Comerica Securities Inc. trimmed its holdings in shares of Nucor Co. (NYSE:NUE) by 2.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 88,146 shares of the basic materials company’s stock after selling 2,014 shares during the period. Comerica Securities Inc.’s holdings in Nucor were worth $5,626,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of the company. Almanack Investment Partners LLC. acquired a new stake in shares of Nucor in the 2nd quarter worth approximately $106,000. Parallel Advisors LLC grew its holdings in shares of Nucor by 120.0% in the 2nd quarter. Parallel Advisors LLC now owns 2,231 shares of the basic materials company’s stock worth $139,000 after acquiring an additional 1,217 shares during the period. Transamerica Financial Advisors Inc. acquired a new stake in shares of Nucor in the 2nd quarter worth approximately $153,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new stake in shares of Nucor in the 2nd quarter worth approximately $179,000. Finally, Cerebellum GP LLC acquired a new stake in shares of Nucor in the 3rd quarter worth approximately $181,000. 77.46% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE:NUE opened at $62.43 on Wednesday. The firm has a market cap of $19.15 billion, a price-to-earnings ratio of 17.79, a P/E/G ratio of 0.66 and a beta of 1.45. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.69 and a current ratio of 3.15. Nucor Co. has a one year low of $53.71 and a one year high of $70.48.
Nucor (NYSE:NUE) last announced its earnings results on Thursday, October 18th. The basic materials company reported $2.33 EPS for the quarter, missing analysts’ consensus estimates of $2.35 by ($0.02). The company had revenue of $6.74 billion for the quarter, compared to analyst estimates of $6.64 billion. Nucor had a net margin of 8.79% and a return on equity of 20.72%. Nucor’s quarterly revenue was up 30.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.83 EPS. As a group, equities research analysts forecast that Nucor Co. will post 7.61 earnings per share for the current year.
Nucor announced that its Board of Directors has approved a share repurchase plan on Thursday, September 6th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the basic materials company to reacquire up to 10% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 9th. Shareholders of record on Friday, September 28th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date of this dividend is Thursday, September 27th. Nucor’s dividend payout ratio (DPR) is presently 43.30%.
A number of research firms recently weighed in on NUE. ValuEngine upgraded Nucor from a “sell” rating to a “hold” rating in a report on Tuesday. Zacks Investment Research cut Nucor from a “buy” rating to a “hold” rating in a report on Monday, October 29th. Argus reiterated a “buy” rating on shares of Nucor in a report on Tuesday, October 23rd. Credit Suisse Group reiterated a “neutral” rating on shares of Nucor in a report on Monday, October 15th. Finally, Citigroup lowered their target price on Nucor from $78.00 to $70.00 and set a “buy” rating on the stock in a report on Friday, October 19th. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $73.58.
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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.
Further Reading: Cost of Capital
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