AMP Capital Investors Ltd lowered its position in Nucor Co. (NYSE:NUE) by 6.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 169,910 shares of the basic materials company’s stock after selling 11,713 shares during the period. AMP Capital Investors Ltd owned approximately 0.05% of Nucor worth $10,718,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Columbia Asset Management purchased a new position in shares of Nucor during the third quarter worth approximately $102,000. Almanack Investment Partners LLC. purchased a new position in shares of Nucor during the second quarter worth approximately $106,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new position in shares of Nucor during the second quarter worth approximately $179,000. Cerebellum GP LLC purchased a new position in shares of Nucor during the third quarter worth approximately $181,000. Finally, Gifford Fong Associates purchased a new position in shares of Nucor during the second quarter worth approximately $188,000. 76.59% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have recently commented on NUE. Zacks Investment Research raised shares of Nucor from a “hold” rating to a “buy” rating and set a $72.00 target price on the stock in a research report on Tuesday, October 9th. BMO Capital Markets reduced their target price on shares of Nucor from $75.00 to $70.00 and set a “market perform” rating on the stock in a research report on Friday, October 19th. ValuEngine lowered shares of Nucor from a “hold” rating to a “sell” rating in a research report on Tuesday, September 4th. Argus reaffirmed a “buy” rating on shares of Nucor in a research report on Tuesday, October 23rd. Finally, Citigroup reduced their target price on shares of Nucor from $78.00 to $70.00 and set a “buy” rating on the stock in a research report on Friday, October 19th. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Nucor presently has a consensus rating of “Buy” and a consensus price target of $73.00.
Shares of NUE stock opened at $59.66 on Wednesday. The company has a market cap of $18.96 billion, a P/E ratio of 17.00, a price-to-earnings-growth ratio of 0.67 and a beta of 1.47. 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 52-week low of $55.55 and a 52-week high of $70.48.
Nucor (NYSE:NUE) last issued its quarterly earnings data on Thursday, October 18th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.35 by ($0.02). The business had revenue of $6.74 billion for the quarter, compared to analysts’ expectations of $6.64 billion. Nucor had a net margin of 8.79% and a return on equity of 20.72%. The business’s quarterly revenue was up 30.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.83 earnings per share. Sell-side analysts anticipate that Nucor Co. will post 7.56 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 11th. Investors of record on Monday, December 31st will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.68%. This is a positive change from Nucor’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Friday, December 28th. Nucor’s dividend payout ratio (DPR) is presently 43.30%.
Nucor declared that its Board of Directors has initiated a stock buyback plan 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 purchase up to 10% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
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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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