Veritable LP increases its equity holding in Nucor Co. (NYSE: NUE)-TheFM
Veritable LP increased its holdings of Nucor Co. stock (NYSE: NU – Get a rating) by 13.9% during the third quarter, according to its last filing with the Securities and Exchange Commission. The institutional investor held 9,925 shares of the basic materials company after purchasing an additional 1,208 shares during the quarter. Veritable LP’s holdings in Nucor were worth $1,062,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of the company. FMR LLC increased its position in Nucor by 12.5% during the second quarter. FMR LLC now owns 7,935,947 shares of the basic materials company worth $828,592,000 after purchasing an additional 878,821 shares last quarter. Dimensional Fund Advisors LP increased its position in Nucor shares by 4.2% in the third quarter. Dimensional Fund Advisors LP now owns 5,214,321 shares of the basic materials company valued at $557,840,000 after acquiring an additional 212,404 shares in the last quarter. Invesco Ltd. increased its position in Nucor shares by 11.3% in the first quarter. Invesco Ltd. now owns 1,738,793 shares of the basic materials company valued at $258,471,000 after acquiring an additional 176,738 shares last quarter. Wells Fargo & Company MN increased its position in Nucor shares by 34.7% in the second quarter. Wells Fargo & Company MN now owns 1,729,945 shares of the basic materials company valued at $180,625,000 after acquiring 446,034 additional shares last quarter. Finally, ProShare Advisors LLC increased its position in Nucor shares by 25.8% in the third quarter. ProShare Advisors LLC now owns 1,380,645 shares of the basic materials company valued at $147,716,000 after acquiring an additional 283,409 shares last quarter. Hedge funds and other institutional investors own 78.33% of the company’s shares.
Changes to analyst ratings
NUE has been the subject of several research reports. UBS Group raised its target price on Nucor from $120.00 to $145.00 and gave the company a “neutral” rating in a Tuesday, Dec. 6 research report. Bank of America launched coverage on Nucor in a research report on Wednesday, January 4. They issued a “buy” rating and a target price of $172.00 on the stock. Morgan Stanley raised its price target on Nucor from $113.00 to $122.00 and gave the company an “equal weight” rating in a research report Monday, Jan. 30. Finally, BMO Capital Markets raised its price target on Nucor from $155.00 to $165.00 and gave the company a “market performance” rating in a Friday, January 27 report. Six analysts gave the stock a hold rating and three gave the stock a buy rating. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $146.44.
Insiders place their bets
In other news, EVP Request from Kenneth Rex sold 1,962 shares of the company in a transaction on Friday, February 3. The stock was sold at an average price of $177.99, for a total transaction of $349,216.38. Following the completion of the transaction, the executive vice president now directly owns 74,138 shares of the company, valued at $13,195,822.62. The transaction was disclosed in an SEC filing, available at this link. In other news, CEO Leon J. Topalian sold 3,000 shares of the company in a trade on Tuesday, December 20. The stock was sold at an average price of $134.71, for a total transaction of $404,130.00. Following completion of the transaction, the CEO now directly owns 126,809 shares of the company, valued at $17,082,440.39. The transaction was disclosed in an SEC filing, available at this link. Also, VPE Request from Kenneth Rex sold 1,962 Nucor shares in a trade on Friday, February 3. The shares were sold at an average price of $177.99, for a total value of $349,216.38. Following the completion of the transaction, the executive vice president now owns 74,138 shares of the company, valued at $13,195,822.62. Disclosure of this sale can be found here. Insiders sold a total of 12,575 shares of the company valued at $2,034,130 during the last quarter. 0.46% of the shares are held by insiders.
Nucor Price Performance
NUE share opened at $168.07 on Monday. The company has a fifty-day moving average of $152.29 and a two-hundred-day moving average of $139.76. The company has a quick ratio of 2.13, a current ratio of 3.39 and a leverage ratio of 0.34. The stock has a market capitalization of $43.12 billion, a price-earnings ratio of 5.85 and a beta of 1.58. Nucor Co. has a 52-week low of $100.13 and a 52-week high of $187.90.
Nucor (NYSE: NU – Get a rating) last reported results on Thursday, January 26. The basic materials company reported earnings per share (EPS) of $4.89 for the quarter, beating the consensus estimate of $4.18 by $0.71. The company posted revenue of $8.72 billion in the quarter, compared to analysts’ expectations of $8.54 billion. Nucor had a return on equity of 42.03% and a net margin of 18.33%. The company’s quarterly revenue fell 15.8% from the same quarter last year. In the same quarter last year, the company earned earnings per share of $7.97. As a group, research analysts expect Nucor Co. to post earnings per share of 12.99 for the current year.
Nucor increases its dividend
The company also recently announced a quarterly dividend, which was paid on Friday, February 10. Shareholders of record on Friday, December 30 received a dividend of $0.51 per share. This is a boost from Nucor’s previous quarterly dividend of $0.50. The ex-dividend date was Thursday, December 29. This represents an annualized dividend of $2.04 and a yield of 1.21%. Nucor’s dividend payout ratio (DPR) is 7.10%.
Nucor profile
Nucor Corp. is engaged in manufacturing steel and steel products. It operates through the following segments: steel mills, steel products and raw materials. The Steel Mills segment includes carbon steel and alloy steel in the form of sheets, bars, structures and plates, steel trading business, rebar distribution business and investment of Nucor using the equity method.
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