Berkshire Asset Management LLC PA boosted its position in shares of Nucor Co. (NYSE:NUE) by 5.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 293,706 shares of the basic materials company’s stock after acquiring an additional 16,393 shares during the quarter. Nucor accounts for approximately 1.6% of Berkshire Asset Management LLC PA’s investment portfolio, making the stock its 26th biggest position. Berkshire Asset Management LLC PA owned 0.09% of Nucor worth $18,636,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in the stock. Bank of Montreal Can boosted its holdings in Nucor by 29.1% during the 3rd quarter. Bank of Montreal Can now owns 446,933 shares of the basic materials company’s stock valued at $28,357,000 after acquiring an additional 100,853 shares during the period. Busey Trust CO boosted its holdings in Nucor by 3.3% during the 3rd quarter. Busey Trust CO now owns 91,048 shares of the basic materials company’s stock valued at $5,777,000 after acquiring an additional 2,879 shares during the period. Hudson Capital Management LLC boosted its holdings in Nucor by 52.1% during the 3rd quarter. Hudson Capital Management LLC now owns 16,266 shares of the basic materials company’s stock valued at $1,032,000 after acquiring an additional 5,574 shares during the period. Clinton Group Inc. purchased a new position in Nucor during the 3rd quarter valued at about $521,000. Finally, Manning & Napier Group LLC boosted its holdings in Nucor by 8.7% during the 3rd quarter. Manning & Napier Group LLC now owns 93,245 shares of the basic materials company’s stock valued at $5,916,000 after acquiring an additional 7,437 shares during the period. Institutional investors own 77.28% of the company’s stock.
NUE stock traded up $0.39 during mid-day trading on Friday, reaching $60.85. The company had a trading volume of 176,837 shares, compared to its average volume of 2,501,010. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.05 and a quick ratio of 1.55. The firm has a market capitalization of $20.07 billion, a P/E ratio of 17.48, a P/E/G ratio of 0.69 and a beta of 1.51. Nucor Co. has a fifty-two week low of $53.71 and a fifty-two week high of $70.48.
Nucor (NYSE:NUE) last posted its quarterly earnings results on Thursday, July 19th. The basic materials company reported $2.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.03). The company had revenue of $6.46 billion during the quarter, compared to analyst estimates of $6.47 billion. Nucor had a net margin of 7.58% and a return on equity of 16.22%. Nucor’s revenue for the quarter was up 24.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.00 EPS. On average, analysts expect that Nucor Co. will post 7.64 EPS for the current year.
Nucor announced that its Board of Directors has authorized a stock repurchase program on Thursday, September 6th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the basic materials company to reacquire up to 10% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 9th. Stockholders of record on Friday, September 28th will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.50%. The ex-dividend date is Thursday, September 27th. Nucor’s dividend payout ratio (DPR) is presently 43.30%.
In other news, 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 sale, the insider now owns 139,839 shares of the company’s stock, valued at approximately $9,320,269.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO John J. Ferriola sold 14,607 shares of the firm’s stock in a transaction dated Tuesday, July 24th. The stock was sold at an average price of $68.25, for a total value of $996,927.75. Following the sale, the chief executive officer now directly owns 374,542 shares in the company, valued at approximately $25,562,491.50. The disclosure for this sale can be found here. Insiders have sold a total of 119,328 shares of company stock worth $8,074,991 in the last three months. Corporate insiders own 0.80% of the company’s stock.
A number of brokerages recently commented on NUE. Zacks Investment Research upgraded Nucor from a “hold” rating to a “buy” rating and set a $72.00 target price for the company in a report on Tuesday. ValuEngine cut Nucor from a “hold” rating to a “sell” rating in a report on Tuesday, September 4th. KeyCorp upgraded Nucor from a “sector weight” rating to an “overweight” rating and set a $77.00 target price for the company in a report on Tuesday, July 24th. Seaport Global Securities assumed coverage on Nucor in a report on Thursday. They set a “buy” rating and a $75.00 target price for the company. Finally, Deutsche Bank lowered Nucor to a “buy” rating in a research report on Tuesday, October 2nd. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $72.62.
Nucor Company Profile
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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