Guggenheim Capital LLC Acquires 17,360 Shares of Nucor Co. (NYSE:NUE)
Guggenheim Capital LLC lifted its holdings in Nucor Co. (NYSE:NUE) by 5.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 336,694 shares of the basic materials company’s stock after acquiring an additional 17,360 shares during the period. Guggenheim Capital LLC’s holdings in Nucor were worth $12,128,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also bought and sold shares of NUE. Norges Bank bought a new position in shares of Nucor in the 4th quarter worth about $163,844,000. Capital International Investors bought a new position in shares of Nucor during the 1st quarter worth approximately $34,585,000. Bank of New York Mellon Corp lifted its position in shares of Nucor by 13.7% during the 1st quarter. Bank of New York Mellon Corp now owns 6,217,908 shares of the basic materials company’s stock worth $223,968,000 after buying an additional 749,893 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Nucor by 49.1% during the 4th quarter. Renaissance Technologies LLC now owns 1,268,652 shares of the basic materials company’s stock worth $71,400,000 after buying an additional 417,799 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Nucor by 8.3% during the 1st quarter. Geode Capital Management LLC now owns 5,357,590 shares of the basic materials company’s stock worth $192,644,000 after buying an additional 409,377 shares in the last quarter. 75.12% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have commented on NUE shares. BMO Capital Markets lifted their target price on shares of Nucor from $42.00 to $46.00 and gave the stock a “market perform” rating in a research report on Friday, June 19th. They noted that the move was a valuation call. JPMorgan Chase & Co. dropped their target price on shares of Nucor from $57.00 to $42.00 and set an “overweight” rating on the stock in a research report on Friday, April 17th. Deutsche Bank raised shares of Nucor from a “sell” rating to a “hold” rating and dropped their target price for the stock from $45.00 to $37.00 in a research report on Monday, March 30th. Credit Suisse Group cut shares of Nucor from an “outperform” rating to a “neutral” rating in a research report on Wednesday, April 15th. Finally, KeyCorp lifted their price target on shares of Nucor from $45.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, June 10th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $50.17.
Nucor (NYSE:NUE) last issued its earnings results on Tuesday, April 28th. The basic materials company reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.04. Nucor had a net margin of 3.57% and a return on equity of 10.52%. The business had revenue of $5.62 billion for the quarter, compared to analysts’ expectations of $5.40 billion. During the same quarter in the previous year, the firm posted $1.55 EPS. The business’s revenue for the quarter was down 7.7% compared to the same quarter last year. As a group, analysts predict that Nucor Co. will post 1.83 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 11th. Shareholders of record on Tuesday, June 30th will be issued a dividend of $0.4025 per share. The ex-dividend date is Monday, June 29th. This represents a $1.61 dividend on an annualized basis and a yield of 4.01%. Nucor’s payout ratio is 37.35%.
In other news, EVP Allen C. Behr sold 2,076 shares of the business’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $42.56, for a total transaction of $88,354.56. Following the completion of the transaction, the executive vice president now directly owns 47,579 shares in the company, valued at approximately $2,024,962.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.39% of the company’s stock.
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; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and special bar quality products.
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