Nucor Co. (NUE) Shares Bought by Foundry Partners LLC
Foundry Partners LLC raised its stake in Nucor Co. (NYSE:NUE) by 27.1% during the second quarter, Holdings Channel reports. The institutional investor owned 181,470 shares of the basic materials company’s stock after buying an additional 38,710 shares during the period. Foundry Partners LLC’s holdings in Nucor were worth $10,502,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of NUE. Macquarie Group Ltd. increased its position in shares of Nucor by 866.4% in the fourth quarter. Macquarie Group Ltd. now owns 145,925 shares of the basic materials company’s stock valued at $8,686,000 after buying an additional 130,825 shares in the last quarter. Creative Planning increased its position in shares of Nucor by 18.4% in the first quarter. Creative Planning now owns 21,360 shares of the basic materials company’s stock valued at $1,276,000 after buying an additional 3,319 shares in the last quarter. Gulf International Bank UK Ltd increased its position in shares of Nucor by 3.5% in the first quarter. Gulf International Bank UK Ltd now owns 97,729 shares of the basic materials company’s stock valued at $5,836,000 after buying an additional 3,300 shares in the last quarter. National Pension Service increased its position in shares of Nucor by 3.6% in the first quarter. National Pension Service now owns 261,505 shares of the basic materials company’s stock valued at $15,716,000 after buying an additional 9,043 shares in the last quarter. Finally, Capstone Asset Management Co. increased its position in shares of Nucor by 7.1% in the first quarter. Capstone Asset Management Co. now owns 29,303 shares of the basic materials company’s stock valued at $1,750,000 after buying an additional 1,930 shares in the last quarter. Institutional investors own 76.57% of the company’s stock.
Nucor Co. (NYSE:NUE) opened at 55.37 on Friday. The firm has a market capitalization of $17.74 billion, a PE ratio of 15.54 and a beta of 1.51. Nucor Co. has a one year low of $44.81 and a one year high of $68.00. The firm has a 50-day moving average price of $58.42 and a 200 day moving average price of $59.51.
Nucor (NYSE:NUE) last posted its quarterly earnings results on Thursday, July 20th. The basic materials company reported $1.00 EPS for the quarter, missing the Zacks’ consensus estimate of $1.06 by $0.06. Nucor had a return on equity of 15.64% and a net margin of 6.60%. The company had revenue of $5.17 billion during the quarter, compared to the consensus estimate of $5.08 billion. During the same period in the previous year, the business earned $0.73 earnings per share. Nucor’s revenue was up 21.9% on a year-over-year basis. Analysts anticipate that Nucor Co. will post $4.18 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 11th. Stockholders of record on Friday, June 30th were issued a $0.3775 dividend. This represents a $1.51 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date of this dividend was Wednesday, June 28th. Nucor’s payout ratio is currently 43.77%.
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NUE has been the subject of several research analyst reports. Jefferies Group LLC reiterated a “buy” rating and set a $75.00 target price (down from $77.00) on shares of Nucor in a research note on Wednesday, April 19th. Barclays PLC reiterated a “buy” rating and set a $68.00 target price (up from $67.00) on shares of Nucor in a research note on Thursday, April 20th. BMO Capital Markets reiterated a “hold” rating on shares of Nucor in a research note on Friday, April 21st. Macquarie upgraded Nucor from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $55.00 to $62.00 in a research note on Monday, April 24th. Finally, Longbow Research initiated coverage on Nucor in a research note on Tuesday, May 9th. They set a “neutral” rating for the company. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $68.76.
In other news, Chairman John J. Ferriola sold 14,941 shares of the firm’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $60.17, for a total value of $898,999.97. Following the completion of the transaction, the chairman now directly owns 361,847 shares of the company’s stock, valued at $21,772,333.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider David A. Sumoski sold 2,537 shares of the firm’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $61.66, for a total value of $156,431.42. Following the completion of the transaction, the insider now directly owns 62,434 shares of the company’s stock, valued at $3,849,680.44. The disclosure for this sale can be found here. Insiders sold 20,104 shares of company stock valued at $1,213,595 over the last ninety days. Corporate 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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