Abner Herrman & Brock LLC boosted its position in shares of Nucor Co. (NYSE:NUE) by 7.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 174,644 shares of the basic materials company’s stock after acquiring an additional 12,498 shares during the period. Nucor accounts for 1.6% of Abner Herrman & Brock LLC’s investment portfolio, making the stock its 28th biggest holding. Abner Herrman & Brock LLC’s holdings in Nucor were worth $11,081,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in NUE. Summit Trail Advisors LLC lifted its position in Nucor by 4,644.4% during the 1st quarter. Summit Trail Advisors LLC now owns 653,586 shares of the basic materials company’s stock worth $654,000 after acquiring an additional 639,810 shares during the last quarter. Millennium Management LLC lifted its position in Nucor by 1,613.4% during the 1st quarter. Millennium Management LLC now owns 494,411 shares of the basic materials company’s stock worth $30,204,000 after acquiring an additional 465,556 shares during the last quarter. KBC Group NV lifted its position in Nucor by 654.6% during the 2nd quarter. KBC Group NV now owns 256,632 shares of the basic materials company’s stock worth $16,039,000 after acquiring an additional 222,622 shares during the last quarter. Ashler Capital LLC acquired a new position in Nucor during the 2nd quarter worth $10,515,000. Finally, Luminus Management LLC lifted its position in Nucor by 8.1% during the 2nd quarter. Luminus Management LLC now owns 2,126,324 shares of the basic materials company’s stock worth $132,895,000 after acquiring an additional 160,200 shares during the last quarter. 77.38% of the stock is owned by hedge funds and other institutional investors.
NUE has been the subject of a number of research analyst reports. Seaport Global Securities initiated coverage on shares of Nucor in a research report on Thursday, October 11th. They set a “buy” rating and a $75.00 target price for the company. Zacks Investment Research raised shares of Nucor from a “hold” rating to a “buy” rating and set a $72.00 target price for the company in a research report on Tuesday, October 9th. Jefferies Financial Group reissued a “buy” rating and set a $80.00 target price on shares of Nucor in a research report on Friday, July 13th. Deutsche Bank lowered shares of Nucor to a “buy” rating in a research report on Tuesday, October 2nd. Finally, Citigroup set a $70.00 price objective on shares of Nucor and gave the company a “buy” rating in a research report on Friday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $72.77.
NYSE NUE traded up $0.32 on Friday, reaching $58.62. The company’s stock had a trading volume of 236,175 shares, compared to its average volume of 2,310,179. The stock has a market cap of $18.69 billion, a P/E ratio of 16.70, a PEG ratio of 0.64 and a beta of 1.51. Nucor Co. has a 52 week low of $53.71 and a 52 week high of $70.48. The company has a quick ratio of 1.55, a current ratio of 3.05 and a debt-to-equity ratio of 0.43.
Nucor (NYSE:NUE) last posted its earnings results on Thursday, October 18th. The basic materials company reported $2.33 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.35 by ($0.02). The business had revenue of $6.74 billion during the quarter, compared to the consensus estimate of $6.64 billion. Nucor had a net margin of 7.58% and a return on equity of 16.22%. The business’s revenue was up 30.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.83 EPS. Research analysts anticipate that Nucor Co. will post 7.68 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 9th. Investors of record on Friday, September 28th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $1.52 dividend on an annualized basis and a yield of 2.59%. Nucor’s payout ratio is currently 43.30%.
Nucor announced that its board has authorized a share buyback plan on Thursday, September 6th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the basic materials company to buy up to 10% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
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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