Toronto Dominion Bank raised its stake in shares of Nucor Corporation (NYSE:NUE) by 12.0% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 122,148 shares of the basic materials company’s stock after buying an additional 13,074 shares during the period. Toronto Dominion Bank’s holdings in Nucor Corporation were worth $6,844,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NUE. Pioneer Investment Management Inc. increased its stake in shares of Nucor Corporation by 437.2% in the 2nd quarter. Pioneer Investment Management Inc. now owns 1,813,506 shares of the basic materials company’s stock valued at $104,947,000 after purchasing an additional 1,475,935 shares in the last quarter. CI Investments Inc. purchased a new position in shares of Nucor Corporation in the 3rd quarter valued at about $55,250,000. Northern Trust Corp increased its stake in shares of Nucor Corporation by 15.0% in the 2nd quarter. Northern Trust Corp now owns 5,759,017 shares of the basic materials company’s stock valued at $333,275,000 after purchasing an additional 750,796 shares in the last quarter. Balyasny Asset Management LLC increased its stake in shares of Nucor Corporation by 55.4% in the 2nd quarter. Balyasny Asset Management LLC now owns 1,471,244 shares of the basic materials company’s stock valued at $85,141,000 after purchasing an additional 524,476 shares in the last quarter. Finally, Prudential PLC increased its stake in shares of Nucor Corporation by 28.2% in the 2nd quarter. Prudential PLC now owns 2,260,300 shares of the basic materials company’s stock valued at $130,804,000 after purchasing an additional 496,700 shares in the last quarter. Institutional investors and hedge funds own 74.59% of the company’s stock.
In other news, Director Victoria F. Haynes sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $55.16, for a total transaction of $137,900.00. Following the transaction, the director now directly owns 33,573 shares in the company, valued at approximately $1,851,886.68. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider D. Chad Utermark sold 9,003 shares of the business’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $59.72, for a total value of $537,659.16. Following the transaction, the insider now owns 73,883 shares in the company, valued at $4,412,292.76. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 44,217 shares of company stock worth $2,608,231. Insiders own 0.70% of the company’s stock.
Nucor Corporation (NYSE:NUE) last issued its earnings results on Thursday, October 19th. The basic materials company reported $0.79 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.01. The business had revenue of $5.17 billion for the quarter, compared to analysts’ expectations of $5.19 billion. Nucor Corporation had a return on equity of 12.78% and a net margin of 5.80%. The business’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.88 EPS. research analysts predict that Nucor Corporation will post 3.7 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, November 9th. Stockholders of record on Friday, September 29th were issued a dividend of $0.3775 per share. This represents a $1.51 annualized dividend and a dividend yield of 2.76%. The ex-dividend date of this dividend was Thursday, September 28th. Nucor Corporation’s dividend payout ratio is currently 42.06%.
Several equities analysts recently weighed in on the company. Cowen and Company restated a “market perform” rating and issued a $63.00 price target (up previously from $62.00) on shares of Nucor Corporation in a research note on Tuesday, July 25th. BMO Capital Markets set a $62.00 price target on Nucor Corporation and gave the company a “hold” rating in a research note on Friday. KeyCorp restated a “hold” rating on shares of Nucor Corporation in a research note on Thursday, October 19th. Jefferies Group LLC reiterated a “buy” rating on shares of Nucor Corporation in a report on Saturday, September 16th. Finally, Morgan Stanley cut Nucor Corporation from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $78.00 to $60.00 in a report on Tuesday, September 12th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the stock. Nucor Corporation presently has an average rating of “Hold” and an average target price of $67.32.
Nucor Corporation 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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