Investment Counselors of Maryland LLC raised its stake in Nucor Co. (NYSE:NUE) by 4.4% in the second quarter, Holdings Channel reports. The fund owned 23,479 shares of the basic materials company’s stock after purchasing an additional 1,000 shares during the quarter. Investment Counselors of Maryland LLC’s holdings in Nucor were worth $1,294,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Coastal Investment Advisors Inc. lifted its holdings in shares of Nucor by 79.9% in the second quarter. Coastal Investment Advisors Inc. now owns 556 shares of the basic materials company’s stock worth $31,000 after acquiring an additional 247 shares during the last quarter. Berman Capital Advisors LLC raised its holdings in Nucor by 37.9% in the 1st quarter. Berman Capital Advisors LLC now owns 677 shares of the basic materials company’s stock valued at $39,000 after buying an additional 186 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its holdings in Nucor by 300.0% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 800 shares of the basic materials company’s stock valued at $44,000 after buying an additional 600 shares during the last quarter. TRUE Private Wealth Advisors bought a new position in Nucor in the 2nd quarter valued at approximately $44,000. Finally, Strategy Asset Managers LLC bought a new position in Nucor in the 1st quarter valued at approximately $48,000. 75.94% of the stock is owned by hedge funds and other institutional investors.
NUE has been the subject of a number of research reports. Bank of America lowered shares of Nucor from a “buy” rating to an “underperform” rating and dropped their price objective for the company from $68.00 to $50.00 in a report on Friday, May 31st. Deutsche Bank lowered shares of Nucor from a “buy” rating to a “hold” rating in a report on Thursday, May 30th. Goldman Sachs Group dropped their price objective on shares of Nucor from $70.00 to $59.00 and set a “buy” rating for the company in a report on Tuesday, June 4th. KeyCorp dropped their price objective on shares of Nucor from $66.00 to $61.00 and set an “overweight” rating for the company in a report on Monday, June 17th. Finally, ValuEngine lowered shares of Nucor from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $62.90.
Nucor stock traded down $0.27 during mid-day trading on Thursday, hitting $48.92. 299,912 shares of the stock were exchanged, compared to its average volume of 1,896,169. The company has a quick ratio of 1.76, a current ratio of 3.56 and a debt-to-equity ratio of 0.40. Nucor Co. has a 12 month low of $47.13 and a 12 month high of $66.03. The firm’s fifty day simple moving average is $53.42 and its two-hundred day simple moving average is $55.84. The stock has a market capitalization of $14.91 billion, a price-to-earnings ratio of 6.42, a PEG ratio of 0.85 and a beta of 1.61.
Nucor (NYSE:NUE) last released its quarterly earnings results on Thursday, July 18th. The basic materials company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.01. Nucor had a net margin of 8.84% and a return on equity of 21.65%. The firm had revenue of $5.90 billion during the quarter, compared to analyst estimates of $6 billion. During the same quarter last year, the business earned $2.07 EPS. The company’s revenue was down 8.7% compared to the same quarter last year. As a group, analysts forecast that Nucor Co. will post 4.89 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, August 9th. Shareholders of record on Friday, June 28th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $1.60 annualized dividend and a yield of 3.27%. Nucor’s payout ratio is 21.00%.
Nucor Company Profile
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; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and special bar quality products.
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