Pinnacle Associates Ltd. raised its position in Nucor Co. (NYSE:NUE) by 16.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 61,955 shares of the basic materials company’s stock after purchasing an additional 8,635 shares during the period. Pinnacle Associates Ltd.’s holdings in Nucor were worth $3,939,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Independence Bank of Kentucky acquired a new stake in shares of Nucor in the 4th quarter valued at about $100,000. Barrett Asset Management LLC acquired a new stake in shares of Nucor in the 4th quarter valued at about $101,000. Cerebellum GP LLC acquired a new stake in shares of Nucor in the 4th quarter valued at about $131,000. Benjamin F. Edwards & Company Inc. raised its stake in shares of Nucor by 791.0% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 2,673 shares of the basic materials company’s stock valued at $150,000 after purchasing an additional 2,373 shares during the period. Finally, Dupont Capital Management Corp acquired a new stake in shares of Nucor in the 4th quarter valued at about $176,000. 75.59% of the stock is currently owned by hedge funds and other institutional investors.
In related news, CFO James D. Frias sold 39,037 shares of Nucor stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $68.31, for a total value of $2,666,617.47. Following the sale, the chief financial officer now owns 177,204 shares of the company’s stock, valued at $12,104,805.24. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman John J. Ferriola sold 14,313 shares of Nucor stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $64.12, for a total value of $917,749.56. Following the completion of the sale, the chairman now directly owns 333,775 shares in the company, valued at approximately $21,401,653. The disclosure for this sale can be found here. In the last ninety days, insiders sold 92,387 shares of company stock worth $6,078,051. 0.70% of the stock is owned by company insiders.
Nucor (NYSE:NUE) last released its earnings results on Tuesday, January 30th. The basic materials company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.10. The business had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $4.86 billion. Nucor had a return on equity of 13.03% and a net margin of 6.58%. Nucor’s quarterly revenue was up 28.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.50 earnings per share. research analysts expect that Nucor Co. will post 4.92 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, May 11th. Investors of record on Thursday, March 29th will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date is Wednesday, March 28th. Nucor’s dividend payout ratio is currently 37.07%.
Several analysts have issued reports on the company. Bank of America set a $75.00 price target on Nucor and gave the company a “buy” rating in a research note on Monday, January 8th. Jefferies Group reissued a “buy” rating and issued a $77.00 price target on shares of Nucor in a research note on Tuesday, January 9th. Zacks Investment Research raised Nucor from a “sell” rating to a “hold” rating and set a $76.00 price target on the stock in a research note on Monday, January 8th. Credit Suisse Group lifted their price target on Nucor from $67.00 to $73.00 and gave the company an “outperform” rating in a research note on Wednesday, January 31st. Finally, BMO Capital Markets lifted their price target on Nucor to $72.00 and gave the company a “market perform” rating in a research note on Wednesday, January 31st. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $69.70.
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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).
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