Flippin Bruce & Porter Inc. increased its stake in shares of Nucor Corporation (NYSE:NUE) by 1,802.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 82,298 shares of the basic materials company’s stock after purchasing an additional 77,971 shares during the quarter. Flippin Bruce & Porter Inc.’s holdings in Nucor Corporation were worth $4,612,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Sigma Investment Counselors Inc. lifted its stake in shares of Nucor Corporation by 3.8% during the 3rd quarter. Sigma Investment Counselors Inc. now owns 37,765 shares of the basic materials company’s stock worth $2,116,000 after purchasing an additional 1,366 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in shares of Nucor Corporation by 45.2% during the 3rd quarter. Teacher Retirement System of Texas now owns 239,382 shares of the basic materials company’s stock worth $13,415,000 after purchasing an additional 74,505 shares during the last quarter. Rhumbline Advisers lifted its stake in shares of Nucor Corporation by 1.4% during the 3rd quarter. Rhumbline Advisers now owns 559,037 shares of the basic materials company’s stock worth $31,328,000 after purchasing an additional 7,570 shares during the last quarter. First National Trust Co. lifted its stake in shares of Nucor Corporation by 17.9% during the 3rd quarter. First National Trust Co. now owns 5,977 shares of the basic materials company’s stock worth $335,000 after purchasing an additional 906 shares during the last quarter. Finally, Toronto Dominion Bank lifted its stake in shares of Nucor Corporation by 12.0% during the 3rd quarter. Toronto Dominion Bank now owns 122,148 shares of the basic materials company’s stock worth $6,844,000 after purchasing an additional 13,074 shares during the last quarter. Hedge funds and other institutional investors own 74.59% of the company’s stock.
Shares of Nucor Corporation (NYSE:NUE) traded down $1.14 during mid-day trading on Tuesday, hitting $54.56. The stock had a trading volume of 904,743 shares, compared to its average volume of 2,706,709. The company has a quick ratio of 1.12, a current ratio of 2.11 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $17,749.29, a price-to-earnings ratio of 16.42, a PEG ratio of 1.25 and a beta of 1.59. Nucor Corporation has a fifty-two week low of $51.67 and a fifty-two week high of $68.00.
Nucor Corporation (NYSE:NUE) last announced its quarterly earnings data on Thursday, October 19th. The basic materials company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.01. The business had revenue of $5.17 billion for the quarter, compared to analyst estimates of $5.19 billion. Nucor Corporation had a return on equity of 12.78% and a net margin of 5.80%. The company’s revenue was up 20.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.88 earnings per share. equities analysts expect that Nucor Corporation will post 3.72 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 9th. Stockholders of record on Friday, September 29th were issued a $0.3775 dividend. This represents a $1.51 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date of this dividend was Thursday, September 28th. Nucor Corporation’s dividend payout ratio is presently 43.90%.
In other news, insider Ladd R. Hall sold 17,583 shares of the stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $57.94, for a total value of $1,018,759.02. Following the transaction, the insider now directly owns 206,406 shares of the company’s stock, valued at $11,959,163.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman John J. Ferriola sold 15,131 shares of the stock in a transaction dated Monday, October 23rd. The shares were sold at an average price of $60.40, for a total value of $913,912.40. Following the completion of the transaction, the chairman now directly owns 349,506 shares in the company, valued at $21,110,162.40. The disclosure for this sale can be found here. Insiders sold 44,217 shares of company stock worth $2,608,231 over the last three months. Corporate insiders own 0.70% of the company’s stock.
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A number of brokerages recently weighed in on NUE. Zacks Investment Research cut Nucor Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Credit Suisse Group decreased their price objective on Nucor Corporation from $68.00 to $63.00 and set a “buy” rating for the company in a research note on Thursday, September 28th. ValuEngine cut Nucor Corporation from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. KeyCorp restated a “hold” rating on shares of Nucor Corporation in a research note on Tuesday, September 19th. Finally, Cowen and Company upped their price objective on Nucor Corporation from $57.00 to $63.00 and gave the stock a “market perform” rating in a research note on Monday, October 23rd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company’s stock. Nucor Corporation currently has a consensus rating of “Hold” and an average target price of $67.32.
About Nucor Corporation
Nucor Corporation (Nucor) manufactures steel and steel products. The Company produces direct reduced iron (DRI) for use in its steel mills. It operates in three segments: steel mills, steel products and raw materials. The steel mills segment produces and distributes sheet steel (hot-rolled, cold-rolled and galvanized), plate steel, structural steel (wide-flange beams, beam blanks, H-piling and sheet piling) and bar steel (blooms, billets, concrete reinforcing bar, merchant bar, wire rod and special bar quality).
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