Nucor Co. (NUE) Holdings Lifted by California Public Employees Retirement System
California Public Employees Retirement System raised its holdings in Nucor Co. (NYSE:NUE) by 2.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 721,398 shares of the basic materials company’s stock after acquiring an additional 16,700 shares during the period. California Public Employees Retirement System’s holdings in Nucor were worth $45,866,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Cerebellum GP LLC acquired a new stake in shares of Nucor during the fourth quarter valued at about $131,000. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Nucor by 791.0% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,673 shares of the basic materials company’s stock valued at $150,000 after purchasing an additional 2,373 shares in the last quarter. Dupont Capital Management Corp acquired a new stake in shares of Nucor during the fourth quarter valued at about $176,000. Checchi Capital Advisers LLC acquired a new stake in shares of Nucor during the fourth quarter valued at about $200,000. Finally, Appleton Partners Inc. MA acquired a new stake in shares of Nucor during the fourth quarter valued at about $204,000. Hedge funds and other institutional investors own 74.10% of the company’s stock.
In related news, EVP Robert J. Stratman sold 39,037 shares of Nucor stock in a transaction that occurred on Friday, December 22nd. The stock was sold at an average price of $63.88, for a total value of $2,493,683.56. Following the transaction, the executive vice president now directly owns 233,824 shares of the company’s stock, valued at $14,936,677.12. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman John J. Ferriola sold 14,313 shares of Nucor stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $64.12, for a total value of $917,749.56. Following the completion of the transaction, the chairman now directly owns 333,775 shares in the company, valued at $21,401,653. The disclosure for this sale can be found here. 0.70% of the stock is owned by insiders.
Nucor (NYSE:NUE) last posted its quarterly earnings data on Tuesday, January 30th. The basic materials company reported $0.65 EPS for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.10. The company had revenue of $5.09 billion for the quarter, compared to analyst estimates of $4.86 billion. Nucor had a return on equity of 13.03% and a net margin of 6.58%. The firm’s quarterly revenue was up 28.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.50 earnings per share. analysts predict that Nucor Co. will post 4.92 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, February 9th. Investors of record on Friday, December 29th were paid a $0.38 dividend. This is a positive change from Nucor’s previous quarterly dividend of $0.38. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date of this dividend was Thursday, December 28th. Nucor’s payout ratio is currently 37.07%.
A number of analysts have recently commented on the company. Bank of America set a $75.00 price target on Nucor and gave the company a “buy” rating in a research note on Monday, January 8th. Zacks Investment Research raised Nucor from a “sell” rating to a “hold” rating and set a $76.00 price target on the stock in a research note on Monday, January 8th. Jefferies Group reissued a “buy” rating and set a $77.00 price target on shares of Nucor in a research note on Tuesday, January 9th. Credit Suisse Group lifted their price target on Nucor from $67.00 to $73.00 and gave the company an “outperform” rating in a research note on Wednesday, January 31st. Finally, BMO Capital Markets lifted their price target on Nucor to $72.00 and gave the company a “market perform” rating in a research note on Wednesday, January 31st. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $69.70.
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Nucor Corporation (Nucor) manufactures steel and steel products. The Company produces direct reduced iron (DRI) for use in its steel mills. It operates in three segments: steel mills, steel products and raw materials. The steel mills segment produces and distributes sheet steel (hot-rolled, cold-rolled and galvanized), plate steel, structural steel (wide-flange beams, beam blanks, H-piling and sheet piling) and bar steel (blooms, billets, concrete reinforcing bar, merchant bar, wire rod and special bar quality).
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