D. E. Shaw & Co. Inc. reduced its holdings in Nucor Co. (NYSE:NUE) by 38.8% during the 1st quarter, Holdings Channel reports. The institutional investor owned 614,503 shares of the basic materials company’s stock after selling 389,946 shares during the quarter. D. E. Shaw & Co. Inc.’s holdings in Nucor were worth $49,326,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the business. Independence Bank of Kentucky increased its stake in Nucor by 5.3% in the 1st quarter. Independence Bank of Kentucky now owns 2,503 shares of the basic materials company’s stock valued at $201,000 after buying an additional 125 shares during the last quarter. Pinnacle Bancorp Inc. increased its stake in Nucor by 30.2% in the 1st quarter. Pinnacle Bancorp Inc. now owns 651 shares of the basic materials company’s stock valued at $52,000 after buying an additional 151 shares during the last quarter. Wealthfront Advisers LLC increased its stake in Nucor by 2.5% in the 1st quarter. Wealthfront Advisers LLC now owns 6,329 shares of the basic materials company’s stock valued at $508,000 after buying an additional 152 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in Nucor by 0.3% in the 1st quarter. Daiwa Securities Group Inc. now owns 54,090 shares of the basic materials company’s stock valued at $4,342,000 after buying an additional 164 shares during the last quarter. Finally, Greenleaf Trust increased its stake in Nucor by 4.0% in the 1st quarter. Greenleaf Trust now owns 5,029 shares of the basic materials company’s stock valued at $404,000 after buying an additional 194 shares during the last quarter. Hedge funds and other institutional investors own 74.81% of the company’s stock.
In other news, COO David A. Sumoski sold 65,789 shares of the company’s stock in a transaction that occurred on Tuesday, April 27th. The shares were sold at an average price of $80.56, for a total transaction of $5,299,961.84. Following the completion of the sale, the chief operating officer now owns 220,021 shares of the company’s stock, valued at approximately $17,724,891.76. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO James D. Frias sold 34,324 shares of the company’s stock in a transaction that occurred on Wednesday, April 28th. The stock was sold at an average price of $81.94, for a total transaction of $2,812,508.56. Following the sale, the chief financial officer now directly owns 357,830 shares of the company’s stock, valued at approximately $29,320,590.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 176,897 shares of company stock valued at $15,855,110. 0.71% of the stock is currently owned by insiders.
Nucor (NYSE:NUE) last posted its quarterly earnings data on Thursday, July 22nd. The basic materials company reported $5.04 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $4.87 by $0.17. The firm had revenue of $6.73 billion during the quarter, compared to the consensus estimate of $8.24 billion. Nucor had a net margin of 7.63% and a return on equity of 14.90%. The business’s revenue for the quarter was up 55.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.37 EPS. As a group, research analysts forecast that Nucor Co. will post 17.57 earnings per share for the current fiscal year.
Nucor announced that its Board of Directors has authorized a share buyback program on Thursday, May 13th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the basic materials company to reacquire up to 9.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 11th. Stockholders of record on Wednesday, June 30th will be issued a dividend of $0.405 per share. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date is Tuesday, June 29th. Nucor’s dividend payout ratio (DPR) is presently 48.50%.
Several research analysts have recently weighed in on the stock. BMO Capital Markets boosted their price objective on shares of Nucor from $86.00 to $110.00 and gave the stock a “market perform” rating in a research note on Friday, May 14th. Morgan Stanley boosted their price objective on shares of Nucor from $95.00 to $101.00 and gave the stock an “equal weight” rating in a research note on Monday, June 14th. Bank of America upgraded shares of Nucor from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $56.00 to $80.00 in a research note on Tuesday, April 20th. The Goldman Sachs Group began coverage on shares of Nucor in a research note on Friday, April 9th. They set a “buy” rating and a $86.00 price objective on the stock. Finally, JPMorgan Chase & Co. began coverage on shares of Nucor in a report on Wednesday, June 16th. They set a “neutral” rating and a $114.00 target price for the company. Seven investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $79.92.
Nucor Corporation manufactures and sells steel and steel products. It operates through 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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