Meyer Handelman Co. raised its holdings in Nucor Co. (NYSE:NUE) by 0.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 131,900 shares of the basic materials company’s stock after acquiring an additional 1,000 shares during the quarter. Meyer Handelman Co.’s holdings in Nucor were worth $8,369,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the business. SRS Capital Advisors Inc. bought a new position in Nucor in the third quarter valued at approximately $317,000. Skandinaviska Enskilda Banken AB publ boosted its position in shares of Nucor by 8.5% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 47,110 shares of the basic materials company’s stock worth $2,989,000 after purchasing an additional 3,700 shares in the last quarter. Dupont Capital Management Corp boosted its position in shares of Nucor by 38.1% during the third quarter. Dupont Capital Management Corp now owns 6,161 shares of the basic materials company’s stock worth $391,000 after purchasing an additional 1,700 shares in the last quarter. Global Financial Private Capital LLC boosted its position in shares of Nucor by 228.0% during the third quarter. Global Financial Private Capital LLC now owns 11,287 shares of the basic materials company’s stock worth $716,000 after purchasing an additional 7,846 shares in the last quarter. Finally, Regal Investment Advisors LLC boosted its position in shares of Nucor by 360.7% during the third quarter. Regal Investment Advisors LLC now owns 44,515 shares of the basic materials company’s stock worth $2,824,000 after purchasing an additional 34,853 shares in the last quarter. 77.46% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have recently weighed in on NUE shares. Seaport Global Securities started coverage on shares of Nucor in a research report on Thursday, October 11th. They set a “buy” rating and a $75.00 price target on the stock. Zacks Investment Research raised shares of Nucor from a “hold” rating to a “buy” rating and set a $72.00 price target on the stock in a research report on Tuesday, October 9th. Jefferies Financial Group reissued a “buy” rating and set a $80.00 price target on shares of Nucor in a research report on Friday, July 13th. Deutsche Bank cut shares of Nucor to a “buy” rating in a research report on Tuesday, October 2nd. Finally, Citigroup reduced their price target on shares of Nucor from $78.00 to $70.00 and set a “buy” rating on the stock in a research report on Friday, October 19th. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $73.58.
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 consensus estimate of $2.35 by ($0.02). The company had revenue of $6.74 billion for 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%. The business’s quarterly revenue was up 30.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.83 EPS. On average, research analysts forecast that Nucor Co. will post 7.63 EPS for the current year.
The business 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. This represents a $1.52 annualized dividend and a dividend yield of 2.37%. The ex-dividend date is Thursday, September 27th. Nucor’s payout ratio is 43.30%.
Nucor announced that its Board of Directors has approved a stock repurchase program on Thursday, September 6th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the basic materials company to reacquire up to 10% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.
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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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