Point72 Asset Management L.P. Raises Stake in Nucor Co. (NUE)
Point72 Asset Management L.P. lifted its position in Nucor Co. (NYSE:NUE) by 384.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 509,772 shares of the basic materials company’s stock after acquiring an additional 404,622 shares during the quarter. Point72 Asset Management L.P. owned 0.16% of Nucor worth $28,568,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. HL Financial Services LLC acquired a new position in Nucor during the 2nd quarter valued at approximately $401,000. Global X Management Co. LLC boosted its position in Nucor by 67.1% during the 2nd quarter. Global X Management Co. LLC now owns 9,989 shares of the basic materials company’s stock valued at $578,000 after purchasing an additional 4,012 shares during the period. Trexquant Investment LP acquired a new position in Nucor during the 2nd quarter valued at approximately $305,000. Schwab Charles Investment Management Inc. boosted its position in Nucor by 4.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,151,599 shares of the basic materials company’s stock valued at $66,644,000 after purchasing an additional 48,821 shares during the period. Finally, First Trust Advisors LP boosted its position in Nucor by 139.5% during the 2nd quarter. First Trust Advisors LP now owns 263,607 shares of the basic materials company’s stock valued at $15,255,000 after purchasing an additional 153,556 shares during the period. Institutional investors own 74.55% of the company’s stock.
In other news, Director Victoria F. Haynes sold 2,500 shares of the business’s stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $55.16, for a total value of $137,900.00. Following the sale, the director now owns 33,573 shares of the company’s stock, valued at approximately $1,851,886.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman John J. Ferriola sold 15,131 shares of the business’s stock in a transaction on Monday, October 23rd. The stock was 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 directly owns 349,506 shares in the company, valued at approximately $21,110,162.40. The disclosure for this sale can be found here. Insiders have sold a total of 44,217 shares of company stock worth $2,608,231 in the last ninety days. 0.70% of the stock is owned by company insiders.
Nucor (NYSE:NUE) last announced its earnings results on Thursday, October 19th. The basic materials company reported $0.79 earnings per share 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 the consensus estimate of $5.19 billion. Nucor had a return on equity of 12.78% and a net margin of 5.80%. The firm’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.88 EPS. equities research analysts predict that Nucor Co. will post 3.69 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, February 9th. Shareholders of record on Friday, December 29th will be paid a dividend of $0.38 per share. The ex-dividend date is Thursday, December 28th. This represents a $1.52 annualized dividend and a yield of 2.45%. This is an increase from Nucor’s previous quarterly dividend of $0.38. Nucor’s payout ratio is presently 43.90%.
A number of research firms recently issued reports on NUE. Credit Suisse Group reduced their price objective on Nucor from $68.00 to $63.00 and set a “buy” rating for the company in a research report on Thursday, September 28th. KeyCorp restated a “hold” rating on shares of Nucor in a research report on Tuesday, September 19th. ValuEngine lowered Nucor from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Cowen boosted their price objective on Nucor from $57.00 to $63.00 and gave the company a “market perform” rating in a research report on Monday, October 23rd. Finally, Morgan Stanley lowered Nucor from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $78.00 to $60.00 in a research report on Tuesday, September 12th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $66.80.
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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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