Fairfield Bush & CO. lessened its stake in shares of Nucor Co. (NYSE:NUE) by 26.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,121 shares of the basic materials company’s stock after selling 1,450 shares during the period. Fairfield Bush & CO.’s holdings in Nucor were worth $261,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Private Trust Co. NA purchased a new stake in Nucor during the third quarter worth about $214,000. Stevens Capital Management LP increased its holdings in Nucor by 3,110.6% during the second quarter. Stevens Capital Management LP now owns 130,961 shares of the basic materials company’s stock worth $8,185,000 after buying an additional 126,882 shares during the last quarter. Andra AP fonden increased its holdings in Nucor by 7.1% during the third quarter. Andra AP fonden now owns 83,500 shares of the basic materials company’s stock worth $5,298,000 after buying an additional 5,500 shares during the last quarter. State of Alaska Department of Revenue increased its holdings in Nucor by 3.3% during the third quarter. State of Alaska Department of Revenue now owns 51,576 shares of the basic materials company’s stock worth $3,271,000 after buying an additional 1,649 shares during the last quarter. Finally, Bank of Montreal Can increased its holdings in Nucor by 29.1% during the third quarter. Bank of Montreal Can now owns 446,933 shares of the basic materials company’s stock worth $28,357,000 after buying an additional 100,853 shares during the last quarter. Institutional investors and hedge funds own 76.59% of the company’s stock.
Shares of NYSE:NUE opened at $61.19 on Tuesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.15 and a quick ratio of 1.69. The stock has a market cap of $18.96 billion, a price-to-earnings ratio of 17.43, a price-to-earnings-growth ratio of 0.67 and a beta of 1.47. Nucor Co. has a twelve month low of $55.55 and a twelve month high of $70.48.
The firm also recently announced a quarterly dividend, which will be paid on Monday, February 11th. Shareholders of record on Monday, December 31st will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date is Friday, December 28th. This is a positive change from Nucor’s previous quarterly dividend of $0.38. Nucor’s dividend payout ratio (DPR) is currently 43.30%.
Nucor declared that its Board of Directors has authorized a share repurchase program on Thursday, September 6th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the basic materials company to buy up to 10% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
NUE has been the subject of a number of research analyst reports. Zacks Investment Research downgraded shares of Nucor from a “buy” rating to a “hold” rating in a report on Tuesday, August 14th. ValuEngine downgraded shares of Nucor from a “hold” rating to a “sell” rating in a report on Tuesday, September 4th. Deutsche Bank downgraded shares of Nucor to a “buy” rating in a report on Tuesday, October 2nd. Seaport Global Securities started coverage on shares of Nucor in a report on Thursday, October 11th. They set a “buy” rating and a $75.00 price objective for the company. Finally, Credit Suisse Group reiterated a “neutral” rating on shares of Nucor in a research report on Monday, October 15th. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Nucor currently has an average rating of “Buy” and an average target price of $73.00.
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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