Great Lakes Advisors LLC trimmed its holdings in shares of Nucor Co. (NYSE:NUE) by 30.3% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 28,904 shares of the basic materials company’s stock after selling 12,563 shares during the period. Great Lakes Advisors LLC’s holdings in Nucor were worth $1,834,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in NUE. Dupont Capital Management Corp grew its stake in Nucor by 44.4% during the 2nd quarter. Dupont Capital Management Corp now owns 4,461 shares of the basic materials company’s stock valued at $279,000 after purchasing an additional 1,372 shares during the last quarter. Aperio Group LLC lifted its holdings in shares of Nucor by 3.3% in the 2nd quarter. Aperio Group LLC now owns 102,836 shares of the basic materials company’s stock valued at $6,427,000 after buying an additional 3,305 shares during the period. Alps Advisors Inc. lifted its holdings in shares of Nucor by 9.9% in the 2nd quarter. Alps Advisors Inc. now owns 805,075 shares of the basic materials company’s stock valued at $51,187,000 after buying an additional 72,509 shares during the period. TD Asset Management Inc. lifted its holdings in shares of Nucor by 11.8% in the 2nd quarter. TD Asset Management Inc. now owns 325,350 shares of the basic materials company’s stock valued at $20,334,000 after buying an additional 34,326 shares during the period. Finally, Los Angeles Capital Management & Equity Research Inc. lifted its holdings in shares of Nucor by 16.5% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 117,859 shares of the basic materials company’s stock valued at $7,366,000 after buying an additional 16,654 shares during the period. Hedge funds and other institutional investors own 76.59% of the company’s stock.
NYSE:NUE opened at $59.66 on Thursday. Nucor Co. has a 12 month low of $55.55 and a 12 month high of $70.48. The company has a quick ratio of 1.69, a current ratio of 3.15 and a debt-to-equity ratio of 0.42. The company has a market cap of $18.73 billion, a price-to-earnings ratio of 17.00, a PEG ratio of 0.66 and a beta of 1.47.
Nucor (NYSE:NUE) last posted its quarterly earnings data on Thursday, October 18th. The basic materials company reported $2.33 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.35 by ($0.02). Nucor had a return on equity of 20.72% and a net margin of 8.79%. The firm had revenue of $6.74 billion for the quarter, compared to analysts’ expectations of $6.64 billion. During the same quarter last year, the firm posted $0.83 earnings per share. Nucor’s quarterly revenue was up 30.4% on a year-over-year basis. Equities research analysts forecast that Nucor Co. will post 7.57 earnings per share for the current year.
Nucor announced that its board has approved a stock buyback program on Thursday, September 6th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the basic materials company to repurchase up to 10% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 11th. Shareholders of record on Monday, December 31st will be paid a dividend of $0.40 per share. This is a positive change from Nucor’s previous quarterly dividend of $0.38. This represents a $1.60 annualized dividend and a yield of 2.68%. The ex-dividend date of this dividend is Friday, December 28th. Nucor’s payout ratio is 43.30%.
A number of equities analysts recently weighed in on NUE shares. Zacks Investment Research cut Nucor from a “buy” rating to a “hold” rating in a report on Tuesday, August 14th. Deutsche Bank cut Nucor to a “buy” rating in a report on Tuesday, October 2nd. Argus reaffirmed a “buy” rating on shares of Nucor in a report on Tuesday, October 23rd. ValuEngine cut Nucor from a “hold” rating to a “sell” rating in a report on Tuesday, September 4th. Finally, KeyCorp reaffirmed a “buy” rating and issued a $72.00 price target on shares of Nucor in a report on Friday, November 30th. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $73.00.
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Nucor Company Profile
Nucor Corporation manufactures and sells steel and steel products in the United States and internationally. It operates in three segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; hollow structural section steel tubing, steel electrical conduit, plate steel, and structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, wire rods, and special bar quality; and tubular and plate steel products.
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