Korea Investment CORP Sells 142,140 Shares of Nucor Co. (NUE)
Korea Investment CORP decreased its stake in Nucor Co. (NYSE:NUE) by 94.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,996 shares of the basic materials company’s stock after selling 142,140 shares during the period. Korea Investment CORP’s holdings in Nucor were worth $571,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of NUE. Columbia Asset Management acquired a new stake in shares of Nucor in the third quarter valued at about $102,000. Almanack Investment Partners LLC. acquired a new stake in shares of Nucor in the second quarter valued at about $106,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new stake in shares of Nucor in the second quarter valued at about $179,000. Cerebellum GP LLC acquired a new stake in shares of Nucor in the third quarter valued at about $181,000. Finally, Gifford Fong Associates acquired a new stake in shares of Nucor in the second quarter valued at about $188,000. 76.59% of the stock is owned by institutional investors.
NUE has been the subject of several recent research reports. Deutsche Bank cut Nucor to a “buy” rating in a research note on Tuesday, October 2nd. Zacks Investment Research lowered Nucor from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 4th. BMO Capital Markets cut their target price on Nucor from $75.00 to $70.00 and set a “market perform” rating on the stock in a research report on Friday, October 19th. ValuEngine lowered Nucor from a “hold” rating to a “sell” rating in a research report on Tuesday, September 4th. Finally, Seaport Global Securities began coverage on Nucor in a research report on Thursday, October 11th. They set a “buy” rating and a $75.00 target price on the stock. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Nucor presently has an average rating of “Buy” and a consensus price target of $73.00.
Nucor (NYSE:NUE) last announced its earnings results on Thursday, October 18th. The basic materials company reported $2.33 EPS for the quarter, missing the consensus estimate of $2.35 by ($0.02). Nucor had a net margin of 8.79% and a return on equity of 20.72%. The business had revenue of $6.74 billion for the quarter, compared to the consensus estimate of $6.64 billion. During the same quarter in the previous year, the company earned $0.83 EPS. The firm’s revenue for the quarter was up 30.4% on a year-over-year basis. Equities research analysts expect that Nucor Co. will post 7.57 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, February 11th. Shareholders of record on Monday, December 31st will be issued a $0.40 dividend. The ex-dividend date of this dividend is Friday, December 28th. This represents a $1.60 annualized dividend and a yield of 2.78%. This is a positive change from Nucor’s previous quarterly dividend of $0.38. Nucor’s dividend payout ratio is presently 43.30%.
Nucor declared that its Board of Directors has initiated a stock repurchase program on Thursday, September 6th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the basic materials company to buy up to 10% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board 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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