Lingohr & Partner Asset Management GmbH Acquires Shares of 22,227 Nucor Co. (NYSE:NUE)
Lingohr & Partner Asset Management GmbH purchased a new position in shares of Nucor Co. (NYSE:NUE) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 22,227 shares of the basic materials company’s stock, valued at approximately $1,389,000.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Signaturefd LLC acquired a new position in shares of Nucor during the 1st quarter valued at about $106,000. Almanack Investment Partners LLC. acquired a new stake in Nucor in the 2nd quarter valued at approximately $106,000. Parallel Advisors LLC grew its holdings in 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 buying an additional 1,217 shares during the last quarter. Transamerica Financial Advisors Inc. acquired a new stake in Nucor in the 2nd quarter valued at approximately $153,000. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new stake in Nucor in the 2nd quarter valued at approximately $179,000. 77.28% of the stock is owned by institutional investors.
Shares of NYSE:NUE opened at $64.29 on Friday. Nucor Co. has a 1-year low of $53.71 and a 1-year high of $70.48. The company has a market cap of $20.07 billion, a PE ratio of 18.32, a PEG ratio of 0.69 and a beta of 1.51. The company has a current ratio of 3.05, a quick ratio of 1.55 and a debt-to-equity ratio of 0.43.
Nucor declared that its board has approved a stock buyback program on Thursday, September 6th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the basic materials company to reacquire up to 10% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 9th. Investors of record on Friday, September 28th will be given a dividend of $0.38 per share. The ex-dividend date is Thursday, September 27th. This represents a $1.52 annualized dividend and a dividend yield of 2.36%. Nucor’s dividend payout ratio (DPR) is presently 43.30%.
In related news, EVP D. Chad Utermark sold 53,483 shares of the firm’s stock in a transaction that occurred on Tuesday, July 24th. The stock was sold at an average price of $68.49, for a total transaction of $3,663,050.67. Following the completion of the transaction, the executive vice president now owns 155,140 shares in the company, valued at approximately $10,625,538.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider David A. Sumoski sold 51,238 shares of the firm’s stock in a transaction that occurred on Monday, July 23rd. The stock was sold at an average price of $66.65, for a total value of $3,415,012.70. Following the transaction, the insider now owns 139,839 shares of the company’s stock, valued at approximately $9,320,269.35. The disclosure for this sale can be found here. Insiders have sold a total of 119,328 shares of company stock valued at $8,074,991 in the last 90 days. 0.80% of the stock is owned by corporate insiders.
NUE has been the topic of a number of research analyst reports. ValuEngine lowered Nucor from a “hold” rating to a “sell” rating in a report on Tuesday, September 4th. Zacks Investment Research lowered Nucor from a “buy” rating to a “hold” rating in a report on Tuesday, August 14th. KeyCorp raised Nucor from a “sector weight” rating to an “overweight” rating and set a $77.00 target price on the stock in a report on Tuesday, July 24th. Deutsche Bank lowered Nucor to a “buy” rating in a report on Tuesday, October 2nd. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $80.00 target price on shares of Nucor in a report on Friday, July 13th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Nucor currently has a consensus rating of “Buy” and an average price target of $72.25.
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; 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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