Fisher Asset Management LLC lifted its position in Nucor Co. (NYSE:NUE) by 36.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 140,846 shares of the basic materials company’s stock after purchasing an additional 37,609 shares during the quarter. Fisher Asset Management LLC’s holdings in Nucor were worth $8,937,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of the company. Meag Munich Ergo Kapitalanlagegesellschaft MBH increased its holdings in shares of Nucor by 69.0% in the third quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 54,306 shares of the basic materials company’s stock worth $3,407,000 after purchasing an additional 22,178 shares during the last quarter. NuWave Investment Management LLC increased its holdings in shares of Nucor by 24,993.8% in the third quarter. NuWave Investment Management LLC now owns 4,015 shares of the basic materials company’s stock worth $254,000 after purchasing an additional 3,999 shares during the last quarter. First Midwest Bank Trust Division increased its holdings in shares of Nucor by 4.0% in the third quarter. First Midwest Bank Trust Division now owns 32,212 shares of the basic materials company’s stock worth $2,044,000 after purchasing an additional 1,249 shares during the last quarter. Calamos Advisors LLC increased its holdings in shares of Nucor by 3.3% in the third quarter. Calamos Advisors LLC now owns 158,975 shares of the basic materials company’s stock worth $10,087,000 after purchasing an additional 5,150 shares during the last quarter. Finally, Delta Asset Management LLC TN grew its position in Nucor by 528.0% in the third quarter. Delta Asset Management LLC TN now owns 5,947 shares of the basic materials company’s stock worth $377,000 after acquiring an additional 5,000 shares in the last quarter. 77.42% of the stock is currently owned by hedge funds and other institutional investors.
NUE has been the subject of several recent research reports. Zacks Investment Research lowered Nucor from a “buy” rating to a “hold” rating in a research report on Tuesday, August 14th. Deutsche Bank lowered Nucor to a “buy” rating in a research report on Tuesday, October 2nd. Argus reiterated a “buy” rating on shares of Nucor in a research report on Tuesday, October 23rd. ValuEngine lowered Nucor from a “hold” rating to a “sell” rating in a research report on Tuesday, September 4th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $80.00 price target on shares of Nucor in a research report on Friday, July 13th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $73.58.
Nucor (NYSE:NUE) last announced its earnings results on Thursday, October 18th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.35 by ($0.02). Nucor had a net margin of 8.79% and a return on equity of 20.72%. The business had revenue of $6.74 billion for the quarter, compared to analysts’ expectations of $6.64 billion. During the same quarter last year, the firm earned $0.83 EPS. The firm’s quarterly revenue was up 30.4% on a year-over-year basis. Analysts anticipate that Nucor Co. will post 7.61 EPS for the current fiscal year.
Nucor declared that its Board of Directors has initiated a stock buyback plan on Thursday, September 6th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the basic materials company to reacquire up to 10% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 9th. Shareholders of record on Friday, September 28th will be given a dividend of $0.38 per share. The ex-dividend date is Thursday, September 27th. This represents a $1.52 annualized dividend and a dividend yield of 2.62%. Nucor’s dividend payout ratio (DPR) is presently 43.30%.
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.
Further Reading: Insider Trading – What You Need to Know
Receive News & Ratings for Nucor Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nucor and related companies with MarketBeat.com's FREE daily email newsletter.