DAVENPORT & Co LLC grew its position in shares of Nucor Co. (NYSE:NUE) by 10.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,798 shares of the basic materials company’s stock after purchasing an additional 1,809 shares during the period. DAVENPORT & Co LLC’s holdings in Nucor were worth $778,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Banco Santander S.A. bought a new stake in Nucor during the first quarter worth about $474,000. Oppenheimer Asset Management Inc. lifted its stake in Nucor by 824.9% during the first quarter. Oppenheimer Asset Management Inc. now owns 69,682 shares of the basic materials company’s stock worth $2,510,000 after purchasing an additional 62,148 shares during the last quarter. Wilsey Asset Management Inc. lifted its stake in Nucor by 0.8% during the second quarter. Wilsey Asset Management Inc. now owns 233,801 shares of the basic materials company’s stock worth $9,534,000 after purchasing an additional 1,931 shares during the last quarter. Advisors Asset Management Inc. lifted its stake in Nucor by 1.2% during the first quarter. Advisors Asset Management Inc. now owns 59,073 shares of the basic materials company’s stock worth $2,128,000 after purchasing an additional 687 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ lifted its stake in Nucor by 6.0% during the first quarter. Skandinaviska Enskilda Banken AB publ now owns 84,289 shares of the basic materials company’s stock worth $3,036,000 after purchasing an additional 4,744 shares during the last quarter. 75.06% of the stock is owned by hedge funds and other institutional investors.
In other Nucor news, CEO Leon J. Topalian sold 9,389 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $43.18, for a total transaction of $405,417.02. Following the transaction, the chief executive officer now owns 118,090 shares in the company, valued at approximately $5,099,126.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Allen C. Behr sold 2,076 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $42.56, for a total value of $88,354.56. Following the transaction, the executive vice president now owns 47,579 shares in the company, valued at approximately $2,024,962.24. The disclosure for this sale can be found here. 1.39% of the stock is currently owned by corporate insiders.
Shares of NYSE:NUE opened at $41.95 on Friday. Nucor Co. has a 1 year low of $27.52 and a 1 year high of $58.70. The company has a market cap of $12.63 billion, a PE ratio of 15.14, a P/E/G ratio of 1.66 and a beta of 1.43. The company has a debt-to-equity ratio of 0.50, a current ratio of 4.39 and a quick ratio of 2.68. The stock’s 50-day moving average is $41.60 and its 200 day moving average is $41.88.
Nucor (NYSE:NUE) last announced its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.22. Nucor had a return on equity of 7.95% and a net margin of 2.49%. The company had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.43 billion. During the same quarter in the previous year, the business earned $1.26 EPS. Nucor’s revenue was down 26.6% compared to the same quarter last year. Analysts expect that Nucor Co. will post 2.1 EPS for the current fiscal year.
The company 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 dividend yield of 3.84%. Nucor’s dividend payout ratio (DPR) is 37.35%.
Several equities research analysts have issued reports on the company. JPMorgan Chase & Co. dropped their price target on Nucor from $57.00 to $42.00 and set an “overweight” rating for the company in a research note on Friday, April 17th. KeyCorp lifted their price objective on Nucor from $45.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, June 10th. Credit Suisse Group downgraded Nucor from an “outperform” rating to a “neutral” rating in a report on Wednesday, April 15th. UBS Group decreased their price objective on Nucor from $56.00 to $39.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. Finally, BMO Capital Markets lifted their price objective on Nucor from $42.00 to $46.00 and gave the stock a “market perform” rating in a report on Friday, June 19th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $50.17.
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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