Gateway Investment Advisers LLC cut its holdings in shares of Nucor Co. (NYSE:NUE) by 17.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 40,600 shares of the basic materials company’s stock after selling 8,860 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Nucor were worth $2,067,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Coastal Investment Advisors Inc. grew its holdings in Nucor by 79.9% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 556 shares of the basic materials company’s stock valued at $31,000 after buying an additional 247 shares in the last quarter. Stonebridge Capital Advisors LLC acquired a new position in Nucor in the 2nd quarter valued at $34,000. Harel Insurance Investments & Financial Services Ltd. grew its holdings in Nucor by 300.0% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 800 shares of the basic materials company’s stock valued at $44,000 after buying an additional 600 shares in the last quarter. TRUE Private Wealth Advisors acquired a new position in Nucor in the 2nd quarter valued at $44,000. Finally, Marshall Wace North America L.P. acquired a new position in Nucor in the 1st quarter valued at $54,000. 77.52% of the stock is currently owned by institutional investors and hedge funds.
Shares of NUE stock traded up $0.04 on Friday, hitting $55.56. 1,613,229 shares of the company’s stock were exchanged, compared to its average volume of 2,325,594. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.36 and a quick ratio of 1.78. Nucor Co. has a 12 month low of $46.10 and a 12 month high of $64.11. The stock has a market cap of $16.82 billion, a P/E ratio of 7.29, a price-to-earnings-growth ratio of 1.05 and a beta of 1.65. The company has a 50 day moving average of $52.33 and a 200 day moving average of $52.78.
Nucor (NYSE:NUE) last announced its quarterly earnings data on Tuesday, October 22nd. The basic materials company reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. Nucor had a return on equity of 16.90% and a net margin of 7.62%. The business had revenue of $5.46 billion during the quarter, compared to the consensus estimate of $5.57 billion. During the same period in the prior year, the company earned $2.33 EPS. Nucor’s revenue for the quarter was down 19.0% on a year-over-year basis. Sell-side analysts predict that Nucor Co. will post 4.39 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 8th. Investors of record on Friday, September 27th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Thursday, September 26th. This represents a $1.60 annualized dividend and a dividend yield of 2.88%. Nucor’s dividend payout ratio is currently 21.00%.
A number of research firms have recently weighed in on NUE. ValuEngine upgraded Nucor from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Bank of America cut their target price on Nucor from $50.00 to $46.00 and set an “underperform” rating for the company in a research report on Wednesday, September 4th. KeyCorp cut their target price on Nucor from $61.00 to $60.00 and set an “overweight” rating for the company in a research report on Tuesday, August 27th. Finally, Credit Suisse Group set a $61.00 target price on Nucor and gave the company a “buy” rating in a research report on Friday, July 19th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $58.14.
In other Nucor news, CEO John J. Ferriola sold 3,203 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $54.00, for a total value of $172,962.00. Following the completion of the transaction, the chief executive officer now directly owns 453,954 shares in the company, valued at $24,513,516. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Raymond S. Napolitan, Jr. sold 8,000 shares of the stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $52.67, for a total value of $421,360.00. Following the completion of the transaction, the executive vice president now owns 142,393 shares of the company’s stock, valued at $7,499,839.31. The disclosure for this sale can be found here. 0.96% of the stock is owned by corporate insiders.
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; 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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