BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its holdings in shares of Nucor Co. (NYSE:NUE) by 22.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 161,105 shares of the basic materials company’s stock after selling 45,442 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Nucor were worth $10,222,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in NUE. Columbia Asset Management purchased a new position in shares of Nucor during the 3rd quarter valued at approximately $102,000. Almanack Investment Partners LLC. purchased a new position in shares of Nucor during the 2nd quarter valued at approximately $106,000. Honkamp Krueger Financial Services Inc. purchased a new position in shares of Nucor during the 3rd quarter valued at approximately $125,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new position in shares of Nucor during the 2nd quarter valued at approximately $179,000. Finally, Cerebellum GP LLC purchased a new position in shares of Nucor during the 3rd quarter valued at approximately $181,000. Hedge funds and other institutional investors own 76.59% of the company’s stock.
Shares of NUE stock opened at $59.18 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. The firm has a market capitalization of $18.73 billion, a price-to-earnings ratio of 16.86, a PEG ratio of 0.66 and a beta of 1.47. Nucor Co. has a fifty-two week low of $55.55 and a fifty-two week high of $70.48.
Nucor (NYSE:NUE) last announced its quarterly earnings data 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 firm had revenue of $6.74 billion during the quarter, compared to analysts’ expectations of $6.64 billion. Nucor had a net margin of 8.79% and a return on equity of 20.72%. The company’s revenue for the quarter was up 30.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.83 EPS. Sell-side analysts expect that Nucor Co. will post 7.57 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 11th. Shareholders of record on Monday, December 31st will be issued a $0.40 dividend. The ex-dividend date of this dividend is Friday, December 28th. This represents a $1.60 dividend on an annualized basis and a yield of 2.70%. This is a positive change from Nucor’s previous quarterly dividend of $0.38. Nucor’s dividend payout ratio (DPR) is presently 43.30%.
Nucor declared that its Board of Directors has authorized a share repurchase plan on Thursday, September 6th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the basic materials company to reacquire up to 10% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
A number of research analysts have recently issued reports on NUE shares. Deutsche Bank lowered Nucor to a “buy” rating in a research report on Tuesday, October 2nd. Zacks Investment Research lowered Nucor from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 4th. BMO Capital Markets decreased their target price on Nucor from $75.00 to $70.00 and set a “market perform” rating on the stock in a research report on Friday, October 19th. ValuEngine lowered Nucor from a “hold” rating to a “sell” rating in a research report on Tuesday, September 4th. Finally, Seaport Global Securities started coverage on Nucor in a research report on Thursday, October 11th. They set a “buy” rating and a $75.00 target price on the stock. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $73.00.
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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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