SRS Capital Advisors Inc. purchased a new position in Nucor Co. (NYSE:NUE) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 5,000 shares of the basic materials company’s stock, valued at approximately $317,000.
A number of other large investors have also modified their holdings of the business. Northern Trust Corp boosted its stake in Nucor by 0.4% in the 2nd quarter. Northern Trust Corp now owns 5,312,891 shares of the basic materials company’s stock worth $332,055,000 after buying an additional 21,081 shares during the last quarter. Luminus Management LLC lifted its stake in shares of Nucor by 8.1% in the 2nd quarter. Luminus Management LLC now owns 2,126,324 shares of the basic materials company’s stock valued at $132,895,000 after purchasing an additional 160,200 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its stake in shares of Nucor by 2.9% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,304,554 shares of the basic materials company’s stock valued at $81,535,000 after purchasing an additional 36,151 shares in the last quarter. Swiss National Bank lifted its stake in shares of Nucor by 3.1% in the 2nd quarter. Swiss National Bank now owns 1,051,861 shares of the basic materials company’s stock valued at $65,741,000 after purchasing an additional 31,600 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Nucor by 8.0% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 988,704 shares of the basic materials company’s stock valued at $61,794,000 after purchasing an additional 73,030 shares in the last quarter. 77.46% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts have recently weighed in on NUE shares. Jefferies Financial Group reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Nucor in a research note on Friday, July 13th. Credit Suisse Group reaffirmed a “neutral” rating on shares of Nucor in a research note on Monday, October 15th. Deutsche Bank lowered Nucor to a “buy” rating in a research note on Tuesday, October 2nd. Zacks Investment Research lowered Nucor from a “buy” rating to a “hold” rating in a research note on Tuesday, August 14th. Finally, Seaport Global Securities started coverage on Nucor in a research note on Thursday, October 11th. They issued a “buy” rating and a $75.00 price objective on the stock. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $73.58.
Nucor (NYSE:NUE) last announced its earnings results on Thursday, October 18th. The basic materials company reported $2.33 EPS for the quarter, missing the consensus estimate of $2.35 by ($0.02). The company had revenue of $6.74 billion for 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%. The business’s quarterly revenue was up 30.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.83 earnings per share. On average, equities analysts forecast that Nucor Co. will post 7.63 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, November 9th. Investors of record on Friday, September 28th were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $1.52 annualized dividend and a dividend yield of 2.42%. Nucor’s payout ratio is currently 43.30%.
Nucor announced that its Board of Directors has approved a stock repurchase plan on Thursday, September 6th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the basic materials company to purchase up to 10% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.
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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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