Nucor Corporation $NUE Shares Sold by Public Employees Retirement System of Ohio

Key Points

• The Public Employees Retirement System of Ohio has reduced its stake in Nucor Corporation by 6.8%, now holding 123,122 shares valued at approximately $15.95 million.
• Nucor reported earnings of $2.60 per share for the recent quarter, exceeding expectations, with revenue of $8.46 billion, reflecting a year-over-year increase of 4.7%.
• The company is set to pay a quarterly dividend of $0.55 per share on November 10th, representing an annual yield of 1.6% based on its current payout ratio of 39.71%.

Public Employees Retirement System of Ohio decreased its position in shares of Nucor Corporation (NYSE:NUE - Free Report) by 6.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 123,122 shares of the basic materials company's stock after selling 8,919 shares during the quarter. Public Employees Retirement System of Ohio owned 0.05% of Nucor worth $15,949,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Matrix Trust Co increased its holdings in Nucor by 53.8% in the second quarter. Matrix Trust Co now owns 240 shares of the basic materials company's stock valued at $31,000 after buying an additional 84 shares in the last quarter. MV Capital Management Inc. grew its position in shares of Nucor by 73.5% during the 1st quarter. MV Capital Management Inc. now owns 281 shares of the basic materials company's stock valued at $34,000 after acquiring an additional 119 shares during the period. Geneos Wealth Management Inc. increased its stake in shares of Nucor by 81.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 340 shares of the basic materials company's stock valued at $41,000 after purchasing an additional 153 shares in the last quarter. Park Square Financial Group LLC acquired a new position in Nucor in the 4th quarter worth about $48,000. Finally, Spirit of America Management Corp NY purchased a new position in Nucor during the first quarter worth approximately $48,000. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Nucor Price Performance

Shares of NYSE NUE opened at $134.97 on Friday. The stock has a market capitalization of $30.98 billion, a price-to-earnings ratio of 24.36, a price-to-earnings-growth ratio of 0.94 and a beta of 1.76. Nucor Corporation has a 52 week low of $97.59 and a 52 week high of $170.52. The firm has a 50-day simple moving average of $142.59 and a 200-day simple moving average of $128.74. 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 (NYSE:NUE - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $8.46 billion during the quarter, compared to analysts' expectations of $8.47 billion. Nucor had a net margin of 4.21% and a return on equity of 6.65%. Nucor's revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.68 EPS. On average, equities analysts predict that Nucor Corporation will post 7.64 earnings per share for the current fiscal year.

Nucor Announces Dividend

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. The ex-dividend date is Tuesday, September 30th. This represents a $2.20 dividend on an annualized basis and a yield of 1.6%. Nucor's dividend payout ratio (DPR) is presently 39.71%.

Insider Buying and Selling

In other Nucor news, insider Michael D. Keller sold 6,088 shares of the business'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 transaction, the insider owned 22,464 shares of the company's stock, valued at approximately $3,333,882.24. The trade was a 21.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Daniel R. Needham sold 7,200 shares of the firm's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $146.00, for a total value of $1,051,200.00. Following the completion of the sale, the executive vice president directly owned 92,179 shares of the company's stock, valued at $13,458,134. This trade represents a 7.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 31,309 shares of company stock worth $4,553,771. 0.46% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on NUE shares. Jefferies Financial Group upgraded Nucor from a "hold" rating to a "buy" rating and boosted their price objective for the company from $135.00 to $170.00 in a research report on Thursday, July 31st. Morgan Stanley boosted their price target on shares of Nucor from $134.00 to $149.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. UBS Group reduced their price objective on shares of Nucor from $153.00 to $147.00 and set a "buy" rating for the company in a research report on Thursday, May 29th. Wells Fargo & Company dropped their target price on shares of Nucor from $146.00 to $140.00 and set an "equal weight" rating on the stock in a research report on Thursday, September 18th. Finally, BMO Capital Markets raised shares of Nucor from a "market perform" rating to an "outperform" rating and boosted their target price for the stock from $140.00 to $145.00 in a research note on Monday, June 2nd. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company currently 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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