Financial & Investment Management Group Ltd. purchased a new position in shares of Nucor Co. (NYSE:NUE) during the 3rd quarter, HoldingsChannel.com reports. The firm purchased 20,062 shares of the basic materials company’s stock, valued at approximately $1,273,000.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Almanack Investment Partners LLC. acquired a new stake in Nucor in the second quarter valued at approximately $106,000. Parallel Advisors LLC boosted its position in Nucor by 120.0% in the second quarter. Parallel Advisors LLC now owns 2,231 shares of the basic materials company’s stock valued at $139,000 after buying an additional 1,217 shares in the last quarter. Transamerica Financial Advisors Inc. acquired a new stake in Nucor in the second quarter valued at approximately $153,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new stake in Nucor in the second quarter valued at approximately $179,000. Finally, Cerebellum GP LLC acquired a new stake in Nucor in the third quarter valued at approximately $181,000. Institutional investors and hedge funds own 77.38% of the company’s stock.
In other news, insider David A. Sumoski sold 51,238 shares of Nucor stock in a transaction on Monday, July 23rd. The shares were sold at an average price of $66.65, for a total transaction of $3,415,012.70. Following the transaction, the insider now owns 139,839 shares in the company, valued at $9,320,269.35. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO John J. Ferriola sold 14,607 shares of Nucor stock in a transaction on Tuesday, July 24th. The stock was sold at an average price of $68.25, for a total transaction of $996,927.75. Following the transaction, the chief executive officer now owns 374,542 shares in the company, valued at approximately $25,562,491.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 119,328 shares of company stock worth $8,074,991. 0.70% of the stock is owned by company insiders.
A number of analysts have weighed in on NUE shares. Zacks Investment Research lowered shares of Nucor from a “buy” rating to a “hold” rating in a research report on Tuesday, August 14th. Deutsche Bank lowered shares of Nucor to a “buy” rating in a research report on Tuesday, October 2nd. ValuEngine lowered shares of Nucor from a “hold” rating to a “sell” rating in a research report on Tuesday, September 4th. Jefferies Financial Group restated a “buy” rating and issued a $80.00 target price on shares of Nucor in a research report on Friday, July 13th. Finally, Seaport Global Securities started coverage on shares of Nucor in a research report on Thursday, October 11th. They issued a “buy” rating and a $75.00 target price on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $72.62.
Shares of NYSE:NUE opened at $58.30 on Friday. The firm has a market cap of $18.69 billion, a PE ratio of 12.63, a price-to-earnings-growth ratio of 0.64 and a beta of 1.51. The company has a current ratio of 3.05, a quick ratio of 1.55 and a debt-to-equity ratio of 0.43. Nucor Co. has a 52 week low of $53.71 and a 52 week high of $70.48.
Nucor (NYSE:NUE) last issued its quarterly earnings results on Thursday, October 18th. The basic materials company reported $2.33 EPS for the quarter, missing analysts’ consensus estimates of $2.37 by ($0.04). The business had revenue of $6.74 billion for the quarter, compared to analyst estimates of $6.64 billion. Nucor had a return on equity of 16.22% and a net margin of 7.58%. Nucor’s revenue for the quarter was up 30.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.83 EPS. Equities analysts anticipate that Nucor Co. will post 7.68 earnings per share for the current year.
Nucor declared that its Board of Directors has authorized a share repurchase program on Thursday, September 6th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the basic materials company to buy up to 10% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 9th. Stockholders of record on Friday, September 28th will be issued a dividend of $0.38 per share. The ex-dividend date is Thursday, September 27th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.61%. Nucor’s dividend payout ratio (DPR) is presently 43.30%.
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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