Abner Herrman & Brock LLC grew its holdings in shares of Nucor Co. (NYSE:NUE) by 7.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 174,644 shares of the basic materials company’s stock after buying an additional 12,498 shares during the period. Nucor accounts for about 1.6% of Abner Herrman & Brock LLC’s investment portfolio, making the stock its 28th biggest holding. Abner Herrman & Brock LLC owned 0.06% of Nucor worth $11,081,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Almanack Investment Partners LLC. bought a new stake in Nucor during the second quarter worth approximately $106,000. Parallel Advisors LLC raised its holdings in Nucor by 120.0% during the second quarter. Parallel Advisors LLC now owns 2,231 shares of the basic materials company’s stock worth $139,000 after purchasing an additional 1,217 shares in the last quarter. Transamerica Financial Advisors Inc. bought a new stake in Nucor during the second quarter worth approximately $153,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in Nucor during the second quarter worth approximately $179,000. Finally, Cerebellum GP LLC bought a new stake in Nucor during the third quarter worth approximately $181,000. 77.38% of the stock is currently owned by institutional investors.
Several brokerages recently commented on NUE. Citigroup set a $70.00 target price on Nucor and gave the stock a “buy” rating in a report on Friday. BMO Capital Markets dropped their target price on Nucor from $75.00 to $70.00 and set a “market perform” rating on the stock in a report on Friday. ValuEngine raised Nucor from a “sell” rating to a “hold” rating in a report on Thursday, September 13th. KeyCorp raised Nucor from a “sector weight” rating to an “overweight” rating and set a $77.00 target price on the stock in a report on Tuesday, July 24th. Finally, Zacks Investment Research raised Nucor from a “hold” rating to a “buy” rating and set a $72.00 target price on the stock in a report on Thursday, July 12th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $72.77.
In other Nucor news, insider David A. Sumoski sold 51,238 shares of the company’s stock in a transaction on Monday, July 23rd. The stock was sold at an average price of $66.65, for a total value of $3,415,012.70. Following the transaction, the insider now owns 139,839 shares of the company’s stock, valued at $9,320,269.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP D. Chad Utermark sold 53,483 shares of the company’s stock in a transaction on Tuesday, July 24th. The shares were sold at an average price of $68.49, for a total value of $3,663,050.67. Following the completion of the transaction, the executive vice president now directly owns 155,140 shares in the company, valued at approximately $10,625,538.60. The disclosure for this sale can be found here. Insiders sold 119,328 shares of company stock worth $8,074,991 in the last ninety days. 0.70% of the stock is owned by corporate insiders.
Shares of NYSE NUE traded up $0.32 during trading on Friday, hitting $58.62. The company had a trading volume of 236,175 shares, compared to its average volume of 2,310,179. The stock has a market capitalization of $18.69 billion, a P/E ratio of 16.70, a P/E/G ratio of 0.64 and a beta of 1.51. Nucor Co. has a 52 week low of $53.71 and a 52 week high of $70.48. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.55 and a current ratio of 3.05.
Nucor (NYSE:NUE) last posted its quarterly earnings results 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 company had revenue of $6.74 billion during the quarter, compared to the consensus estimate of $6.64 billion. Nucor had a net margin of 7.58% and a return on equity of 16.22%. 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 EPS. On average, research analysts forecast that Nucor Co. will post 7.68 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 9th. Shareholders of record on Friday, September 28th will be issued 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 2.59%. Nucor’s dividend payout ratio is currently 43.30%.
Nucor declared that its board has initiated a stock buyback plan on Thursday, September 6th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the basic materials company to reacquire up to 10% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are 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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