ING Groep NV lessened its holdings in shares of Nucor Co. (NYSE:NUE) by 1.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,734 shares of the basic materials company’s stock after selling 293 shares during the period. ING Groep NV’s holdings in Nucor were worth $1,584,000 at the end of the most recent quarter.
Several other large investors have also added to or reduced their stakes in NUE. Norges Bank bought a new position in shares of Nucor during the 4th quarter valued at about $566,903,000. Acadian Asset Management LLC lifted its stake in Nucor by 691.5% in the 1st quarter. Acadian Asset Management LLC now owns 1,216,719 shares of the basic materials company’s stock valued at $97,667,000 after acquiring an additional 1,062,994 shares in the last quarter. Madison Asset Management LLC bought a new stake in Nucor in the 1st quarter valued at approximately $51,122,000. BlackRock Inc. lifted its stake in Nucor by 3.0% in the 1st quarter. BlackRock Inc. now owns 21,657,033 shares of the basic materials company’s stock valued at $1,738,408,000 after acquiring an additional 630,528 shares in the last quarter. Finally, FMR LLC lifted its stake in Nucor by 123.0% in the 1st quarter. FMR LLC now owns 674,154 shares of the basic materials company’s stock valued at $39,337,000 after acquiring an additional 371,876 shares in the last quarter. Institutional investors and hedge funds own 75.12% of the company’s stock.
Several research analysts have weighed in on the company. Argus raised Nucor from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a research report on Friday, March 19th. Morgan Stanley boosted their target price on Nucor from $71.00 to $95.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 11th. Bank of America raised Nucor from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $56.00 to $80.00 in a report on Tuesday, April 20th. BMO Capital Markets boosted their target price on Nucor from $86.00 to $110.00 and gave the stock a “market perform” rating in a report on Friday, May 14th. Finally, Zacks Investment Research raised Nucor from a “hold” rating to a “strong-buy” rating and set a $76.00 price objective on the stock in a report on Wednesday, March 10th. Six equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Nucor has an average rating of “Buy” and an average price target of $71.36.
NYSE:NUE opened at $106.31 on Friday. The firm’s fifty day moving average is $92.41. The company has a market cap of $31.81 billion, a P/E ratio of 19.72, a price-to-earnings-growth ratio of 0.74 and a beta of 1.38. The company has a current ratio of 3.50, a quick ratio of 2.04 and a debt-to-equity ratio of 0.44. Nucor Co. has a fifty-two week low of $38.51 and a fifty-two week high of $110.96.
Nucor (NYSE:NUE) last announced its quarterly earnings data on Thursday, April 22nd. The basic materials company reported $3.10 earnings per share for the quarter, missing the consensus estimate of $3.14 by ($0.04). Nucor had a return on equity of 14.90% and a net margin of 7.63%. The business had revenue of $7.02 billion for the quarter, compared to the consensus estimate of $7.39 billion. During the same quarter in the prior year, the company earned $0.99 earnings per share. Nucor’s quarterly revenue was up 24.8% compared to the same quarter last year. On average, analysts expect that Nucor Co. will post 12.02 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 11th. Investors of record on Wednesday, June 30th will be paid a dividend of $0.405 per share. The ex-dividend date is Tuesday, June 29th. This represents a $1.62 annualized dividend and a yield of 1.52%. Nucor’s dividend payout ratio is currently 48.50%.
Nucor announced that its board has initiated a stock buyback plan on Thursday, May 13th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the basic materials company to buy up to 9.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
Nucor Company Profile
Nucor Corporation manufactures and sells steel and steel products. It operates through three segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and special bar quality products.
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