Brookstone Capital Management Takes Position in Nucor Co. (NUE)
Brookstone Capital Management purchased a new position in Nucor Co. (NYSE:NUE) in the 4th quarter, HoldingsChannel reports. The firm purchased 90,920 shares of the basic materials company’s stock, valued at approximately $5,781,000.
A number of other large investors have also bought and sold shares of NUE. Barrett Asset Management LLC acquired a new position in Nucor in the fourth quarter worth about $101,000. Cerebellum GP LLC acquired a new position in Nucor in the fourth quarter worth about $131,000. Benjamin F. Edwards & Company Inc. grew its stake in Nucor by 791.0% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,673 shares of the basic materials company’s stock worth $150,000 after buying an additional 2,373 shares during the last quarter. Dupont Capital Management Corp bought a new stake in Nucor during the fourth quarter worth about $176,000. Finally, Checchi Capital Advisers LLC bought a new stake in Nucor during the fourth quarter worth about $200,000. 74.33% of the stock is owned by hedge funds and other institutional investors.
In other news, EVP Robert J. Stratman sold 39,037 shares of the stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $63.88, for a total transaction of $2,493,683.56. Following the sale, the executive vice president now directly owns 233,824 shares of the company’s stock, valued at $14,936,677.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.70% of the stock is owned by corporate insiders.
Nucor (NYSE:NUE) last released its quarterly earnings results on Tuesday, January 30th. The basic materials company reported $0.65 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.10. Nucor had a net margin of 6.58% and a return on equity of 13.03%. The business had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $4.86 billion. During the same period in the prior year, the firm earned $0.50 earnings per share. Nucor’s revenue was up 28.7% compared to the same quarter last year. analysts anticipate that Nucor Co. will post 4.92 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, February 9th. Stockholders of record on Friday, December 29th were paid a dividend of $0.38 per share. This is a boost from Nucor’s previous quarterly dividend of $0.38. This represents a $1.52 annualized dividend and a dividend yield of 2.46%. The ex-dividend date was Thursday, December 28th. Nucor’s dividend payout ratio is 37.07%.
Several analysts have weighed in on the stock. Morgan Stanley decreased their price objective on shares of Nucor from $70.00 to $68.00 and set a “hold” rating on the stock in a research note on Tuesday, February 6th. Zacks Investment Research cut shares of Nucor from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Jefferies Group reaffirmed a “buy” rating and set a $76.00 price objective on shares of Nucor in a research note on Wednesday, January 31st. BMO Capital Markets upped their price objective on shares of Nucor to $72.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 31st. They noted that the move was a valuation call. Finally, Credit Suisse Group upped their price objective on shares of Nucor from $67.00 to $73.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 31st. One analyst has rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the stock. Nucor currently has a consensus rating of “Buy” and a consensus price target of $69.90.
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Nucor Company 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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