Lau Associates Lowers stake in Nucor Corporation (NUE)

Nucor Corporation (NUE) : Lau Associates reduced its stake in Nucor Corporation by 1.54% during the most recent quarter end. The investment management company now holds a total of 25,600 shares of Nucor Corporation which is valued at $1,230,080 after selling 400 shares in Nucor Corporation , the firm said in a disclosure report filed with the SEC on Oct 3, 2016.Nucor Corporation makes up approximately 1.25% of Lau Associates’s portfolio.

Other Hedge Funds, Including , Cullinan Associates Inc sold out all of its stake in NUE during the most recent quarter. The investment firm sold 5,900 shares of NUE which is valued $283,495.

Nucor Corporation closed down -1.2 points or -2.46% at $47.62 with 26,42,615 shares getting traded on Tuesday. Post opening the session at $48.55, the shares hit an intraday low of $47.545 and an intraday high of $48.67 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, Nucor Corporation reported $0.73 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Jul 21, 2016. Analyst had a consensus of $0.69. The company had revenue of $4246.00 million for the quarter, compared to analysts expectations of $4508.36 million. The company’s revenue was down -2.6 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.39 EPS.

Many Wall Street Analysts have commented on Nucor Corporation. Citigroup Initiated Nucor Corporation on Aug 22, 2016 to “Neutral”, Price Target of the shares are set at $55.Company shares were Reiterated by Cowen on Jul 26, 2016 to “Market Perform”, Firm has raised the Price Target to $ 55 from a previous price target of $50 .Nucor Corporation was Downgraded by Berenberg to ” Hold” on Jul 22, 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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