BlueMountain Capital Management LLC decreased its holdings in shares of Nucor Co. (NYSE:NUE) by 63.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,334 shares of the basic materials company’s stock after selling 27,819 shares during the quarter. BlueMountain Capital Management LLC’s holdings in Nucor were worth $1,021,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in NUE. Advisor Partners LLC grew its stake in Nucor by 15.5% in the 2nd quarter. Advisor Partners LLC now owns 5,514 shares of the basic materials company’s stock valued at $345,000 after buying an additional 742 shares during the last quarter. UMB Bank N A MO grew its stake in Nucor by 2.4% in the 2nd quarter. UMB Bank N A MO now owns 32,781 shares of the basic materials company’s stock valued at $2,049,000 after buying an additional 765 shares during the last quarter. Rothschild Investment Corp IL grew its stake in Nucor by 0.6% in the 2nd quarter. Rothschild Investment Corp IL now owns 137,745 shares of the basic materials company’s stock valued at $8,609,000 after buying an additional 800 shares during the last quarter. Willingdon Wealth Management grew its stake in Nucor by 2.6% in the 2nd quarter. Willingdon Wealth Management now owns 31,266 shares of the basic materials company’s stock valued at $1,954,000 after buying an additional 802 shares during the last quarter. Finally, IFM Investors Pty Ltd grew its stake in Nucor by 9.2% in the 1st quarter. IFM Investors Pty Ltd now owns 9,981 shares of the basic materials company’s stock valued at $610,000 after buying an additional 844 shares during the last quarter. Institutional investors own 77.34% of the company’s stock.
A number of research firms recently issued reports on NUE. ValuEngine upgraded shares of Nucor from a “sell” rating to a “hold” rating in a research note on Thursday. Macquarie upgraded shares of Nucor from a “neutral” rating to an “outperform” rating and set a $75.00 target price on the stock in a research note on Thursday, May 17th. Zacks Investment Research raised shares of Nucor from a “hold” rating to a “buy” rating and set a $72.00 price target for the company in a report on Thursday, July 12th. KeyCorp raised shares of Nucor from a “sector weight” rating to an “overweight” rating and set a $77.00 price target for the company in a report on Tuesday, July 24th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $80.00 price target on shares of Nucor in a report on Friday, July 13th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $71.00.
In other news, EVP D. Chad Utermark sold 53,483 shares of the firm’s stock in a transaction dated Tuesday, July 24th. The shares were sold at an average price of $68.49, for a total transaction of $3,663,050.67. Following the completion of the transaction, the executive vice president now directly owns 155,140 shares of the company’s stock, valued at approximately $10,625,538.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider David A. Sumoski sold 51,238 shares of the firm’s stock in a transaction dated Monday, July 23rd. The stock was sold at an average price of $66.65, for a total transaction of $3,415,012.70. Following the transaction, the insider now directly owns 139,839 shares of the company’s stock, valued at $9,320,269.35. The disclosure for this sale can be found here. Over the last three months, insiders sold 122,443 shares of company stock valued at $8,277,404. Insiders own 0.70% of the company’s stock.
Shares of Nucor stock opened at $63.50 on Friday. The company has a quick ratio of 1.55, a current ratio of 3.05 and a debt-to-equity ratio of 0.43. Nucor Co. has a fifty-two week low of $53.18 and a fifty-two week high of $70.48. The firm has a market capitalization of $19.83 billion, a price-to-earnings ratio of 18.09, a P/E/G ratio of 0.68 and a beta of 1.54.
Nucor (NYSE:NUE) last issued its quarterly earnings results on Thursday, July 19th. The basic materials company reported $2.07 earnings per share for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.03). Nucor had a net margin of 7.58% and a return on equity of 16.22%. The company had revenue of $6.46 billion during the quarter, compared to the consensus estimate of $6.47 billion. During the same period last year, the company earned $1.00 earnings per share. Nucor’s revenue for the quarter was up 24.9% on a year-over-year basis. equities research analysts expect that Nucor Co. will post 7.64 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 9th. Shareholders of record on Friday, September 28th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date of this dividend is Thursday, September 27th. Nucor’s dividend payout ratio (DPR) is presently 43.30%.
Nucor declared that its board has approved a share repurchase program on Thursday, September 6th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the basic materials company to repurchase up to 10% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
Nucor Corporation manufactures and sells steel and steel products in the United States and internationally. 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; hollow structural section steel tubing, steel electrical conduit, plate steel, and structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, wire rods, and special bar quality; and tubular and plate steel products.
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