Main Street Research LLC increased its position in shares of Nucor Co. (NYSE:NUE) by 6.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 230,097 shares of the basic materials company’s stock after acquiring an additional 13,544 shares during the quarter. Nucor accounts for about 2.1% of Main Street Research LLC’s holdings, making the stock its 27th largest position. Main Street Research LLC owned approximately 0.07% of Nucor worth $14,600,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Northern Trust Corp increased its stake in Nucor by 0.4% in the 2nd quarter. Northern Trust Corp now owns 5,312,891 shares of the basic materials company’s stock valued at $332,055,000 after buying an additional 21,081 shares during the period. Luminus Management LLC increased its stake in Nucor by 8.1% in the 2nd quarter. Luminus Management LLC now owns 2,126,324 shares of the basic materials company’s stock valued at $132,895,000 after buying an additional 160,200 shares during the period. Schwab Charles Investment Management Inc. increased its stake in Nucor by 2.9% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,304,554 shares of the basic materials company’s stock valued at $81,535,000 after buying an additional 36,151 shares during the period. Swiss National Bank increased its stake in Nucor by 3.1% in the 2nd quarter. Swiss National Bank now owns 1,051,861 shares of the basic materials company’s stock valued at $65,741,000 after buying an additional 31,600 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in Nucor by 8.0% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 988,704 shares of the basic materials company’s stock valued at $61,794,000 after buying an additional 73,030 shares during the period. Institutional investors and hedge funds own 77.46% of the company’s stock.
Shares of NUE opened at $62.43 on Wednesday. Nucor Co. has a 12 month low of $53.71 and a 12 month high of $70.48. The firm has a market cap of $19.15 billion, a PE ratio of 17.79, a price-to-earnings-growth ratio of 0.66 and a beta of 1.45. 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 (NYSE:NUE) last posted 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 firm had revenue of $6.74 billion for the quarter, compared to the consensus estimate of $6.64 billion. Nucor had a return on equity of 20.72% and a net margin of 8.79%. Nucor’s quarterly revenue was up 30.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.83 earnings per share. Equities research analysts forecast that Nucor Co. will post 7.61 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 9th. Investors of record on Friday, September 28th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.43%. The ex-dividend date is Thursday, September 27th. Nucor’s dividend payout ratio is currently 43.30%.
Nucor announced that its board has initiated a stock buyback 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 repurchase up to 10% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
Several research firms have weighed in on NUE. Zacks Investment Research upgraded shares of Nucor from a “hold” rating to a “buy” rating and set a $72.00 price objective on the stock in a research note on Tuesday, October 9th. ValuEngine lowered shares of Nucor from a “hold” rating to a “sell” rating in a research note on Tuesday, September 4th. BMO Capital Markets dropped their price objective on shares of Nucor from $75.00 to $70.00 and set a “market perform” rating on the stock in a research note on Friday, October 19th. Argus reiterated a “buy” rating on shares of Nucor in a research note on Tuesday, October 23rd. Finally, KeyCorp upgraded shares of Nucor from a “sector weight” rating to an “overweight” rating and set a $77.00 price target on the stock in a research note on Tuesday, July 24th. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $73.58.
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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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