Xact Kapitalforvaltning AB reduced its position in shares of Nucor Co. (NYSE:NUE) by 9.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,559 shares of the basic materials company’s stock after selling 3,266 shares during the period. Xact Kapitalforvaltning AB’s holdings in Nucor were worth $1,876,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the business. Northern Trust Corp boosted its stake in shares of Nucor by 0.4% during the 2nd 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 last quarter. Luminus Management LLC boosted its stake in shares of Nucor by 8.1% during the 2nd 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 last quarter. Schwab Charles Investment Management Inc. boosted its stake in shares of Nucor by 2.9% during the 2nd 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 last quarter. Swiss National Bank boosted its stake in shares of Nucor by 3.1% during the 2nd 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 last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Nucor by 8.0% during the 2nd 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 last quarter. 77.42% of the stock is currently owned by institutional investors.
Several equities research analysts recently issued reports on NUE shares. 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. 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. Jefferies Financial Group reissued a “buy” rating and issued a $80.00 target price on shares of Nucor in a research report on Friday, July 13th. Deutsche Bank cut shares of Nucor to a “buy” rating in a research report on Tuesday, October 2nd. Finally, Citigroup decreased 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. 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 company. The stock presently has a consensus rating of “Buy” and a consensus price target of $73.58.
NUE opened at $60.52 on Friday. 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 1 year low of $53.71 and a 1 year high of $70.48. The company has a market capitalization of $18.70 billion, a P/E ratio of 9.50, a P/E/G ratio of 0.65 and a beta of 1.45.
Nucor (NYSE:NUE) last announced its quarterly earnings results on Thursday, October 18th. The basic materials company reported $2.33 earnings per share for the quarter, missing analysts’ consensus estimates of $2.35 by ($0.02). The business 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%. The company’s quarterly revenue was up 30.4% on a year-over-year basis. During the same period last year, the firm earned $0.83 earnings per share. As a group, equities research analysts anticipate that Nucor Co. will post 7.61 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 9th. Shareholders of record on Friday, September 28th will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $1.52 dividend on an annualized basis and a yield of 2.51%. Nucor’s dividend payout ratio (DPR) is 43.30%.
Nucor declared that its Board of Directors has authorized a share repurchase 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.
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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