BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Raises Holdings in Nucor Co. (NYSE:NUE)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in Nucor Co. (NYSE:NUE) by 57.1% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 46,114 shares of the basic materials company’s stock after acquiring an additional 16,762 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Nucor were worth $7,290,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of NUE. McClarren Financial Advisors Inc. increased its stake in Nucor by 129.0% during the 2nd quarter. McClarren Financial Advisors Inc. now owns 158 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 89 shares in the last quarter. Rise Advisors LLC acquired a new position in shares of Nucor in the 1st quarter valued at $27,000. Chilton Capital Management LLC lifted its position in Nucor by 94.2% during the 1st quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 65 shares during the period. Central Pacific Bank Trust Division acquired a new stake in Nucor during the 1st quarter worth about $28,000. Finally, Tompkins Financial Corp increased its holdings in shares of Nucor by 208.0% in the first quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 104 shares during the period. 76.48% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Nucor

In other Nucor news, EVP Daniel R. Needham sold 8,624 shares of the company’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total transaction of $1,379,840.00. Following the completion of the transaction, the executive vice president now directly owns 99,049 shares in the company, valued at $15,847,840. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.46% of the stock is owned by corporate insiders.

Nucor Stock Down 1.1 %

NUE opened at $148.88 on Thursday. The company has a fifty day moving average of $148.99 and a two-hundred day moving average of $165.36. The stock has a market capitalization of $35.70 billion, a price-to-earnings ratio of 8.76 and a beta of 1.55. Nucor Co. has a fifty-two week low of $133.42 and a fifty-two week high of $203.00. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.85 and a current ratio of 2.93.

Nucor (NYSE:NUE) last announced its quarterly earnings results on Monday, July 22nd. The basic materials company reported $2.68 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.37. The firm had revenue of $8.08 billion during the quarter, compared to analyst estimates of $7.69 billion. Nucor had a return on equity of 15.69% and a net margin of 10.45%. Nucor’s revenue for the quarter was down 15.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $5.81 EPS. On average, research analysts expect that Nucor Co. will post 9.28 earnings per share for the current year.

Nucor Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Friday, September 27th will be given a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.45%. Nucor’s dividend payout ratio (DPR) is 12.71%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. JPMorgan Chase & Co. raised Nucor from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $170.00 to $174.00 in a report on Monday, September 9th. BMO Capital Markets dropped their price objective on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a report on Wednesday, September 18th. Morgan Stanley reduced their target price on shares of Nucor from $176.00 to $170.00 and set an “overweight” rating for the company in a report on Wednesday, September 18th. Bank of America lowered their price target on shares of Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. Finally, Argus upgraded Nucor to a “strong-buy” rating in a research note on Monday, August 26th. Three analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $192.00.

Nucor Company Profile

Nucor Corporation engages in manufacture and sale of steel and steel products. It operates in three segments: steel mills, steel products, and raw materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products; and engages in the steel trading and rebar distribution businesses.