Nucor Co. (NUE) Holdings Trimmed by Franklin Resources Inc.
Franklin Resources Inc. lowered its stake in shares of Nucor Co. (NYSE:NUE) by 0.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,355,556 shares of the basic materials company’s stock after selling 2,400 shares during the period. Franklin Resources Inc. owned approximately 0.75% of Nucor worth $149,460,000 at the end of the most recent reporting period.
A number of other large investors also recently bought and sold shares of NUE. Bank of New York Mellon Corp raised its stake in Nucor by 10.8% during the third quarter. Bank of New York Mellon Corp now owns 4,954,526 shares of the basic materials company’s stock worth $314,364,000 after purchasing an additional 482,917 shares during the period. KBC Group NV raised its stake in shares of Nucor by 654.6% in the 2nd quarter. KBC Group NV now owns 256,632 shares of the basic materials company’s stock valued at $16,039,000 after acquiring an additional 222,622 shares during the period. Ashler Capital LLC purchased a new position in shares of Nucor in the 2nd quarter valued at $10,515,000. Luminus Management LLC raised its stake in shares of Nucor by 8.1% in the 2nd quarter. Luminus Management LLC now owns 2,126,324 shares of the basic materials company’s stock valued at $132,895,000 after acquiring an additional 160,200 shares during the period. Finally, Great West Life Assurance Co. Can raised its stake in shares of Nucor by 67.1% in the 3rd quarter. Great West Life Assurance Co. Can now owns 392,668 shares of the basic materials company’s stock valued at $24,948,000 after acquiring an additional 157,703 shares during the period. 76.59% of the stock is currently owned by institutional investors.
A number of equities analysts have recently commented on the stock. UBS Group set a $63.00 target price on shares of Nucor and gave the company a “hold” rating in a research note on Tuesday, November 27th. Zacks Investment Research downgraded shares of Nucor from a “buy” rating to a “hold” rating in a research note on Monday, October 29th. KeyCorp reissued a “buy” rating and issued a $72.00 target price on shares of Nucor in a research note on Friday. ValuEngine raised shares of Nucor from a “sell” rating to a “hold” rating in a research note on Tuesday, November 6th. Finally, Credit Suisse Group reissued a “neutral” rating on shares of Nucor in a research note on Monday, October 15th. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $73.00.
Nucor (NYSE:NUE) last released its quarterly earnings results on Thursday, October 18th. The basic materials company reported $2.33 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.35 by ($0.02). The firm had revenue of $6.74 billion for the quarter, compared to analyst estimates of $6.64 billion. Nucor had a net margin of 8.79% and a return on equity of 20.72%. Nucor’s revenue for the quarter was up 30.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.83 earnings per share. On average, equities analysts expect that Nucor Co. will post 7.56 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, February 11th. Investors of record on Monday, December 31st will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.65%. This is a positive change from Nucor’s previous quarterly dividend of $0.38. Nucor’s dividend payout ratio (DPR) is presently 43.30%.
Nucor announced that its board has authorized a share buyback plan on Thursday, September 6th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the basic materials company to repurchase up to 10% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
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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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