Northern Oak Wealth Management Inc. lowered its position in Nucor Co. (NYSE:NUE) by 63.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 37,067 shares of the basic materials company’s stock after selling 65,521 shares during the quarter. Northern Oak Wealth Management Inc.’s holdings in Nucor were worth $2,077,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in NUE. Mckinley Capital Management LLC Delaware purchased a new stake in shares of Nucor in the second quarter valued at $100,000. Krilogy Financial LLC raised its stake in shares of Nucor by 4,594.6% in the second quarter. Krilogy Financial LLC now owns 1,737 shares of the basic materials company’s stock valued at $101,000 after acquiring an additional 1,700 shares during the period. Fiduciary Trust Co. purchased a new stake in shares of Nucor in the second quarter valued at $109,000. Sun Life Financial INC raised its stake in shares of Nucor by 23,290.0% in the second quarter. Sun Life Financial INC now owns 2,339 shares of the basic materials company’s stock valued at $135,000 after acquiring an additional 2,329 shares during the period. Finally, Benjamin F. Edwards & Company Inc. raised its stake in shares of Nucor by 791.0% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,673 shares of the basic materials company’s stock valued at $150,000 after acquiring an additional 2,373 shares during the period. 74.55% of the stock is currently owned by institutional investors and hedge funds.
Nucor Co. (NUE) traded up $1.10 during mid-day trading on Tuesday, reaching $61.27. 5,465,300 shares of the company traded hands, compared to its average volume of 2,701,814. The stock has a market cap of $19,119.51, a P/E ratio of 17.69, a PEG ratio of 1.36 and a beta of 1.58. Nucor Co. has a 52 week low of $51.67 and a 52 week high of $66.00. The company has a quick ratio of 1.12, a current ratio of 2.11 and a debt-to-equity ratio of 0.37.
Nucor (NYSE:NUE) last posted its earnings results on Thursday, October 19th. The basic materials company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.01. The business had revenue of $5.17 billion for the quarter, compared to the consensus estimate of $5.19 billion. Nucor had a net margin of 5.80% and a return on equity of 12.78%. The company’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.88 EPS. analysts predict that Nucor Co. will post 3.69 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, February 9th. Shareholders of record on Friday, December 29th will be given a dividend of $0.38 per share. This is an increase from Nucor’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $1.52 dividend on an annualized basis and a yield of 2.48%. Nucor’s dividend payout ratio (DPR) is 43.90%.
Several equities research analysts have recently weighed in on the stock. Credit Suisse Group reduced their target price on shares of Nucor from $68.00 to $63.00 and set a “buy” rating on the stock in a research note on Thursday, September 28th. KeyCorp reissued a “hold” rating on shares of Nucor in a research note on Tuesday, September 19th. ValuEngine downgraded shares of Nucor from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Cowen raised their price target on shares of Nucor from $57.00 to $63.00 and gave the stock a “market perform” rating in a research note on Monday, October 23rd. Finally, Morgan Stanley downgraded shares of Nucor from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $78.00 to $60.00 in a research note on Tuesday, September 12th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $67.32.
In other Nucor news, insider D. Chad Utermark sold 9,003 shares of the firm’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $59.72, for a total transaction of $537,659.16. Following the transaction, the insider now owns 73,883 shares of the company’s stock, valued at approximately $4,412,292.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman John J. Ferriola sold 15,131 shares of the firm’s stock in a transaction dated Monday, October 23rd. The shares were sold at an average price of $60.40, for a total transaction of $913,912.40. Following the transaction, the chairman now directly owns 349,506 shares in the company, valued at approximately $21,110,162.40. The disclosure for this sale can be found here. Insiders have sold a total of 44,217 shares of company stock worth $2,608,231 in the last three months. Insiders own 0.70% of the company’s stock.
Nucor 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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