Clearbridge Investments Lowers stake in Nucor Corporation (NUE)

Nucor Corporation (NUE) : Clearbridge Investments reduced its stake in Nucor Corporation by 2.14% during the most recent quarter end. The investment management company now holds a total of 10,194,465 shares of Nucor Corporation which is valued at $607,590,114 after selling 223,148 shares in Nucor Corporation , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.Nucor Corporation makes up approximately 0.69% of Clearbridge Investments’s portfolio.

Other Hedge Funds, Including , Wolverine Trading reduced its stake in NUE by selling 5,633 shares or 46.2% in the most recent quarter. The Hedge Fund company now holds 6,560 shares of NUE which is valued at $390,976. Nucor Corporation makes up approx 0.02% of Wolverine Trading’s portfolio.Finemark National Bank Trust boosted its stake in NUE in the latest quarter, The investment management firm added 265 additional shares and now holds a total of 9,225 shares of Nucor Corporation which is valued at $545,567. Nucor Corporation makes up approx 0.06% of Finemark National Bank Trust’s portfolio.Plante Moran Financial Advisors reduced its stake in NUE by selling 156 shares or 36.11% in the most recent quarter. The Hedge Fund company now holds 276 shares of NUE which is valued at $13,463. Nucor Corporation makes up approx 0.01% of Plante Moran Financial Advisors’s portfolio.California Public Employees Retirement System reduced its stake in NUE by selling 1,500 shares or 0.18% in the most recent quarter. The Hedge Fund company now holds 821,061 shares of NUE which is valued at $39,148,188. Nucor Corporation makes up approx 0.06% of California Public Employees Retirement System’s portfolio.

Nucor Corporation closed down -0.61 points or -1.03% at $58.84 with 30,53,399 shares getting traded on Monday. Post opening the session at $59.28, the shares hit an intraday low of $58.665 and an intraday high of $59.57 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, Nucor Corporation reported $0.84 EPS for the quarter, missing the analyst consensus estimate by $ -0.06 based on the information available during the earnings call on Oct 20, 2016. Analyst had a consensus of $0.90. The company had revenue of $4290.00 million for the quarter, compared to analysts expectations of $4501.04 million. The company’s revenue was up 1.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.71 EPS.

Many Wall Street Analysts have commented on Nucor Corporation. Nucor Corporation was Downgraded by Berenberg to ” Hold” on Nov 14, 2016. Nucor Corporation was Upgraded by BofA/Merrill to ” Buy” on Nov 9, 2016. Nucor Corporation was Upgraded by Berenberg to ” Buy” on Nov 2, 2016.

Nucor Corporation (Nucor) manufactures steel and steel products. The Company also produces direct reduced iron (DRI) for use in the Company’s steel mills. It also processes ferrous and nonferrous metals and brokers ferrous and nonferrous metals pig iron hot briquetted iron (HBI) and DRI. Nucor operates in three segments: steel mills steel products and raw materials. In the steel mills segment Nucor produces and distributes sheet steel plate steel structural steel and bar steel. In the steel products segment Nucor produces steel joists and joist girders steel deck fabricated concrete reinforcing steel cold finished steel steel fasteners metal building systems steel grating and expanded metal and wire and wire mesh. In the raw materials segment the Company produces DRI; brokers ferrous and nonferrous metals pig iron HBI and DRI; supplies ferro-alloys and processes ferrous and nonferrous scrap metal.

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