Dynamic Technology Lab Private Ltd grew its position in Nucor Co. (NYSE:NUE) by 160.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 22,817 shares of the basic materials company’s stock after acquiring an additional 14,049 shares during the period. Dynamic Technology Lab Private Ltd’s holdings in Nucor were worth $1,448,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of NUE. Dupont Capital Management Corp grew its position in shares of Nucor by 44.4% in the 2nd quarter. Dupont Capital Management Corp now owns 4,461 shares of the basic materials company’s stock valued at $279,000 after purchasing an additional 1,372 shares during the period. Aperio Group LLC grew its position in shares of Nucor by 3.3% in the 2nd quarter. Aperio Group LLC now owns 102,836 shares of the basic materials company’s stock valued at $6,427,000 after purchasing an additional 3,305 shares during the period. Alps Advisors Inc. grew its position in shares of Nucor by 9.9% in the 2nd quarter. Alps Advisors Inc. now owns 805,075 shares of the basic materials company’s stock valued at $51,187,000 after purchasing an additional 72,509 shares during the period. Victory Capital Management Inc. grew its position in shares of Nucor by 11.5% in the 2nd quarter. Victory Capital Management Inc. now owns 47,530 shares of the basic materials company’s stock valued at $2,971,000 after purchasing an additional 4,901 shares during the period. Finally, Jennison Associates LLC grew its position in shares of Nucor by 162.5% in the 2nd quarter. Jennison Associates LLC now owns 9,092 shares of the basic materials company’s stock valued at $568,000 after purchasing an additional 5,629 shares during the period. Institutional investors and hedge funds own 76.59% of the company’s stock.
NUE has been the subject of several research analyst reports. Zacks Investment Research lowered Nucor from a “buy” rating to a “hold” rating in a research report on Tuesday, August 14th. Deutsche Bank cut Nucor to a “buy” rating in a research note on Tuesday, October 2nd. Argus restated a “buy” rating on shares of Nucor in a research note on Tuesday, October 23rd. ValuEngine cut Nucor from a “hold” rating to a “sell” rating in a research note on Tuesday, September 4th. Finally, KeyCorp restated a “buy” rating and issued a $72.00 target price on shares of Nucor in a research note on Friday, November 30th. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Nucor currently has an average rating of “Buy” and a consensus price target of $73.00.
NYSE NUE opened at $57.51 on Friday. The company has a market capitalization of $18.73 billion, a price-to-earnings ratio of 16.38, a PEG ratio of 0.66 and a beta of 1.47. 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 $55.55 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 Thomson Reuters’ 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 company’s revenue was up 30.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.83 EPS. As a group, equities analysts expect that Nucor Co. will post 7.57 EPS for the current year.
Nucor announced that its Board of Directors has initiated a share repurchase program 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 programs are often an indication that the company’s leadership believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 11th. Stockholders of record on Monday, December 31st will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, December 28th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.78%. This is a boost from Nucor’s previous quarterly dividend of $0.38. Nucor’s dividend payout ratio is currently 43.30%.
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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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