Guggenheim Capital LLC boosted its holdings in shares of Nucor Co. (NYSE:NUE) by 24.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,118,852 shares of the basic materials company’s stock after acquiring an additional 222,246 shares during the quarter. Guggenheim Capital LLC owned 0.35% of Nucor worth $71,136,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Independence Bank of Kentucky acquired a new stake in Nucor during the 4th quarter worth about $100,000. Barrett Asset Management LLC acquired a new stake in Nucor during the 4th quarter worth about $101,000. Cerebellum GP LLC acquired a new stake in Nucor during the 4th quarter worth about $131,000. Financial Gravity Companies Inc. acquired a new stake in Nucor during the 4th quarter worth about $140,000. Finally, Dupont Capital Management Corp acquired a new stake in Nucor during the 4th quarter worth about $176,000. Hedge funds and other institutional investors own 80.16% of the company’s stock.
In related news, CFO James D. Frias sold 39,037 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $68.31, for a total value of $2,666,617.47. Following the completion of the sale, the chief financial officer now directly owns 177,204 shares in the company, valued at approximately $12,104,805.24. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Victoria F. Haynes sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 7th. The stock was sold at an average price of $69.12, for a total value of $207,360.00. Following the completion of the sale, the director now owns 30,573 shares of the company’s stock, valued at $2,113,205.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 95,387 shares of company stock valued at $6,285,411. Corporate insiders own 0.70% of the company’s stock.
Nucor (NYSE:NUE) last posted its earnings results on Tuesday, January 30th. The basic materials company reported $0.65 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.10. Nucor had a return on equity of 13.03% and a net margin of 6.58%. The firm had revenue of $5.09 billion during the quarter, compared to analyst estimates of $4.86 billion. During the same period in the previous year, the company earned $0.50 EPS. The company’s revenue for the quarter was up 28.7% on a year-over-year basis. analysts predict that Nucor Co. will post 4.92 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, May 11th. Investors of record on Thursday, March 29th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $1.52 annualized dividend and a yield of 2.26%. Nucor’s dividend payout ratio (DPR) is currently 36.72%.
A number of equities research analysts have commented on the company. ValuEngine upgraded Nucor from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Zacks Investment Research upgraded Nucor from a “hold” rating to a “strong-buy” rating and set a $73.00 price objective for the company in a research report on Tuesday, February 13th. Morgan Stanley decreased their price objective on Nucor from $70.00 to $68.00 and set a “hold” rating for the company in a research report on Tuesday, February 6th. Jefferies Group reiterated a “buy” rating and set a $76.00 price target on shares of Nucor in a report on Wednesday, January 31st. Finally, BMO Capital Markets lifted their price target on Nucor to $72.00 and gave the company a “market perform” rating in a report on Wednesday, January 31st. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Nucor has a consensus rating of “Buy” and an average price target of $69.70.
TRADEMARK VIOLATION WARNING: “Guggenheim Capital LLC Increases Holdings in Nucor Co. (NUE)” was first published by American Banking News and is the property of of American Banking News. If you are accessing this article on another domain, it was illegally copied and republished in violation of United States & international copyright and trademark legislation. The correct version of this article can be read at https://www.americanbankingnews.com/2018/03/12/guggenheim-capital-llc-increases-holdings-in-nucor-co-nue.html.
Nucor Company Profile
Nucor Corporation (Nucor) manufactures steel and steel products. The Company produces direct reduced iron (DRI) for use in its steel mills. It operates in three segments: steel mills, steel products and raw materials. The steel mills segment produces and distributes sheet steel (hot-rolled, cold-rolled and galvanized), plate steel, structural steel (wide-flange beams, beam blanks, H-piling and sheet piling) and bar steel (blooms, billets, concrete reinforcing bar, merchant bar, wire rod and special bar quality).
Receive News & Ratings for Nucor Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nucor and related companies with MarketBeat.com's FREE daily email newsletter.