Tocqueville Asset Management L.P. lifted its holdings in shares of Nucor Co. (NYSE:NUE) by 23.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 132,360 shares of the basic materials company’s stock after purchasing an additional 25,000 shares during the period. Tocqueville Asset Management L.P.’s holdings in Nucor were worth $8,398,000 as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in the stock. First Republic Investment Management Inc. grew its holdings in shares of Nucor by 41.1% during the 3rd quarter. First Republic Investment Management Inc. now owns 30,031 shares of the basic materials company’s stock valued at $1,906,000 after purchasing an additional 8,750 shares during the last quarter. Hammer Asset Management LLC bought a new position in shares of Nucor during the 3rd quarter valued at $1,843,000. Kepos Capital LP bought a new position in shares of Nucor during the 3rd quarter valued at $6,361,000. Honkamp Krueger Financial Services Inc. bought a new position in shares of Nucor during the 3rd quarter valued at $125,000. Finally, Bridgewater Associates LP grew its holdings in shares of Nucor by 26.6% during the 3rd quarter. Bridgewater Associates LP now owns 147,627 shares of the basic materials company’s stock valued at $9,367,000 after purchasing an additional 31,016 shares during the last quarter. 76.59% of the stock is currently owned by institutional investors.
NUE has been the topic of a number of recent analyst reports. Zacks Investment Research lowered shares of Nucor from a “buy” rating to a “hold” rating in a report on Tuesday, August 14th. ValuEngine lowered shares of Nucor from a “hold” rating to a “sell” rating in a report on Tuesday, September 4th. Deutsche Bank lowered shares of Nucor to a “buy” rating in a report on Tuesday, October 2nd. Seaport Global Securities initiated coverage on shares of Nucor in a report on Thursday, October 11th. They issued a “buy” rating and a $75.00 price target on the stock. Finally, Credit Suisse Group reissued a “neutral” rating on shares of Nucor in a report on Monday, October 15th. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $73.00.
Nucor (NYSE:NUE) last announced its quarterly earnings results on Thursday, October 18th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.35 by ($0.02). The firm had revenue of $6.74 billion during the quarter, compared to the consensus estimate of $6.64 billion. Nucor had a return on equity of 20.72% and a net margin of 8.79%. Nucor’s revenue was up 30.4% on a year-over-year basis. During the same period last year, the business earned $0.83 EPS. Research analysts expect that Nucor Co. will post 7.57 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, February 11th. Stockholders 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. The ex-dividend date of this dividend is Friday, December 28th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.78%. Nucor’s payout ratio is presently 43.30%.
Nucor announced that its Board of Directors has authorized a share repurchase plan on Thursday, September 6th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the basic materials company to reacquire up to 10% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.
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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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