Searle & CO. Grows Holdings in Nucor Co. (NUE)
Searle & CO. boosted its position in shares of Nucor Co. (NYSE:NUE) by 4.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 44,650 shares of the basic materials company’s stock after purchasing an additional 2,000 shares during the period. Nucor comprises 1.8% of Searle & CO.’s holdings, making the stock its 14th largest position. Searle & CO.’s holdings in Nucor were worth $2,839,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently added to or reduced their stakes in NUE. CI Investments Inc. bought a new position in shares of Nucor in the 3rd quarter valued at about $55,250,000. Northern Trust Corp grew its holdings in shares of Nucor by 15.0% in the 2nd quarter. Northern Trust Corp now owns 5,759,017 shares of the basic materials company’s stock valued at $333,275,000 after acquiring an additional 750,796 shares in the last quarter. Balyasny Asset Management LLC grew its holdings in shares of Nucor by 55.4% in the 2nd quarter. Balyasny Asset Management LLC now owns 1,471,244 shares of the basic materials company’s stock valued at $85,141,000 after acquiring an additional 524,476 shares in the last quarter. Prudential PLC grew its holdings in shares of Nucor by 28.2% in the 2nd quarter. Prudential PLC now owns 2,260,300 shares of the basic materials company’s stock valued at $130,804,000 after acquiring an additional 496,700 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its holdings in shares of Nucor by 384.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 509,772 shares of the basic materials company’s stock valued at $28,568,000 after acquiring an additional 404,622 shares in the last quarter. Hedge funds and other institutional investors own 74.34% of the company’s stock.
Shares of Nucor Co. (NUE) traded down $0.07 during trading hours on Wednesday, reaching $68.95. 4,299,500 shares of the company traded hands, compared to its average volume of 3,062,980. Nucor Co. has a twelve month low of $51.67 and a twelve month high of $70.48. The firm has a market cap of $21,980.00, a P/E ratio of 19.21, a P/E/G ratio of 1.21 and a beta of 1.58. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.11 and a quick ratio of 1.12.
Nucor (NYSE:NUE) last issued its earnings results on Thursday, October 19th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.01. Nucor had a net margin of 5.80% and a return on equity of 12.78%. The business had revenue of $5.17 billion during the quarter, compared to the consensus estimate of $5.19 billion. During the same period last year, the business posted $0.88 EPS. Nucor’s revenue was up 20.5% on a year-over-year basis. equities research analysts anticipate that Nucor Co. will post 3.54 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 9th. Investors of record on Friday, December 29th will be paid a $0.38 dividend. This is an increase from Nucor’s previous quarterly dividend of $0.38. This represents a $1.52 annualized dividend and a yield of 2.20%. The ex-dividend date of this dividend is Thursday, December 28th. Nucor’s dividend payout ratio (DPR) is 42.34%.
NUE has been the subject of several analyst reports. ValuEngine upgraded Nucor from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Zacks Investment Research cut Nucor from a “hold” rating to a “sell” rating in a report on Tuesday, December 26th. Credit Suisse Group raised their price objective on Nucor from $63.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, October 20th. Cowen raised their price objective on Nucor from $57.00 to $63.00 and gave the company a “market perform” rating in a report on Monday, October 23rd. Finally, Citigroup set a $66.00 price objective on Nucor and gave the company a “buy” rating in a report on Friday, October 20th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and ten have given a buy rating to the company. Nucor presently has an average rating of “Buy” and an average target price of $68.37.
In other Nucor news, Chairman John J. Ferriola sold 15,131 shares of the firm’s stock in a transaction that occurred on Monday, October 23rd. The shares were sold at an average price of $60.40, for a total transaction of $913,912.40. Following the completion of the sale, the chairman now directly owns 349,506 shares in the company, valued at $21,110,162.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider D. Chad Utermark sold 9,003 shares of the firm’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $59.72, for a total transaction of $537,659.16. Following the sale, the insider now owns 73,883 shares of the company’s stock, valued at $4,412,292.76. The disclosure for this sale can be found here. Insiders sold a total of 80,754 shares of company stock valued at $4,964,014 over the last quarter. 0.70% of the stock is currently owned by company insiders.
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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