Farmers Trust Co. Increases Position in Nucor Corp. (NUE)
Farmers Trust Co. boosted its stake in Nucor Corp. (NYSE:NUE) by 32.1% during the third quarter, Holdings Channel reports. The institutional investor owned 110,247 shares of the company’s stock after buying an additional 26,806 shares during the period. Nucor Corp. comprises about 1.9% of Farmers Trust Co.’s portfolio, making the stock its 17th largest position. Farmers Trust Co.’s holdings in Nucor Corp. were worth $5,452,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. Acadian Asset Management LLC boosted its position in Nucor Corp. by 759.7% in the second quarter. Acadian Asset Management LLC now owns 478,296 shares of the company’s stock worth $23,633,000 after buying an additional 422,661 shares during the period. Rainier Investment Management LLC boosted its position in Nucor Corp. by 31.4% in the second quarter. Rainier Investment Management LLC now owns 223,510 shares of the company’s stock worth $11,044,000 after buying an additional 53,460 shares during the period. BNP Paribas Arbitrage SA boosted its position in Nucor Corp. by 29.0% in the third quarter. BNP Paribas Arbitrage SA now owns 208,674 shares of the company’s stock worth $10,319,000 after buying an additional 46,947 shares during the period. Retirement Systems of Alabama boosted its position in Nucor Corp. by 98.2% in the second quarter. Retirement Systems of Alabama now owns 516,759 shares of the company’s stock worth $25,533,000 after buying an additional 256,096 shares during the period. Finally, Community Bank N.A. boosted its position in Nucor Corp. by 0.6% in the third quarter. Community Bank N.A. now owns 51,133 shares of the company’s stock worth $2,528,000 after buying an additional 300 shares during the period. 76.77% of the stock is owned by hedge funds and other institutional investors.
Nucor Corp. (NYSE:NUE) traded up 0.91% on Wednesday, hitting $62.19. The company had a trading volume of 3,445,011 shares. The firm’s 50 day moving average price is $52.56 and its 200 day moving average price is $50.70. Nucor Corp. has a 12-month low of $33.90 and a 12-month high of $63.27. The stock has a market cap of $19.81 billion, a P/E ratio of 39.02 and a beta of 1.38.
Nucor Corp. (NYSE:NUE) last posted its quarterly earnings results on Thursday, October 20th. The company reported $0.84 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.90 by $0.06. Nucor Corp. had a return on equity of 9.27% and a net margin of 3.26%. The company earned $4.29 billion during the quarter, compared to analyst estimates of $3.77 billion. During the same period last year, the company posted $0.71 earnings per share. The company’s revenue was up 1.5% compared to the same quarter last year. Equities analysts predict that Nucor Corp. will post $2.34 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, February 10th. Stockholders of record on Friday, December 30th will be paid a $0.3775 dividend. This is an increase from Nucor Corp.’s previous quarterly dividend of $0.38. This represents a $1.51 dividend on an annualized basis and a dividend yield of 2.43%. Nucor Corp.’s dividend payout ratio is 93.75%.
A number of equities analysts have recently weighed in on the company. Berenberg Bank raised Nucor Corp. from a “hold” rating to a “buy” rating and cut their price target for the stock from $57.50 to $57.00 in a report on Wednesday, November 2nd. BMO Capital Markets reaffirmed a “hold” rating on shares of Nucor Corp. in a research report on Thursday, October 20th. Citigroup Inc. reaffirmed a “neutral” rating on shares of Nucor Corp. in a research report on Saturday, October 22nd. Bank of America Corp. raised Nucor Corp. from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $50.00 to $57.00 in a research report on Wednesday, November 9th. Finally, Macquarie downgraded Nucor Corp. from a “neutral” rating to an “underperform” rating in a research report on Tuesday. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $53.75.
About Nucor Corp.
Nucor Corporation (Nucor) manufactures steel and steel products. The Company also produces direct reduced iron (DRI) for use in the Company’s steel mills. It also processes ferrous and nonferrous metals and brokers ferrous and nonferrous metals, pig iron, hot briquetted iron (HBI) and DRI. Nucor operates in three segments: steel mills, steel products and raw materials.
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