Gulf International Bank UK Ltd raised its holdings in shares of Nucor Co. (NYSE:NUE) by 8.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 108,339 shares of the basic materials company’s stock after acquiring an additional 8,860 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Nucor were worth $6,874,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also modified their holdings of the company. Northern Trust Corp increased its holdings in shares of Nucor by 0.4% in the second quarter. Northern Trust Corp now owns 5,312,891 shares of the basic materials company’s stock worth $332,055,000 after purchasing an additional 21,081 shares during the period. Luminus Management LLC increased its holdings in shares of Nucor by 8.1% in the second quarter. Luminus Management LLC now owns 2,126,324 shares of the basic materials company’s stock worth $132,895,000 after purchasing an additional 160,200 shares during the period. Schwab Charles Investment Management Inc. increased its holdings in shares of Nucor by 2.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,304,554 shares of the basic materials company’s stock worth $81,535,000 after purchasing an additional 36,151 shares during the period. Swiss National Bank increased its holdings in shares of Nucor by 3.1% in the second quarter. Swiss National Bank now owns 1,051,861 shares of the basic materials company’s stock worth $65,741,000 after purchasing an additional 31,600 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Nucor by 8.0% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 988,704 shares of the basic materials company’s stock worth $61,794,000 after purchasing an additional 73,030 shares during the period. 77.46% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have recently weighed in on NUE. Zacks Investment Research raised shares of Nucor from a “hold” rating to a “buy” rating and set a $72.00 price target on the stock in a report on Tuesday, October 9th. ValuEngine cut shares of Nucor from a “hold” rating to a “sell” rating in a report on Tuesday, September 4th. BMO Capital Markets decreased their price target on shares of Nucor from $75.00 to $70.00 and set a “market perform” rating on the stock in a report on Friday, October 19th. Argus reaffirmed a “buy” rating on shares of Nucor in a report on Tuesday, October 23rd. Finally, KeyCorp raised shares of Nucor from a “sector weight” rating to an “overweight” rating and set a $77.00 price target on the stock in a report on Tuesday, July 24th. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $73.58.
NUE opened at $62.78 on Friday. The firm has a market capitalization of $19.75 billion, a P/E ratio of 17.89, a PEG ratio of 0.68 and a beta of 1.45. The company has a current ratio of 3.15, a quick ratio of 1.69 and a debt-to-equity ratio of 0.42. Nucor Co. has a 52 week low of $53.71 and a 52 week high of $70.48.
Nucor (NYSE:NUE) last released its earnings results on Thursday, October 18th. The basic materials company reported $2.33 EPS for the quarter, missing the Zacks’ consensus estimate of $2.35 by ($0.02). The firm had revenue of $6.74 billion during the quarter, compared to the consensus estimate of $6.64 billion. Nucor had a net margin of 8.79% and a return on equity of 20.72%. The firm’s revenue was up 30.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.83 EPS. As a group, sell-side analysts anticipate that Nucor Co. will post 7.63 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, November 9th. Investors of record on Friday, September 28th were paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $1.52 dividend on an annualized basis and a yield of 2.42%. Nucor’s dividend payout ratio is presently 43.30%.
Nucor declared that its board has approved a share buyback plan on Thursday, September 6th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the basic materials company to reacquire up to 10% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
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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.
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