Farmers Trust Co. Acquires 2,832 Shares of Nucor Corporation $NUE

Key Points

• Farmers Trust Co. increased its stake in Nucor Corporation by 12.5%, acquiring an additional 2,832 shares during the second quarter, bringing its total holdings to 25,558 shares valued at $3,311,000.
• Nucor reported a quarterly earnings per share of $2.60, surpassing analysts' estimates of $2.54, with revenue for the quarter reaching $8.46 billion.
• The company announced a quarterly dividend of $0.55, representing an annualized dividend of $2.20 with a yield of 1.6%.

Farmers Trust Co. raised its stake in Nucor Corporation (NYSE:NUE - Free Report) by 12.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,558 shares of the basic materials company's stock after acquiring an additional 2,832 shares during the quarter. Farmers Trust Co.'s holdings in Nucor were worth $3,311,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in NUE. Vanguard Group Inc. grew its stake in shares of Nucor by 2.6% during the first quarter. Vanguard Group Inc. now owns 28,959,327 shares of the basic materials company's stock worth $3,484,965,000 after buying an additional 745,671 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Nucor by 18.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,309,452 shares of the basic materials company's stock worth $277,920,000 after purchasing an additional 355,364 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Nucor by 5.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,772,831 shares of the basic materials company's stock valued at $213,342,000 after purchasing an additional 92,363 shares during the last quarter. Diamond Hill Capital Management Inc. acquired a new stake in shares of Nucor during the first quarter valued at about $194,804,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Nucor by 16.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,610,933 shares of the basic materials company's stock valued at $193,863,000 after purchasing an additional 226,343 shares in the last quarter. 76.48% of the stock is owned by institutional investors.

Nucor Trading Up 1.1%

NYSE NUE opened at $134.71 on Tuesday. The company has a quick ratio of 1.51, a current ratio of 2.83 and a debt-to-equity ratio of 0.31. Nucor Corporation has a 52 week low of $97.59 and a 52 week high of $170.52. The business has a 50 day moving average price of $142.81 and a 200-day moving average price of $128.58. The company has a market cap of $30.92 billion, a price-to-earnings ratio of 24.32, a P/E/G ratio of 0.90 and a beta of 1.76.

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

Nucor Announces Dividend

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

Insider Buying and Selling at Nucor

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

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on NUE shares. Wells Fargo & Company dropped their price objective on shares of Nucor from $146.00 to $140.00 and set an "equal weight" rating for the company in a report on Thursday, September 18th. Bank of America lifted their price target on shares of Nucor from $150.00 to $165.00 and gave the stock a "buy" rating in a report on Monday, September 15th. BMO Capital Markets raised shares of Nucor from a "market perform" rating to an "outperform" rating and boosted their price objective for the stock from $140.00 to $145.00 in a research note on Monday, June 2nd. Morgan Stanley raised their target price on Nucor from $134.00 to $149.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. Finally, Jefferies Financial Group raised Nucor from a "hold" rating to a "buy" rating and lifted their target price for the stock from $135.00 to $170.00 in a report on Thursday, July 31st. Eight equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price 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.

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