Wells Fargo & Company MN raised its stake in Nucor Co. (NYSE:NUE) by 0.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,804,049 shares of the basic materials company’s stock after acquiring an additional 6,980 shares during the period. Wells Fargo & Company MN’s holdings in Nucor were worth $304,817,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the business. Northern Trust Corp boosted its stake in Nucor by 0.4% in the second quarter. Northern Trust Corp now owns 5,312,891 shares of the basic materials company’s stock valued at $332,055,000 after acquiring an additional 21,081 shares during the period. Luminus Management LLC boosted its stake in Nucor by 8.1% in the second quarter. Luminus Management LLC now owns 2,126,324 shares of the basic materials company’s stock valued at $132,895,000 after acquiring an additional 160,200 shares during the period. Schwab Charles Investment Management Inc. boosted its position in shares of Nucor by 2.9% during the second 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 period. Swiss National Bank boosted its position in shares of Nucor by 3.1% during the second 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 period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Nucor by 8.0% during the second 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 period. Institutional investors own 77.46% of the company’s stock.
Several equities analysts have recently issued reports on the company. ValuEngine upgraded Nucor from a “sell” rating to a “hold” rating in a research report on Thursday, September 13th. KeyCorp upgraded Nucor from a “sector weight” rating to an “overweight” rating and set a $77.00 price objective for the company in a research report on Tuesday, July 24th. 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 Thursday, July 12th. Credit Suisse Group reiterated a “neutral” rating on shares of Nucor in a research report on Monday, October 15th. Finally, Citigroup reduced their price objective on Nucor from $78.00 to $70.00 and set a “buy” rating for the company in a research report on Friday, October 19th. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $73.58.
Shares of NYSE:NUE opened at $63.65 on Wednesday. Nucor Co. has a 12 month low of $53.71 and a 12 month high of $70.48. The company has a market cap of $19.15 billion, a P/E ratio of 18.13, a PEG 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 announced its earnings results on Thursday, October 18th. The basic materials company reported $2.33 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.35 by ($0.02). Nucor had a return on equity of 20.72% and a net margin of 8.79%. The firm had revenue of $6.74 billion for the quarter, compared to the consensus estimate of $6.64 billion. During the same period in the previous year, the firm earned $0.83 EPS. Nucor’s revenue for the quarter was up 30.4% on a year-over-year basis. As a group, analysts anticipate that Nucor Co. will post 7.61 earnings per share for the current fiscal year.
Nucor announced that its Board of Directors has approved a stock buyback program on Thursday, September 6th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the basic materials company to buy up to 10% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.
The company also recently announced 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. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $1.52 annualized dividend and a yield of 2.39%. Nucor’s payout ratio is 43.30%.
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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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