Chemical Bank Boosts Stake in Nucor Co. (NUE)

Chemical Bank lifted its position in Nucor Co. (NYSE:NUE) by 19.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,980 shares of the basic materials company’s stock after purchasing an additional 1,773 shares during the quarter. Chemical Bank’s holdings in Nucor were worth $696,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of NUE. KBC Group NV boosted its holdings in shares of Nucor by 654.6% in the 2nd quarter. KBC Group NV now owns 256,632 shares of the basic materials company’s stock worth $16,039,000 after purchasing an additional 222,622 shares in the last quarter. Ashler Capital LLC purchased a new stake in Nucor during the 2nd quarter valued at about $10,515,000. Luminus Management LLC boosted its holdings in Nucor by 8.1% during the 2nd 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. Victory Capital Management Inc. boosted its holdings in Nucor by 290.1% during the 3rd quarter. Victory Capital Management Inc. now owns 185,401 shares of the basic materials company’s stock valued at $11,764,000 after acquiring an additional 137,871 shares during the period. Finally, Royal London Asset Management Ltd. purchased a new stake in Nucor during the 2nd quarter valued at about $8,501,000. Hedge funds and other institutional investors own 77.46% of the company’s stock.

NYSE NUE opened at $62.78 on Friday. Nucor Co. has a fifty-two week low of $53.71 and a fifty-two week high of $70.48. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.15 and a quick ratio of 1.69. The company has a market capitalization of $20.31 billion, a price-to-earnings ratio of 10.32, a price-to-earnings-growth ratio of 0.70 and a beta of 1.45.

Nucor (NYSE:NUE) last released its quarterly earnings data on Thursday, October 18th. The basic materials company reported $2.33 earnings per share for the quarter, missing the 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 during the quarter, compared to analysts’ expectations of $6.64 billion. During the same quarter last year, the business posted $0.83 EPS. The company’s quarterly revenue was up 30.4% compared to the same quarter last year. As a group, research analysts expect that Nucor Co. will post 7.63 earnings per share for the current year.

Nucor announced that its board has authorized a stock repurchase program on Thursday, September 6th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the basic materials company to reacquire up to 10% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 9th. Shareholders of record on Friday, September 28th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.42%. The ex-dividend date was Thursday, September 27th. Nucor’s dividend payout ratio (DPR) is currently 43.30%.

Several equities research analysts recently weighed in on the company. ValuEngine upgraded Nucor from a “sell” rating to a “hold” rating in a report on Tuesday. Zacks Investment Research cut Nucor from a “buy” rating to a “hold” rating in a report on Monday, October 29th. Argus restated a “buy” rating on shares of Nucor in a report on Tuesday, October 23rd. BMO Capital Markets dropped their target price on Nucor from $75.00 to $70.00 and set a “market perform” rating for the company in a report on Friday, October 19th. Finally, Citigroup dropped their target price on Nucor from $78.00 to $70.00 and set a “buy” rating for the company in a report on Friday, October 19th. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Nucor presently has an average rating of “Buy” and a consensus price target of $73.58.

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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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Institutional Ownership by Quarter for Nucor (NYSE:NUE)

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