State Board of Administration of Florida Retirement System reduced its holdings in shares of Nucor Co. (NYSE:NUE) by 2.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 438,502 shares of the basic materials company’s stock after selling 11,274 shares during the quarter. State Board of Administration of Florida Retirement System owned approximately 0.14% of Nucor worth $27,823,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the stock. Advisor Partners LLC lifted its holdings in Nucor by 15.5% during the second quarter. Advisor Partners LLC now owns 5,514 shares of the basic materials company’s stock worth $345,000 after acquiring an additional 742 shares during the period. UMB Bank N A MO raised its stake in shares of Nucor by 2.4% in the second quarter. UMB Bank N A MO now owns 32,781 shares of the basic materials company’s stock valued at $2,049,000 after buying an additional 765 shares during the period. Rothschild Investment Corp IL raised its stake in shares of Nucor by 0.6% in the second quarter. Rothschild Investment Corp IL now owns 137,745 shares of the basic materials company’s stock valued at $8,609,000 after buying an additional 800 shares during the period. Willingdon Wealth Management raised its stake in shares of Nucor by 2.6% in the second quarter. Willingdon Wealth Management now owns 31,266 shares of the basic materials company’s stock valued at $1,954,000 after buying an additional 802 shares during the period. Finally, Hills Bank & Trust Co. raised its stake in shares of Nucor by 4.8% in the second quarter. Hills Bank & Trust Co. now owns 19,319 shares of the basic materials company’s stock valued at $1,207,000 after buying an additional 892 shares during the period. Institutional investors and hedge funds own 77.46% of the company’s stock.
Several brokerages have issued reports on NUE. Zacks Investment Research upgraded Nucor from a “hold” rating to a “buy” rating and set a $72.00 target price on the stock in a research note on Tuesday, October 9th. ValuEngine lowered Nucor from a “hold” rating to a “sell” rating in a research note on Tuesday, September 4th. BMO Capital Markets lowered their target price on Nucor from $75.00 to $70.00 and set a “market perform” rating on the stock in a research note on Friday, October 19th. Argus restated a “buy” rating on shares of Nucor in a research note on Tuesday, October 23rd. Finally, KeyCorp upgraded Nucor from a “sector weight” rating to an “overweight” rating and set a $77.00 target price on the stock in a research note on Tuesday, July 24th. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $73.58.
Nucor (NYSE:NUE) last announced its quarterly earnings results on Thursday, October 18th. The basic materials company reported $2.33 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.35 by ($0.02). The company 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% compared to the same quarter last year. During the same quarter last year, the firm posted $0.83 earnings per share. As a group, equities research analysts predict that Nucor Co. will post 7.61 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 9th. Stockholders of record on Friday, September 28th will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend is Thursday, September 27th. Nucor’s dividend payout ratio (DPR) is presently 43.30%.
Nucor declared that its Board of Directors has authorized a stock buyback plan on Thursday, September 6th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the basic materials company to repurchase up to 10% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
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.
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.