Manning & Napier Advisors LLC Boosts Stake in Nucor Corporation (NUE)
Manning & Napier Advisors LLC lifted its holdings in Nucor Corporation (NYSE:NUE) by 3.8% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 76,501 shares of the basic materials company’s stock after buying an additional 2,815 shares during the period. Manning & Napier Advisors LLC’s holdings in Nucor Corporation were worth $4,286,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of NUE. Commonwealth Equity Services Inc boosted its stake in shares of Nucor Corporation by 9.4% during the 3rd quarter. Commonwealth Equity Services Inc now owns 173,957 shares of the basic materials company’s stock worth $9,748,000 after purchasing an additional 14,948 shares during the period. Putnam FL Investment Management Co. purchased a new position in shares of Nucor Corporation during the 3rd quarter worth about $4,707,000. NBT Bank N A NY boosted its stake in shares of Nucor Corporation by 11.4% during the 3rd quarter. NBT Bank N A NY now owns 21,440 shares of the basic materials company’s stock worth $1,201,000 after purchasing an additional 2,200 shares during the period. Cambridge Investment Research Advisors Inc. boosted its stake in shares of Nucor Corporation by 13.4% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 46,338 shares of the basic materials company’s stock worth $2,597,000 after purchasing an additional 5,472 shares during the period. Finally, Russell Investments Group Ltd. boosted its stake in shares of Nucor Corporation by 152.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 68,148 shares of the basic materials company’s stock worth $3,819,000 after purchasing an additional 41,168 shares during the period. Hedge funds and other institutional investors own 74.92% of the company’s stock.
In other news, Chairman John J. Ferriola sold 15,131 shares of the business’s stock in a transaction dated Monday, October 23rd. The shares were sold at an average price of $60.40, for a total value of $913,912.40. Following the completion of the sale, the chairman now owns 349,506 shares in the company, valued at approximately $21,110,162.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Victoria F. Haynes sold 2,500 shares of the business’s stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $55.16, for a total transaction of $137,900.00. Following the completion of the sale, the director now owns 33,573 shares of the company’s stock, valued at approximately $1,851,886.68. The disclosure for this sale can be found here. In the last 90 days, insiders sold 44,217 shares of company stock valued at $2,608,231. Company insiders own 0.70% of the company’s stock.
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Nucor Corporation (NUE) traded up $0.01 during trading hours on Monday, hitting $54.80. 1,405,700 shares of the stock traded hands, compared to its average volume of 2,690,896. Nucor Corporation has a twelve month low of $51.67 and a twelve month high of $68.00. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.12 and a current ratio of 2.11. The company has a market cap of $17,420.00, a price-to-earnings ratio of 16.12, a P/E/G ratio of 1.23 and a beta of 1.59.
Nucor Corporation (NYSE:NUE) last posted its quarterly earnings results on Thursday, October 19th. The basic materials company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.78 by $0.01. Nucor Corporation had a net margin of 5.80% and a return on equity of 12.78%. The business had revenue of $5.17 billion during the quarter, compared to analyst estimates of $5.19 billion. During the same quarter in the previous year, the business posted $0.88 EPS. The company’s quarterly revenue was up 20.5% compared to the same quarter last year. sell-side analysts expect that Nucor Corporation will post 3.7 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, November 9th. Stockholders of record on Friday, September 29th were issued a $0.3775 dividend. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $1.51 annualized dividend and a dividend yield of 2.76%. Nucor Corporation’s dividend payout ratio is currently 42.06%.
NUE has been the subject of a number of recent analyst reports. Cowen and Company reaffirmed a “market perform” rating and set a $63.00 price target (up from $62.00) on shares of Nucor Corporation in a research note on Tuesday, July 25th. Longbow Research reaffirmed a “buy” rating and set a $66.00 price target on shares of Nucor Corporation in a research note on Thursday, July 27th. BidaskClub cut shares of Nucor Corporation from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Jefferies Group LLC set a $68.00 price target on shares of Nucor Corporation and gave the stock a “buy” rating in a research note on Monday, August 21st. Finally, BMO Capital Markets set a $70.00 price target on shares of Nucor Corporation and gave the stock a “hold” rating in a research note on Saturday, August 26th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $67.32.
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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