Synovus Financial Corp trimmed its position in shares of Nucor (NYSE:NUE) by 36.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,799 shares of the basic materials company’s stock after selling 2,209 shares during the quarter. Synovus Financial Corp’s holdings in Nucor were worth $232,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in NUE. Bank of Montreal Can lifted its holdings in shares of Nucor by 60.4% during the fourth quarter. Bank of Montreal Can now owns 514,931 shares of the basic materials company’s stock valued at $32,739,000 after purchasing an additional 194,001 shares during the last quarter. National Pension Service lifted its holdings in shares of Nucor by 2.4% during the fourth quarter. National Pension Service now owns 352,162 shares of the basic materials company’s stock valued at $22,390,000 after purchasing an additional 8,256 shares during the last quarter. Creative Planning lifted its holdings in shares of Nucor by 4.3% during the fourth quarter. Creative Planning now owns 32,481 shares of the basic materials company’s stock valued at $2,065,000 after purchasing an additional 1,341 shares during the last quarter. Coastline Trust Co purchased a new position in shares of Nucor during the fourth quarter valued at approximately $350,000. Finally, Schwab Charles Investment Management Inc. lifted its holdings in shares of Nucor by 5.3% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 1,229,908 shares of the basic materials company’s stock valued at $78,198,000 after purchasing an additional 61,563 shares during the last quarter. Hedge funds and other institutional investors own 79.50% of the company’s stock.
NUE has been the subject of several recent research reports. Jefferies Group reiterated a “buy” rating and set a $76.00 target price on shares of Nucor in a report on Wednesday, January 31st. ValuEngine upgraded shares of Nucor from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Goldman Sachs initiated coverage on shares of Nucor in a report on Tuesday, March 20th. They set a “buy” rating and a $78.00 target price for the company. Morgan Stanley lifted their target price on shares of Nucor from $68.00 to $73.00 and gave the company an “equal weight” rating in a report on Tuesday, April 17th. Finally, Zacks Investment Research lowered shares of Nucor from a “buy” rating to a “hold” rating in a report on Monday, March 12th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $70.40.
Nucor (NYSE:NUE) last announced its quarterly earnings data on Thursday, April 19th. The basic materials company reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.07. Nucor had a net margin of 6.33% and a return on equity of 12.94%. The company had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.50 billion. During the same period in the previous year, the business earned $1.13 EPS. The firm’s revenue for the quarter was up 15.6% on a year-over-year basis. sell-side analysts expect that Nucor will post 5.86 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 11th. Investors of record on Thursday, March 29th were issued a $0.38 dividend. The ex-dividend date was Wednesday, March 28th. This represents a $1.52 dividend on an annualized basis and a yield of 2.32%. Nucor’s payout ratio is currently 43.30%.
In related news, CFO James D. Frias sold 39,037 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $68.31, for a total value of $2,666,617.47. Following the completion of the transaction, the chief financial officer now directly owns 177,204 shares in the company, valued at approximately $12,104,805.24. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Raymond S. Napolitan, Jr. sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, March 19th. The stock was sold at an average price of $65.11, for a total transaction of $520,880.00. Following the completion of the transaction, the executive vice president now owns 78,381 shares of the company’s stock, valued at $5,103,386.91. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 51,837 shares of company stock valued at $3,504,495. 0.70% of the stock is owned by company insiders.
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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