Assenagon Asset Management S.A. Raises Position in Nucor Co. (NYSE:NUE)

Assenagon Asset Management S.A. increased its holdings in Nucor Co. (NYSE:NUE) by 16.7% during the third quarter, HoldingsChannel reports. The institutional investor owned 24,436 shares of the basic materials company’s stock after acquiring an additional 3,491 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Nucor were worth $3,674,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in NUE. McClarren Financial Advisors Inc. raised its position in Nucor by 129.0% during the second quarter. McClarren Financial Advisors Inc. now owns 158 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 89 shares in the last quarter. Chilton Capital Management LLC raised its position in Nucor by 94.2% during the first quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 65 shares in the last quarter. Central Pacific Bank Trust Division purchased a new stake in Nucor during the first quarter valued at about $28,000. Brown Lisle Cummings Inc. purchased a new stake in Nucor during the third quarter valued at about $30,000. Finally, Salomon & Ludwin LLC purchased a new stake in Nucor during the first quarter valued at about $31,000. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Nucor Stock Down 3.0 %

NYSE NUE opened at $142.72 on Thursday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.59 and a quick ratio of 1.61. The stock has a market capitalization of $33.87 billion, a PE ratio of 13.79 and a beta of 1.55. Nucor Co. has a 1 year low of $133.42 and a 1 year high of $203.00. The business’s 50-day moving average is $147.73 and its 200 day moving average is $157.50.

Nucor (NYSE:NUE) last posted its earnings results on Monday, October 21st. The basic materials company reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.09. The company had revenue of $7.44 billion for the quarter, compared to analysts’ expectations of $7.28 billion. Nucor had a return on equity of 12.06% and a net margin of 8.05%. Nucor’s quarterly revenue was down 15.2% on a year-over-year basis. During the same period last year, the firm earned $4.57 earnings per share. Sell-side analysts forecast that Nucor Co. will post 8.65 earnings per share for the current year.

Nucor Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Friday, September 27th will be paid a $0.54 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.16 annualized dividend and a dividend yield of 1.51%. Nucor’s payout ratio is presently 20.87%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on NUE shares. BMO Capital Markets lowered their price target on Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a research report on Wednesday, September 18th. Morgan Stanley lowered their price target on Nucor from $170.00 to $166.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Argus upgraded Nucor to a “strong-buy” rating in a report on Monday, August 26th. Finally, JPMorgan Chase & Co. decreased their price objective on Nucor from $170.00 to $168.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Nucor currently has an average rating of “Moderate Buy” and an average price target of $190.57.

About Nucor

Nucor Corporation engages in manufacture and sale of steel and steel products. 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 structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products; and engages in the steel trading and rebar distribution businesses.