Front Street Capital Management Inc. increased its holdings in Nucor Co. (NYSE:NUE) by 28.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 155,386 shares of the basic materials company’s stock after acquiring an additional 34,761 shares during the period. Nucor comprises 2.2% of Front Street Capital Management Inc.’s investment portfolio, making the stock its 17th biggest holding. Front Street Capital Management Inc.’s holdings in Nucor were worth $8,562,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also bought and sold shares of the company. Belpointe Asset Management LLC purchased a new stake in Nucor in the 1st quarter valued at about $144,000. Hills Bank & Trust Co. increased its stake in Nucor by 1.2% in the 2nd quarter. Hills Bank & Trust Co. now owns 20,045 shares of the basic materials company’s stock valued at $1,104,000 after buying an additional 247 shares during the last quarter. Cibc World Markets Corp increased its stake in Nucor by 228.6% in the 2nd quarter. Cibc World Markets Corp now owns 393,707 shares of the basic materials company’s stock valued at $21,693,000 after buying an additional 273,888 shares during the last quarter. Empowered Funds LLC purchased a new stake in Nucor in the 2nd quarter valued at about $2,396,000. Finally, AGF Investments LLC purchased a new stake in Nucor in the 2nd quarter valued at about $989,000. Institutional investors own 77.34% of the company’s stock.
A number of research analysts have recently weighed in on the stock. Goldman Sachs Group reduced their target price on shares of Nucor from $70.00 to $59.00 and set a “buy” rating for the company in a research report on Tuesday, June 4th. Deutsche Bank downgraded shares of Nucor from a “buy” rating to a “hold” rating in a research report on Thursday, May 30th. Bank of America reduced their target price on shares of Nucor from $50.00 to $46.00 and set an “underperform” rating for the company in a research report on Wednesday, September 4th. KeyCorp reduced their target price on shares of Nucor from $61.00 to $60.00 and set an “overweight” rating for the company in a research report on Tuesday, August 27th. Finally, ValuEngine downgraded shares of Nucor from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Three analysts have rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $62.40.
In other news, insider Ladd R. Hall sold 28,998 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $56.90, for a total transaction of $1,649,986.20. Following the sale, the insider now owns 292,776 shares in the company, valued at approximately $16,658,954.40. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Leon J. Topalian sold 5,798 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $56.47, for a total transaction of $327,413.06. Following the sale, the executive vice president now owns 93,559 shares in the company, valued at approximately $5,283,276.73. The disclosure for this sale can be found here. Insiders sold a total of 61,203 shares of company stock worth $3,465,601 over the last quarter. Corporate insiders own 0.96% of the company’s stock.
NYSE NUE traded down $0.20 on Thursday, hitting $52.69. The stock had a trading volume of 390,274 shares, compared to its average volume of 1,746,469. Nucor Co. has a 52-week low of $46.10 and a 52-week high of $66.03. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.76 and a current ratio of 3.56. The company has a market capitalization of $15.91 billion, a price-to-earnings ratio of 6.91, a price-to-earnings-growth ratio of 0.93 and a beta of 1.62. The firm has a 50-day moving average of $50.46 and a 200-day moving average of $54.41.
Nucor (NYSE:NUE) last posted its earnings results on Thursday, July 18th. The basic materials company reported $1.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.25 by $0.01. Nucor had a net margin of 8.84% and a return on equity of 21.65%. The business had revenue of $5.90 billion for the quarter, compared to analysts’ expectations of $6 billion. During the same period in the prior year, the company posted $2.07 EPS. The business’s revenue for the quarter was down 8.7% compared to the same quarter last year. As a group, research analysts anticipate that Nucor Co. will post 4.77 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Friday, September 27th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.04%. The ex-dividend date is Thursday, September 26th. Nucor’s dividend payout ratio is presently 21.00%.
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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