Meeder Asset Management Inc. lifted its stake in shares of Nucor Co. (NYSE:NUE) by 1,407.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 74,805 shares of the basic materials company’s stock after purchasing an additional 69,842 shares during the quarter. Meeder Asset Management Inc.’s holdings in Nucor were worth $4,747,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Northern Trust Corp lifted its position 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 buying an additional 21,081 shares during the last quarter. Luminus Management LLC lifted its position 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 buying an additional 160,200 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its position 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 buying an additional 36,151 shares during the last quarter. Swiss National Bank lifted its position 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 buying an additional 31,600 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its position 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 buying an additional 73,030 shares during the last quarter. 77.46% of the stock is currently owned by institutional investors.
Several analysts recently weighed in on the company. Zacks Investment Research upgraded Nucor from a “hold” rating to a “buy” rating and set a $72.00 price objective for the company in a research report on Tuesday, October 9th. ValuEngine downgraded Nucor from a “hold” rating to a “sell” rating in a research report on Tuesday, September 4th. BMO Capital Markets dropped their target price on Nucor from $75.00 to $70.00 and set a “market perform” rating for the company in a research report on Friday, October 19th. Argus reiterated a “buy” rating on shares of Nucor in a research report on Tuesday, October 23rd. Finally, KeyCorp upgraded Nucor from a “sector weight” rating to an “overweight” rating and set a $77.00 target price for the company in a research report on Tuesday, July 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Nucor has an average rating of “Buy” and an average price target of $73.58.
Nucor stock opened at $61.36 on Tuesday. The stock has a market capitalization of $19.15 billion, a price-to-earnings ratio of 17.48, a PEG ratio of 0.66 and a beta of 1.45. The company has a quick ratio of 1.69, a current ratio of 3.15 and a debt-to-equity ratio of 0.42. Nucor Co. has a 12 month low of $53.71 and a 12 month high of $70.48.
Nucor (NYSE:NUE) last issued its quarterly earnings results on Thursday, October 18th. The basic materials company reported $2.33 earnings per share for the quarter, missing the consensus estimate of $2.35 by ($0.02). The company had revenue of $6.74 billion during 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 in the previous year, the company posted $0.83 EPS. On average, research analysts anticipate that Nucor Co. will post 7.61 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 9th. Stockholders of record on Friday, September 28th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $1.52 annualized dividend and a dividend yield of 2.48%. Nucor’s payout ratio is 43.30%.
Nucor announced that its Board of Directors has authorized a stock repurchase plan on Thursday, September 6th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the basic materials company to buy up to 10% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is 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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