Covea Finance Has $6.96 Million Stake in Nucor Corporation $NUE

Key Points

• Covea Finance has reduced its stake in Nucor Corporation (NUE) by 29.9%, currently holding shares worth approximately $6.96 million.
• Nucor reported an earnings per share (EPS) of $2.60 in its latest quarterly earnings, exceeding the consensus estimate of $2.54.
• The company is set to pay a quarterly dividend of $0.55 on November 10th, contributing to an annualized dividend yield of 1.6%.

Covea Finance decreased its stake in shares of Nucor Corporation (NYSE:NUE - Free Report) by 29.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 53,700 shares of the basic materials company's stock after selling 22,940 shares during the quarter. Covea Finance's holdings in Nucor were worth $6,956,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of NUE. Putney Financial Group LLC acquired a new stake in Nucor in the 4th quarter valued at $29,000. Matrix Trust Co grew its position in Nucor by 53.8% in the 2nd quarter. Matrix Trust Co now owns 240 shares of the basic materials company's stock valued at $31,000 after purchasing an additional 84 shares during the period. MV Capital Management Inc. grew its position in Nucor by 73.5% in the 1st quarter. MV Capital Management Inc. now owns 281 shares of the basic materials company's stock valued at $34,000 after purchasing an additional 119 shares during the period. Geneos Wealth Management Inc. boosted its holdings in Nucor by 81.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 340 shares of the basic materials company's stock worth $41,000 after acquiring an additional 153 shares during the last quarter. Finally, Park Square Financial Group LLC purchased a new position in Nucor during the 4th quarter worth $48,000. Institutional investors and hedge funds own 76.48% of the company's stock.

Nucor Stock Up 1.1%

NUE opened at $134.71 on Tuesday. The company has a market cap of $30.92 billion, a P/E ratio of 24.32, a P/E/G ratio of 0.90 and a beta of 1.76. The business's 50-day moving average price is $142.81 and its 200-day moving average price is $128.58. The company has a current ratio of 2.83, a quick ratio of 1.51 and a debt-to-equity ratio of 0.31. Nucor Corporation has a 12 month low of $97.59 and a 12 month high of $170.52.

Nucor (NYSE:NUE - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The basic materials company reported $2.60 EPS for the quarter, topping the consensus estimate of $2.54 by $0.06. The firm had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.47 billion. Nucor had a return on equity of 6.65% and a net margin of 4.21%.The company's quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.68 earnings per share. On average, equities analysts expect that Nucor Corporation will post 7.64 EPS for the current year.

Nucor Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Tuesday, September 30th will be issued a $0.55 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $2.20 annualized dividend and a dividend yield of 1.6%. Nucor's payout ratio is currently 39.71%.

Insiders Place Their Bets

In related news, EVP Kenneth Rex Query sold 10,000 shares of the business's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $144.90, for a total transaction of $1,449,000.00. Following the transaction, the executive vice president owned 84,080 shares in the company, valued at $12,183,192. The trade was a 10.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Allen C. Behr sold 8,021 shares of the business's stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $143.38, for a total value of $1,150,050.98. Following the transaction, the executive vice president owned 82,703 shares in the company, valued at approximately $11,857,956.14. This represents a 8.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 41,309 shares of company stock worth $5,857,471 in the last quarter. 0.71% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on NUE shares. Morgan Stanley lifted their price objective on shares of Nucor from $134.00 to $149.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Bank of America lifted their price objective on shares of Nucor from $150.00 to $165.00 and gave the stock a "buy" rating in a report on Monday, September 15th. UBS Group cut their price objective on shares of Nucor from $153.00 to $147.00 and set a "buy" rating on the stock in a report on Thursday, May 29th. BMO Capital Markets raised shares of Nucor from a "market perform" rating to an "outperform" rating and lifted their price objective for the stock from $140.00 to $145.00 in a report on Monday, June 2nd. Finally, Wells Fargo & Company lowered their target price on Nucor from $146.00 to $140.00 and set an "equal weight" rating on the stock in a research note on Thursday, September 18th. Eight research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $156.20.

Nucor 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.

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 - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.