American International Group Inc. raised its position in shares of Nucor Co. (NYSE:NUE) by 17.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 227,910 shares of the basic materials company’s stock after buying an additional 33,278 shares during the quarter. American International Group Inc. owned about 0.07% of Nucor worth $11,808,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the business. Lindbrook Capital LLC acquired a new position in shares of Nucor during the fourth quarter valued at about $27,000. Laurel Wealth Advisors LLC acquired a new position in shares of Nucor during the fourth quarter valued at about $38,000. Capital Investment Advisory Services LLC acquired a new position in shares of Nucor during the fourth quarter valued at about $39,000. Oakworth Capital Inc. acquired a new position in shares of Nucor during the fourth quarter valued at about $43,000. Finally, Essex Savings Bank acquired a new position in shares of Nucor during the fourth quarter valued at about $47,000. 75.10% of the stock is owned by institutional investors and hedge funds.
In related news, Chairman John J. Ferriola sold 87,719 shares of the stock in a transaction that occurred on Thursday, January 31st. The shares were sold at an average price of $60.35, for a total value of $5,293,841.65. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.80% of the stock is currently owned by corporate insiders.
Shares of NYSE:NUE opened at $58.82 on Friday. Nucor Co. has a twelve month low of $49.79 and a twelve month high of $68.84. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.45 and a current ratio of 3.08. The company has a market capitalization of $18.04 billion, a P/E ratio of 7.72, a price-to-earnings-growth ratio of 0.84 and a beta of 1.51.
Nucor (NYSE:NUE) last issued its quarterly earnings results on Tuesday, January 29th. The basic materials company reported $2.07 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.93 by $0.14. Nucor had a net margin of 9.42% and a return on equity of 24.57%. The company had revenue of $6.30 billion for the quarter, compared to the consensus estimate of $6.29 billion. During the same quarter in the prior year, the company earned $0.65 EPS. Nucor’s quarterly revenue was up 23.6% on a year-over-year basis. On average, analysts forecast that Nucor Co. will post 5.89 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, May 10th. Investors of record on Friday, March 29th will be issued a $0.40 dividend. The ex-dividend date is Thursday, March 28th. This represents a $1.60 annualized dividend and a yield of 2.72%. Nucor’s dividend payout ratio (DPR) is presently 21.00%.
Several equities analysts have recently issued reports on NUE shares. KeyCorp restated a “buy” rating and set a $72.00 price objective on shares of Nucor in a report on Friday, November 30th. UBS Group set a $59.00 price objective on shares of Nucor and gave the company a “hold” rating in a report on Monday, December 10th. ValuEngine upgraded shares of Nucor from a “sell” rating to a “hold” rating in a report on Monday, February 4th. Longbow Research downgraded shares of Nucor from a “buy” rating to a “neutral” rating in a report on Monday. Finally, Cowen started coverage on shares of Nucor in a report on Tuesday, January 8th. They set an “outperform” rating and a $62.00 price objective on the stock. Two analysts have rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $71.45.
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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; 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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