Mitsubishi UFJ Asset Management UK Ltd. Sells 8,000 Shares of Nucor Corporation $NUE

Key Points

• Mitsubishi UFJ Asset Management UK Ltd. reduced its stake in Nucor Corporation by 50% during the second quarter, selling 8,000 shares and holding shares worth approximately $1,036,000 afterward.
• Despite the sell-off, institutional investors have increased their positions in Nucor, with notable increases from firms like Mirae Asset Global Investments and Wealth Enhancement Advisory Services.
• Nucor announced a quarterly dividend of $0.55 per share to be paid on November 10th, representing an annualized rate of $2.20 with a yield of 1.6%.

Mitsubishi UFJ Asset Management UK Ltd. cut its position in Nucor Corporation (NYSE:NUE - Free Report) by 50.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,000 shares of the basic materials company's stock after selling 8,000 shares during the period. Mitsubishi UFJ Asset Management UK Ltd.'s holdings in Nucor were worth $1,036,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Nucor by 17.8% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,595 shares of the basic materials company's stock valued at $3,853,000 after buying an additional 4,763 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Nucor by 21.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 101,459 shares of the basic materials company's stock worth $12,210,000 after acquiring an additional 17,861 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Nucor by 20.5% in the 1st quarter. Assenagon Asset Management S.A. now owns 28,886 shares of the basic materials company's stock worth $3,476,000 after acquiring an additional 4,914 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Nucor by 12.4% in the 1st quarter. Envestnet Asset Management Inc. now owns 305,006 shares of the basic materials company's stock worth $36,704,000 after acquiring an additional 33,700 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Nucor by 48.6% in the first quarter. GAMMA Investing LLC now owns 4,203 shares of the basic materials company's stock valued at $506,000 after purchasing an additional 1,375 shares during the last quarter. Institutional investors and hedge funds own 76.48% of the company's stock.

Nucor Stock Down 0.5%

Shares of NYSE NUE opened at $135.43 on Wednesday. The company has a quick ratio of 1.51, a current ratio of 2.83 and a debt-to-equity ratio of 0.31. The stock has a market cap of $31.09 billion, a PE ratio of 24.45, a price-to-earnings-growth ratio of 0.94 and a beta of 1.76. The business has a 50-day moving average price of $142.24 and a 200 day moving average price of $128.84. Nucor Corporation has a 52-week low of $97.59 and a 52-week high of $170.52.

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

Nucor Dividend Announcement

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

Analyst Ratings Changes

NUE has been the subject of a number of recent analyst reports. The Goldman Sachs Group reduced their price objective on shares of Nucor from $182.00 to $173.00 and set a "buy" rating for the company in a research report on Monday, September 22nd. Wells Fargo & Company decreased their price target on Nucor from $146.00 to $140.00 and set an "equal weight" rating for the company in a research report on Thursday, September 18th. Bank of America boosted their price objective on Nucor from $150.00 to $165.00 and gave the stock a "buy" rating in a research report on Monday, September 15th. Morgan Stanley raised their target price on Nucor from $134.00 to $149.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Nucor from $143.00 to $162.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Eight equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $156.60.

Insider Buying and Selling

In other news, insider Michael D. Keller sold 6,088 shares of the company's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $148.41, for a total transaction of $903,520.08. Following the completion of the sale, the insider directly owned 22,464 shares in the company, valued at $3,333,882.24. This represents a 21.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Kenneth Rex Query sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $144.90, for a total transaction of $1,449,000.00. Following the completion of 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 disclosure for this sale can be found here. Insiders have sold 31,309 shares of company stock valued at $4,553,771 over the last three months. Insiders own 0.71% of the company's stock.

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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