Engineers Gate Manager LP Purchases New Position in Nucor Co. (NYSE:NUE)

Engineers Gate Manager LP acquired a new position in shares of Nucor Co. (NYSE:NUE) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 58,052 shares of the basic materials company’s stock, valued at approximately $3,253,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of NUE. Northeast Investment Management boosted its holdings in shares of Nucor by 64.0% in the third quarter. Northeast Investment Management now owns 7,690 shares of the basic materials company’s stock valued at $431,000 after purchasing an additional 3,000 shares during the period. Bluestein R H & Co. boosted its holdings in shares of Nucor by 28.6% in the third quarter. Bluestein R H & Co. now owns 688,154 shares of the basic materials company’s stock valued at $38,564,000 after purchasing an additional 152,878 shares during the period. BB&T Investment Services Inc. boosted its holdings in shares of Nucor by 45.1% in the third quarter. BB&T Investment Services Inc. now owns 13,442 shares of the basic materials company’s stock valued at $751,000 after purchasing an additional 4,177 shares during the period. Stifel Financial Corp boosted its holdings in shares of Nucor by 120.6% in the third quarter. Stifel Financial Corp now owns 594,283 shares of the basic materials company’s stock valued at $33,356,000 after purchasing an additional 324,926 shares during the period. Finally, FDO Partners LLC boosted its holdings in shares of Nucor by 120.4% in the third quarter. FDO Partners LLC now owns 39,980 shares of the basic materials company’s stock valued at $2,240,000 after purchasing an additional 21,837 shares during the period. 74.30% of the stock is currently owned by institutional investors.

Nucor Co. (NYSE NUE) traded down $0.76 during mid-day trading on Friday, reaching $63.58. 1,519,341 shares of the company’s stock were exchanged, compared to its average volume of 3,249,085. The firm has a market cap of $20,454.76, a P/E ratio of 18.48, a price-to-earnings-growth ratio of 1.49 and a beta of 1.58. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.12 and a current ratio of 2.11. Nucor Co. has a 12 month low of $51.67 and a 12 month high of $66.00.

Nucor (NYSE:NUE) last announced its quarterly earnings results on Thursday, October 19th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.01. The business had revenue of $5.17 billion during the quarter, compared to the consensus estimate of $5.19 billion. Nucor had a net margin of 5.80% and a return on equity of 12.78%. The business’s revenue was up 20.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.88 EPS. analysts anticipate that Nucor Co. will post 3.61 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, February 9th. Investors of record on Friday, December 29th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.39%. The ex-dividend date of this dividend is Thursday, December 28th. This is an increase from Nucor’s previous quarterly dividend of $0.38. Nucor’s dividend payout ratio (DPR) is 44.19%.

In related news, EVP Robert J. Stratman sold 39,037 shares of Nucor stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $63.88, for a total value of $2,493,683.56. Following the completion of the sale, the executive vice president now owns 233,824 shares in the company, valued at approximately $14,936,677.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman John J. Ferriola sold 15,131 shares of Nucor stock in a transaction that occurred on Monday, October 23rd. The shares were sold at an average price of $60.40, for a total transaction of $913,912.40. Following the completion of the sale, the chairman now owns 349,506 shares of the company’s stock, valued at approximately $21,110,162.40. The disclosure for this sale can be found here. Insiders sold a total of 80,754 shares of company stock valued at $4,964,014 in the last quarter. 0.70% of the stock is owned by insiders.

NUE has been the subject of a number of analyst reports. Credit Suisse Group lowered their target price on Nucor from $68.00 to $63.00 and set a “buy” rating for the company in a report on Thursday, September 28th. Jefferies Group reaffirmed a “buy” rating and set a $68.00 price target on shares of Nucor in a research report on Friday, October 6th. Bank of America reaffirmed a “buy” rating and set a $73.00 price target on shares of Nucor in a research report on Wednesday, September 6th. Citigroup raised Nucor from a “neutral” rating to a “buy” rating and upped their price target for the stock from $53.60 to $65.00 in a research report on Thursday, September 14th. Finally, ValuEngine raised Nucor from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and eleven have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $66.80.

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Nucor Company Profile

Nucor Corporation (Nucor) manufactures steel and steel products. The Company produces direct reduced iron (DRI) for use in its steel mills. It operates in three segments: steel mills, steel products and raw materials. The steel mills segment produces and distributes sheet steel (hot-rolled, cold-rolled and galvanized), plate steel, structural steel (wide-flange beams, beam blanks, H-piling and sheet piling) and bar steel (blooms, billets, concrete reinforcing bar, merchant bar, wire rod and special bar quality).

Institutional Ownership by Quarter for Nucor (NYSE:NUE)

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