Rainier Investment Management LLC Boosts Stake in Nucor Corp. (NUE)
Rainier Investment Management LLC increased its stake in Nucor Corp. (NYSE:NUE) by 31.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 223,510 shares of the company’s stock after buying an additional 53,460 shares during the period. Rainier Investment Management LLC owned 0.07% of Nucor Corp. worth $11,044,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of NUE. NEXT Financial Group Inc increased its stake in shares of Nucor Corp. by 4.5% in the second quarter. NEXT Financial Group Inc now owns 2,310 shares of the company’s stock valued at $114,000 after buying an additional 100 shares during the period. Tuttle Tactical Management LLC bought a new stake in shares of Nucor Corp. during the second quarter valued at about $116,000. Sunbelt Securities Inc. increased its stake in shares of Nucor Corp. by 0.8% in the second quarter. Sunbelt Securities Inc. now owns 2,494 shares of the company’s stock valued at $123,000 after buying an additional 19 shares during the period. Compagnie Lombard Odier SCmA increased its stake in shares of Nucor Corp. by 197.8% in the second quarter. Compagnie Lombard Odier SCmA now owns 2,978 shares of the company’s stock valued at $147,000 after buying an additional 1,978 shares during the period. Finally, Kanaly Trust Co increased its stake in shares of Nucor Corp. by 0.5% in the second quarter. Kanaly Trust Co now owns 3,326 shares of the company’s stock valued at $164,000 after buying an additional 15 shares during the period. Hedge funds and other institutional investors own 77.90% of the company’s stock.
Nucor Corp. (NYSE:NUE) traded down 0.66% during mid-day trading on Friday, hitting $58.75. 4,541,860 shares of the company’s stock were exchanged. The stock’s 50 day moving average price is $49.08 and its 200-day moving average price is $49.81. Nucor Corp. has a 12 month low of $33.90 and a 12 month high of $59.82. The stock has a market cap of $18.78 billion, a PE ratio of 36.76 and a beta of 1.38.
Nucor Corp. (NYSE:NUE) last announced its quarterly earnings results on Thursday, October 20th. The company reported $0.84 EPS for the quarter, missing the Zacks’ consensus estimate of $0.90 by $0.06. The business had revenue of $4.29 billion for the quarter, compared to analysts’ expectations of $3.77 billion. Nucor Corp. had a net margin of 3.26% and a return on equity of 9.27%. The business’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.71 earnings per share. Equities analysts expect that Nucor Corp. will post $2.33 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, November 10th. Investors of record on Friday, September 30th were paid a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date was Wednesday, September 28th. Nucor Corp.’s payout ratio is currently 93.75%.
Several equities research analysts have issued reports on the stock. Bank of America Corp. downgraded shares of Nucor Corp. from a “buy” rating to a “neutral” rating and set a $56.00 price objective for the company. in a research report on Wednesday, July 20th. Berenberg Bank upgraded shares of Nucor Corp. from a “hold” rating to a “buy” rating and dropped their price target for the company from $57.50 to $57.00 in a research report on Wednesday, November 2nd. BMO Capital Markets reiterated a “hold” rating on shares of Nucor Corp. in a research report on Thursday, October 20th. Citigroup Inc. reiterated a “neutral” rating on shares of Nucor Corp. in a research report on Saturday, October 22nd. Finally, Cowen and Company lifted their price target on shares of Nucor Corp. from $50.00 to $55.00 and gave the company a “market perform” rating in a research report on Tuesday, July 26th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and twelve have given a buy rating to the company’s stock. Nucor Corp. presently has a consensus rating of “Buy” and a consensus target price of $53.02.
About Nucor Corp.
Nucor Corporation (Nucor) manufactures steel and steel products. The Company also produces direct reduced iron (DRI) for use in the Company’s steel mills. It also processes ferrous and nonferrous metals and brokers ferrous and nonferrous metals, pig iron, hot briquetted iron (HBI) and DRI. Nucor operates in three segments: steel mills, steel products and raw materials.
Receive News & Stock Ratings for Nucor Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nucor Corp. and related stocks with our FREE daily email newsletter.