Meiji Yasuda Asset Management Co Ltd. increased its position in Nucor Corporation (NYSE:NUE) by 3.8% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 8,434 shares of the company’s stock after buying an additional 310 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Nucor Corporation were worth $502,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Boston Partners bought a new position in Nucor Corporation during the third quarter worth approximately $174,975,000. Principal Financial Group Inc. boosted its position in Nucor Corporation by 153.2% in the third quarter. Principal Financial Group Inc. now owns 1,359,960 shares of the company’s stock worth $67,251,000 after buying an additional 822,886 shares during the last quarter. Panagora Asset Management Inc. boosted its position in Nucor Corporation by 42.4% in the second quarter. Panagora Asset Management Inc. now owns 1,854,498 shares of the company’s stock worth $91,631,000 after buying an additional 552,293 shares during the last quarter. Conning Inc. boosted its position in Nucor Corporation by 1,764.7% in the third quarter. Conning Inc. now owns 539,892 shares of the company’s stock worth $26,698,000 after buying an additional 510,939 shares during the last quarter. Finally, Analytic Investors LLC boosted its position in Nucor Corporation by 1,615.0% in the third quarter. Analytic Investors LLC now owns 453,044 shares of the company’s stock worth $22,403,000 after buying an additional 426,628 shares during the last quarter. Hedge funds and other institutional investors own 76.41% of the company’s stock.
Shares of Nucor Corporation (NYSE:NUE) traded down 1.23% during trading on Tuesday, reaching $62.81. 872,274 shares of the company traded hands. Nucor Corporation has a 1-year low of $37.77 and a 1-year high of $68.00. The stock’s 50 day moving average is $60.11 and its 200 day moving average is $54.74. The company has a market capitalization of $20.09 billion, a price-to-earnings ratio of 25.33 and a beta of 1.45.
Nucor Corporation (NYSE:NUE) last announced its quarterly earnings results on Tuesday, January 31st. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.16. Nucor Corporation had a return on equity of 9.32% and a net margin of 4.53%. The company earned $3.96 billion during the quarter, compared to analysts’ expectations of $3.78 billion. During the same quarter in the previous year, the firm earned $0.46 earnings per share. The business’s quarterly revenue was up 14.5% compared to the same quarter last year. On average, analysts forecast that Nucor Corporation will post $3.58 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, February 10th. Shareholders of record on Friday, December 30th were given a $0.3775 dividend. The ex-dividend date was Wednesday, December 28th. This represents a $1.51 dividend on an annualized basis and a dividend yield of 2.37%. This is a boost from Nucor Corporation’s previous quarterly dividend of $0.38. Nucor Corporation’s payout ratio is currently 65.94%.
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NUE has been the topic of a number of research analyst reports. Argus restated a “buy” rating and issued a $65.00 price target (up from $58.00) on shares of Nucor Corporation in a report on Monday, November 21st. Vetr cut shares of Nucor Corporation from a “sell” rating to a “strong sell” rating and set a $55.66 price target on the stock. in a report on Monday, December 5th. Berenberg Bank cut shares of Nucor Corporation from a “buy” rating to a “hold” rating and upped their price target for the stock from $57.00 to $61.00 in a report on Monday, November 14th. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of Nucor Corporation from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a report on Tuesday, February 7th. Finally, Barclays PLC upped their price objective on shares of Nucor Corporation from $63.00 to $67.00 and gave the stock an “overweight” rating in a research note on Monday, February 6th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $62.97.
About Nucor Corporation
Nucor Corporation (Nucor) manufactures steel and steel products. The Company also produces direct reduced iron (DRI) for use in the Company’s steel mills. It also processes ferrous and nonferrous metals and brokers ferrous and nonferrous metals, pig iron, hot briquetted iron (HBI) and DRI. Nucor operates in three segments: steel mills, steel products and raw materials.
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