Tocqueville Asset Management L.P. Grows Stake in Nucor Co. (NUE)

Tocqueville Asset Management L.P. grew its stake in shares of Nucor Co. (NYSE:NUE) by 23.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 132,360 shares of the basic materials company’s stock after acquiring an additional 25,000 shares during the period. Tocqueville Asset Management L.P.’s holdings in Nucor were worth $8,398,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in NUE. Private Trust Co. NA bought a new position in Nucor in the 3rd quarter worth approximately $214,000. Stevens Capital Management LP boosted its holdings in Nucor by 3,110.6% in the 2nd quarter. Stevens Capital Management LP now owns 130,961 shares of the basic materials company’s stock worth $8,185,000 after buying an additional 126,882 shares during the period. Andra AP fonden boosted its holdings in Nucor by 7.1% in the 3rd quarter. Andra AP fonden now owns 83,500 shares of the basic materials company’s stock worth $5,298,000 after buying an additional 5,500 shares during the period. State of Alaska Department of Revenue boosted its holdings in Nucor by 3.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 51,576 shares of the basic materials company’s stock worth $3,271,000 after buying an additional 1,649 shares during the period. Finally, Bank of Montreal Can boosted its holdings in Nucor by 29.1% in the 3rd quarter. Bank of Montreal Can now owns 446,933 shares of the basic materials company’s stock worth $28,357,000 after buying an additional 100,853 shares during the period. 76.59% of the stock is owned by hedge funds and other institutional investors.

NYSE NUE opened at $57.51 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.69 and a current ratio of 3.15. The company has a market capitalization of $18.58 billion, a price-to-earnings ratio of 16.38, a PEG ratio of 0.65 and a beta of 1.47. Nucor Co. has a 1 year low of $55.55 and a 1 year high of $70.48.

Nucor (NYSE:NUE) last posted its quarterly earnings data on Thursday, October 18th. The basic materials company reported $2.33 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.35 by ($0.02). The company had revenue of $6.74 billion for the quarter, compared to analysts’ expectations of $6.64 billion. Nucor had a net margin of 8.79% and a return on equity of 20.72%. The business’s quarterly revenue was up 30.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.83 EPS. As a group, research analysts forecast that Nucor Co. will post 7.57 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 11th. Stockholders of record on Monday, December 31st will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, December 28th. This represents a $1.60 annualized dividend and a dividend yield of 2.78%. This is a boost from Nucor’s previous quarterly dividend of $0.38. Nucor’s dividend payout ratio (DPR) is 43.30%.

Nucor announced that its board has authorized a stock buyback plan on Thursday, September 6th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the basic materials company to buy up to 10% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

NUE has been the subject of several analyst reports. Deutsche Bank downgraded shares of Nucor to a “buy” rating in a report on Tuesday, October 2nd. Zacks Investment Research cut shares of Nucor from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 4th. BMO Capital Markets lowered their target price on shares of Nucor from $75.00 to $70.00 and set a “market perform” rating on the stock in a research note on Friday, October 19th. ValuEngine cut shares of Nucor from a “hold” rating to a “sell” rating in a research note on Tuesday, September 4th. Finally, Seaport Global Securities started coverage on shares of Nucor in a research note on Thursday, October 11th. They issued a “buy” rating and a $75.00 target price on the stock. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $73.00.

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Nucor 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; hollow structural section steel tubing, steel electrical conduit, plate steel, and structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, wire rods, and special bar quality; and tubular and plate steel products.

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Institutional Ownership by Quarter for Nucor (NYSE:NUE)

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