Palo Capital Inc. raised its stake in Nucor Co. (NYSE:NUE) by 27.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 26,046 shares of the basic materials company’s stock after buying an additional 5,650 shares during the period. Palo Capital Inc.’s holdings in Nucor were worth $1,653,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in NUE. Almanack Investment Partners LLC. bought a new stake in shares of Nucor in the 2nd quarter valued at $106,000. Parallel Advisors LLC boosted its stake in shares of Nucor by 120.0% in the 2nd quarter. Parallel Advisors LLC now owns 2,231 shares of the basic materials company’s stock valued at $139,000 after purchasing an additional 1,217 shares during the last quarter. Transamerica Financial Advisors Inc. bought a new stake in shares of Nucor in the 2nd quarter valued at $153,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in shares of Nucor in the 2nd quarter valued at $179,000. Finally, Cerebellum GP LLC bought a new stake in Nucor during the third quarter valued at $181,000. Institutional investors and hedge funds own 77.38% of the company’s stock.
NUE stock opened at $57.72 on Friday. The stock has a market cap of $18.72 billion, a PE ratio of 16.44, a P/E/G ratio of 0.65 and a beta of 1.51. The company has a current ratio of 3.15, a quick ratio of 1.69 and a debt-to-equity ratio of 0.42. Nucor Co. has a 1 year low of $53.71 and a 1 year high of $70.48.
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.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 9th. Shareholders of record on Friday, September 28th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $1.52 annualized dividend and a yield of 2.63%. Nucor’s payout ratio is currently 43.30%.
A number of analysts have commented on the stock. ValuEngine cut shares of Nucor from a “hold” rating to a “sell” rating in a research report on Tuesday, October 16th. Argus restated a “buy” rating on shares of Nucor in a research report on Tuesday. Citigroup cut their target price on Nucor from $78.00 to $70.00 and set a “buy” rating on the stock in a research report on Friday, October 19th. 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. Finally, Zacks Investment Research upgraded Nucor from a “hold” rating to a “buy” rating and set a $72.00 target price on the stock in a research report on Thursday, July 12th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $73.58.
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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