Los Angeles Capital Management & Equity Research Inc. Sells 7,168 Shares of Nucor Co. (NUE)
Los Angeles Capital Management & Equity Research Inc. lowered its holdings in shares of Nucor Co. (NYSE:NUE) by 64.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,999 shares of the basic materials company’s stock after selling 7,168 shares during the period. Los Angeles Capital Management & Equity Research Inc.’s holdings in Nucor were worth $224,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of NUE. Pioneer Investment Management Inc. lifted its stake in shares of Nucor by 437.2% in the 2nd quarter. Pioneer Investment Management Inc. now owns 1,813,506 shares of the basic materials company’s stock worth $104,947,000 after acquiring an additional 1,475,935 shares during the period. CI Investments Inc. acquired a new stake in shares of Nucor in the 3rd quarter worth $55,250,000. Northern Trust Corp increased its holdings in shares of Nucor 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 holdings in shares of Nucor 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 holdings in shares of Nucor 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. Hedge funds and other institutional investors own 74.55% of the company’s stock.
Nucor Co. (NYSE:NUE) traded down $1.22 during trading on Tuesday, hitting $57.60. 761,125 shares of the company’s stock traded hands, compared to its average volume of 2,678,714. Nucor Co. has a one year low of $51.67 and a one year high of $68.00. The firm has a market cap of $18,380.00, a PE ratio of 16.85, a P/E/G ratio of 1.29 and a beta of 1.58. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.11 and a quick ratio of 1.12.
Nucor (NYSE:NUE) last released its quarterly earnings results on Thursday, October 19th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.01. Nucor had a net margin of 5.80% and a return on equity of 12.78%. The company had revenue of $5.17 billion for the quarter, compared to analysts’ expectations of $5.19 billion. During the same period last year, the company earned $0.88 EPS. The firm’s revenue for the quarter was up 20.5% compared to the same quarter last year. equities research analysts predict that Nucor Co. will post 3.69 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 9th. Shareholders of record on Friday, December 29th will be paid a dividend of $0.38 per share. This is a boost from Nucor’s previous quarterly dividend of $0.38. This represents a $1.52 annualized dividend and a dividend yield of 2.64%. The ex-dividend date is Thursday, December 28th. Nucor’s dividend payout ratio (DPR) is currently 42.06%.
In related news, insider D. Chad Utermark sold 9,003 shares of the firm’s stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $59.72, for a total value of $537,659.16. Following the sale, the insider now directly owns 73,883 shares of the company’s stock, valued at $4,412,292.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Victoria F. Haynes sold 2,500 shares of the firm’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 completion of the sale, the director now directly owns 33,573 shares in the company, valued at $1,851,886.68. 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 over the last ninety days. 0.70% of the stock is owned by corporate insiders.
NUE has been the subject of a number of research analyst reports. Jefferies Group set a $68.00 price target on shares of Nucor and gave the company a “buy” rating in a report on Monday, August 21st. BMO Capital Markets set a $70.00 price target on shares of Nucor and gave the company a “hold” rating in a report on Saturday, August 26th. ValuEngine downgraded shares of Nucor from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Bank of America reiterated a “buy” rating and issued a $73.00 price target on shares of Nucor in a report on Wednesday, September 6th. Finally, Macquarie initiated coverage on shares of Nucor in a report on Wednesday, September 6th. They set a “neutral” rating and a $57.00 target price for the company. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have issued a buy rating to the stock. Nucor presently has a consensus rating of “Buy” and an average target price of $67.32.
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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