Keybank National Association OH reduced its position in shares of Nucor Co. (NYSE:NUE) by 3.3% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 30,357 shares of the basic materials company’s stock after selling 1,025 shares during the quarter. Keybank National Association OH’s holdings in Nucor were worth $1,926,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Northern Trust Corp boosted its stake in shares of Nucor by 0.4% during the 2nd quarter. Northern Trust Corp now owns 5,312,891 shares of the basic materials company’s stock worth $332,055,000 after acquiring an additional 21,081 shares in the last quarter. Luminus Management LLC boosted its stake in shares of Nucor by 8.1% during the 2nd quarter. Luminus Management LLC now owns 2,126,324 shares of the basic materials company’s stock worth $132,895,000 after acquiring an additional 160,200 shares in the last quarter. Prudential Financial Inc. boosted its stake in shares of Nucor by 7.6% during the 3rd quarter. Prudential Financial Inc. now owns 1,344,145 shares of the basic materials company’s stock worth $85,286,000 after acquiring an additional 94,665 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in shares of Nucor by 2.9% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,304,554 shares of the basic materials company’s stock worth $81,535,000 after acquiring an additional 36,151 shares in the last quarter. Finally, Swiss National Bank boosted its stake in shares of Nucor by 3.1% during the 2nd quarter. Swiss National Bank now owns 1,051,861 shares of the basic materials company’s stock worth $65,741,000 after acquiring an additional 31,600 shares in the last quarter. 78.36% of the stock is owned by hedge funds and other institutional investors.
NUE has been the subject of several research reports. Zacks Investment Research lowered Nucor from a “buy” rating to a “hold” rating in a research note on Tuesday, August 14th. ValuEngine lowered Nucor from a “hold” rating to a “sell” rating in a research note on Tuesday, September 4th. Deutsche Bank lowered Nucor to a “buy” rating in a research note on Tuesday, October 2nd. Seaport Global Securities initiated coverage on Nucor in a research note on Thursday, October 11th. They set a “buy” rating and a $75.00 price objective for the company. Finally, Credit Suisse Group reissued a “neutral” rating on shares of Nucor in a research note on Monday, October 15th. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Nucor has an average rating of “Buy” and an average price target of $73.58.
Nucor (NYSE:NUE) last released its earnings results on Thursday, October 18th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.35 by ($0.02). The business had revenue of $6.74 billion during the quarter, compared to analysts’ expectations of $6.64 billion. Nucor had a net margin of 8.79% and a return on equity of 20.72%. Nucor’s revenue for the quarter was up 30.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.83 EPS. Sell-side analysts anticipate that Nucor Co. will post 7.56 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, November 9th. Stockholders of record on Friday, September 28th were issued a $0.38 dividend. The ex-dividend date was Thursday, September 27th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.51%. Nucor’s payout ratio is currently 43.30%.
Nucor announced that its board has initiated a share buyback plan on Thursday, September 6th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the basic materials company to buy up to 10% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are 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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