First National Trust Co. Boosts Position in Nucor Corporation (NUE)
First National Trust Co. raised its stake in Nucor Corporation (NYSE:NUE) by 17.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,977 shares of the basic materials company’s stock after purchasing an additional 906 shares during the quarter. First National Trust Co.’s holdings in Nucor Corporation were worth $335,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently modified their holdings of NUE. Pioneer Investment Management Inc. raised its stake in shares of Nucor Corporation by 437.2% in the second quarter. Pioneer Investment Management Inc. now owns 1,813,506 shares of the basic materials company’s stock worth $104,947,000 after purchasing an additional 1,475,935 shares during the last quarter. CI Investments Inc. purchased a new stake in shares of Nucor Corporation during the third quarter valued at approximately $55,250,000. Northern Trust Corp increased its position in shares of Nucor Corporation by 15.0% during the second quarter. Northern Trust Corp now owns 5,759,017 shares of the basic materials company’s stock valued at $333,275,000 after acquiring an additional 750,796 shares during the last quarter. Balyasny Asset Management LLC increased its position in shares of Nucor Corporation by 55.4% during the second quarter. Balyasny Asset Management LLC now owns 1,471,244 shares of the basic materials company’s stock valued at $85,141,000 after acquiring an additional 524,476 shares during the last quarter. Finally, Prudential PLC increased its position in shares of Nucor Corporation by 28.2% during the second quarter. Prudential PLC now owns 2,260,300 shares of the basic materials company’s stock valued at $130,804,000 after acquiring an additional 496,700 shares during the last quarter. 74.59% of the stock is owned by hedge funds and other institutional investors.
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Several equities analysts have weighed in on NUE shares. Macquarie started coverage on Nucor Corporation in a report on Wednesday, September 6th. They set a “neutral” rating and a $57.00 price objective for the company. ValuEngine lowered Nucor Corporation from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Jefferies Group LLC set a $68.00 price target on Nucor Corporation and gave the stock a “buy” rating in a report on Monday, August 21st. Credit Suisse Group lifted their price objective on Nucor Corporation from $63.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, October 20th. Finally, Cowen and Company lifted their price objective on Nucor Corporation from $57.00 to $63.00 and gave the company a “market perform” rating in a research note on Monday, October 23rd. One research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the company. Nucor Corporation has a consensus rating of “Hold” and an average target price of $67.32.
In other news, insider Ladd R. Hall sold 17,583 shares of the firm’s stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $57.94, for a total transaction of $1,018,759.02. Following the transaction, the insider now directly owns 206,406 shares of the company’s stock, valued at $11,959,163.64. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider D. Chad Utermark sold 9,003 shares of the firm’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $59.72, for a total transaction of $537,659.16. Following the transaction, the insider now directly owns 73,883 shares in the company, valued at $4,412,292.76. The disclosure for this sale can be found here. Insiders sold a total of 44,217 shares of company stock worth $2,608,231 over the last three months. 0.70% of the stock is currently owned by corporate insiders.
Shares of Nucor Corporation (NUE) traded down $0.84 during midday trading on Wednesday, hitting $54.86. 1,815,600 shares of the stock traded hands, compared to its average volume of 2,702,657. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.11 and a quick ratio of 1.12. The stock has a market cap of $17,707.96, a PE ratio of 16.38, a price-to-earnings-growth ratio of 1.26 and a beta of 1.59. Nucor Corporation has a 52-week low of $51.67 and a 52-week high of $68.00.
Nucor Corporation (NYSE:NUE) last announced its earnings results on Thursday, October 19th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.01. The firm had revenue of $5.17 billion for the quarter, compared to analysts’ expectations of $5.19 billion. Nucor Corporation had a net margin of 5.80% and a return on equity of 12.78%. The business’s revenue was up 20.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.88 EPS. equities analysts forecast that Nucor Corporation will post 3.7 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 9th. Investors of record on Friday, September 29th were given a $0.3775 dividend. This represents a $1.51 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date of this dividend was Thursday, September 28th. Nucor Corporation’s dividend payout ratio (DPR) is currently 43.90%.
Nucor Corporation Profile
Nucor Corporation (Nucor) manufactures steel and steel products. The Company produces direct reduced iron (DRI) for use in its steel mills. It operates in three segments: steel mills, steel products and raw materials. The steel mills segment produces and distributes sheet steel (hot-rolled, cold-rolled and galvanized), plate steel, structural steel (wide-flange beams, beam blanks, H-piling and sheet piling) and bar steel (blooms, billets, concrete reinforcing bar, merchant bar, wire rod and special bar quality).
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