated a “buy” rating and issued a $59.50 price objective on shares of Nucor Corp. in a research note on Friday, July 22nd. Cowen and Company boosted their target price on shares of Nucor Corp. from $50.00 to $55.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 26th. Finally, Berenberg Bank lowered shares of Nucor Corp. from a “buy” rating to a “hold” rating and set a $57.50 target price on the stock. in a research report on Friday, July 22nd. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $52.99.

In other news, CFO James D. Frias sold 9,000 shares of Nucor Corp. stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $53.14, for a total transaction of $478,260.00. Following the completion of the sale, the chief financial officer now owns 156,065 shares of the company’s stock, valued at $8,293,294.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James R. Darsey sold 71,465 shares of Nucor Corp. stock in a transaction on Monday, July 25th. The stock was sold at an average price of $52.45, for a total value of $3,748,339.25. Following the sale, the insider now directly owns 234,135 shares of the company’s stock, valued at approximately $12,280,380.75. 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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