US Bancorp DE trimmed its stake in Nucor Co. (NYSE:NUE) by 4.2% during the third quarter, Holdings Channel reports. The fund owned 92,917 shares of the basic materials company’s stock after selling 4,111 shares during the period. US Bancorp DE’s holdings in Nucor were worth $5,896,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Almanack Investment Partners LLC. purchased a new stake in shares of Nucor during the 2nd quarter valued at approximately $106,000. Parallel Advisors LLC lifted its stake in shares of Nucor by 120.0% during the 2nd quarter. Parallel Advisors LLC now owns 2,231 shares of the basic materials company’s stock valued at $139,000 after buying an additional 1,217 shares in the last quarter. Transamerica Financial Advisors Inc. purchased a new stake in shares of Nucor during the 2nd quarter valued at approximately $153,000. Cerebellum GP LLC purchased a new stake in shares of Nucor during the 3rd quarter valued at approximately $181,000. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new stake in shares of Nucor during the 2nd quarter valued at approximately $179,000. Hedge funds and other institutional investors own 77.46% of the company’s stock.
NUE has been the topic of a number of analyst reports. ValuEngine raised shares of Nucor from a “sell” rating to a “hold” rating in a report on Thursday, September 13th. KeyCorp raised shares of 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. Zacks Investment Research lowered shares of Nucor from a “buy” rating to a “hold” rating in a report on Monday, October 29th. Credit Suisse Group reaffirmed a “neutral” rating on shares of Nucor in a report on Monday, October 15th. Finally, Citigroup decreased their target price on shares of Nucor from $78.00 to $70.00 and set a “buy” rating on the stock in a report on Friday, October 19th. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $73.58.
Nucor (NYSE:NUE) last issued its quarterly earnings results on Thursday, October 18th. The basic materials company reported $2.33 EPS for the quarter, missing the Zacks’ 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 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 previous year, the company earned $0.83 EPS. Research analysts expect that Nucor Co. will post 7.63 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, November 9th. Stockholders of record on Friday, September 28th were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date was Thursday, September 27th. Nucor’s payout ratio is 43.30%.
Nucor declared that its Board of Directors has approved a share buyback program 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 buy up to 10% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
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Nucor Company Profile
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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