D.A. Davidson & CO. increased its position in shares of Nucor Co. (NYSE:NUE – Free Report) by 1.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,912 shares of the basic materials company’s stock after purchasing an additional 421 shares during the period. D.A. Davidson & CO.’s holdings in Nucor were worth $3,694,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Ronald Blue Trust Inc. raised its holdings in Nucor by 95.4% during the fourth quarter. Ronald Blue Trust Inc. now owns 1,514 shares of the basic materials company’s stock worth $162,000 after purchasing an additional 739 shares in the last quarter. Pinnacle Associates Ltd. purchased a new stake in shares of Nucor in the 4th quarter valued at about $226,000. Schechter Investment Advisors LLC boosted its position in shares of Nucor by 6.0% in the 4th quarter. Schechter Investment Advisors LLC now owns 2,004 shares of the basic materials company’s stock valued at $264,000 after purchasing an additional 113 shares during the period. DekaBank Deutsche Girozentrale boosted its position in shares of Nucor by 4.4% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 124,845 shares of the basic materials company’s stock valued at $16,532,000 after purchasing an additional 5,255 shares during the period. Finally, Astoria Portfolio Advisors LLC. purchased a new position in Nucor during the 4th quarter worth approximately $318,000. 79.53% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on NUE. Wolfe Research raised Nucor from an “underperform” rating to a “peer perform” rating in a report on Thursday, June 1st. Credit Suisse Group increased their target price on shares of Nucor from $140.00 to $156.00 and gave the stock an “outperform” rating in a research note on Friday, March 17th. UBS Group cut their price objective on shares of Nucor from $145.00 to $140.00 in a research report on Friday, May 5th. JPMorgan Chase & Co. assumed coverage on Nucor in a report on Tuesday, May 23rd. They issued an “underweight” rating and a $130.00 price objective on the stock. Finally, StockNews.com started coverage on Nucor in a report on Thursday, May 18th. They issued a “hold” rating for the company. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $153.56.
Nucor Price Performance
Nucor (NYSE:NUE – Get Free Report) last announced its quarterly earnings results on Thursday, April 20th. The basic materials company reported $4.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.81 by $0.64. Nucor had a net margin of 16.73% and a return on equity of 34.91%. The company had revenue of $8.71 billion for the quarter, compared to the consensus estimate of $8.87 billion. During the same quarter in the prior year, the firm earned $7.67 earnings per share. The company’s revenue for the quarter was down 17.0% compared to the same quarter last year. On average, equities research analysts predict that Nucor Co. will post 18.42 EPS for the current fiscal year.
Nucor Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, August 11th. Shareholders of record on Friday, June 30th will be given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 1.24%. The ex-dividend date is Thursday, June 29th. Nucor’s payout ratio is 8.00%.
Nucor announced that its board has approved a share repurchase plan on Thursday, May 11th that authorizes the company to buyback $4.00 billion in outstanding shares. This buyback authorization authorizes the basic materials company to buy up to 11.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
Nucor Profile
Nucor Corporation engages in manufacture and sale of steel and steel products. The company's Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling products; and bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products.
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