Columbia Asset Management bought a new position in shares of Nucor Co. (NYSE:NUE) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 1,600 shares of the basic materials company’s stock, valued at approximately $102,000.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. State of Alaska Department of Revenue lifted its position in shares of Nucor by 25.4% in the 2nd quarter. State of Alaska Department of Revenue now owns 49,927 shares of the basic materials company’s stock valued at $3,118,000 after acquiring an additional 10,110 shares in the last quarter. Hills Bank & Trust Co. lifted its position in shares of Nucor by 4.8% in the 2nd quarter. Hills Bank & Trust Co. now owns 19,319 shares of the basic materials company’s stock valued at $1,207,000 after acquiring an additional 892 shares in the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH lifted its position in shares of Nucor by 145.8% in the 2nd quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 32,128 shares of the basic materials company’s stock valued at $2,031,000 after acquiring an additional 19,057 shares in the last quarter. Berkshire Asset Management LLC PA lifted its position in shares of Nucor by 3.7% in the 2nd quarter. Berkshire Asset Management LLC PA now owns 277,313 shares of the basic materials company’s stock valued at $17,332,000 after acquiring an additional 9,862 shares in the last quarter. Finally, Retirement Systems of Alabama lifted its position in shares of Nucor by 40.3% in the 2nd quarter. Retirement Systems of Alabama now owns 307,539 shares of the basic materials company’s stock valued at $19,221,000 after acquiring an additional 88,372 shares in the last quarter. 76.59% of the stock is owned by hedge funds and other institutional investors.
Shares of NUE traded down $0.48 during mid-day trading on Thursday, hitting $59.18. 2,284,617 shares of the company’s stock were exchanged, compared to its average volume of 2,568,917. Nucor Co. has a twelve month low of $55.55 and a twelve month high of $70.48. The firm has a market cap of $18.73 billion, a price-to-earnings ratio of 16.86, a price-to-earnings-growth ratio of 0.66 and a beta of 1.47. The company has a quick ratio of 1.69, a current ratio of 3.15 and a debt-to-equity ratio of 0.42.
Nucor (NYSE:NUE) last announced its quarterly 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 business had revenue of $6.74 billion for the quarter, compared to analyst estimates of $6.64 billion. During the same quarter last year, the company earned $0.83 EPS. The business’s revenue for the quarter was up 30.4% compared to the same quarter last year. As a group, research analysts predict that Nucor Co. will post 7.57 earnings per share for the current fiscal year.
Nucor declared that its board has initiated 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 repurchase up to 10% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, February 11th. Investors of record on Monday, December 31st will be paid a $0.40 dividend. The ex-dividend date is Friday, December 28th. This is a positive change from Nucor’s previous quarterly dividend of $0.38. This represents a $1.60 dividend on an annualized basis and a yield of 2.70%. Nucor’s dividend payout ratio (DPR) is presently 43.30%.
Several brokerages recently commented on NUE. Zacks Investment Research downgraded shares of Nucor from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 4th. Deutsche Bank lowered shares of Nucor to a “buy” rating in a research note on Tuesday, October 2nd. ValuEngine upgraded shares of Nucor from a “sell” rating to a “hold” rating in a research note on Thursday, September 13th. Seaport Global Securities assumed coverage on shares of Nucor in a research note on Thursday, October 11th. They issued a “buy” rating and a $75.00 price objective on the stock. Finally, Credit Suisse Group reiterated a “neutral” rating on shares of Nucor in a research note on Monday, October 15th. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Nucor currently has a consensus rating of “Buy” and an average target price of $73.00.
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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