Retirement Systems of Alabama reduced its stake in Nucor Corporation (NYSE:NUE) by 10.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 222,264 shares of the basic materials company’s stock after selling 25,705 shares during the period. Retirement Systems of Alabama owned 0.07% of Nucor Corporation worth $12,456,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the business. Mckinley Capital Management LLC Delaware acquired a new position in shares of Nucor Corporation during the second quarter worth approximately $100,000. Krilogy Financial LLC raised its holdings in Nucor Corporation by 4,594.6% during the second quarter. Krilogy Financial LLC now owns 1,737 shares of the basic materials company’s stock worth $101,000 after purchasing an additional 1,700 shares in the last quarter. Washington Trust Bank raised its holdings in Nucor Corporation by 60.2% during the second quarter. Washington Trust Bank now owns 1,756 shares of the basic materials company’s stock worth $102,000 after purchasing an additional 660 shares in the last quarter. Fiduciary Trust Co. bought a new stake in Nucor Corporation during the second quarter worth approximately $109,000. Finally, Sun Life Financial INC raised its holdings in Nucor Corporation by 23,290.0% during the second quarter. Sun Life Financial INC now owns 2,339 shares of the basic materials company’s stock worth $135,000 after purchasing an additional 2,329 shares in the last quarter. Institutional investors own 74.59% of the company’s stock.
In other Nucor Corporation news, insider Ladd R. Hall sold 17,583 shares of the company’s stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $57.94, for a total transaction of $1,018,759.02. Following the sale, 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 legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Victoria F. Haynes sold 2,500 shares of the company’s stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $55.16, for a total transaction of $137,900.00. Following the sale, the director now directly owns 33,573 shares in the company, valued at $1,851,886.68. The disclosure for this sale can be found here. Insiders sold 44,217 shares of company stock valued at $2,608,231 in the last three months. Company insiders own 0.70% of the company’s stock.
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Several equities research analysts recently commented on the company. Zacks Investment Research raised Nucor Corporation from a “sell” rating to a “hold” rating in a report on Thursday, November 9th. Cowen and Company upped their price target on Nucor Corporation from $57.00 to $63.00 and gave the company a “market perform” rating in a report on Monday, October 23rd. Bank of America Corporation dropped their price target on Nucor Corporation from $73.00 to $71.00 and set a “buy” rating on the stock in a report on Friday, October 20th. Credit Suisse Group upped their price target on Nucor Corporation from $63.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, October 20th. Finally, Citigroup Inc. set a $66.00 price target on Nucor Corporation and gave the company a “buy” rating in a report on Friday, October 20th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company. Nucor Corporation currently has a consensus rating of “Hold” and a consensus price target of $67.32.
Nucor Corporation (NYSE NUE) opened at $54.79 on Friday. The company has a market cap of $17,466.34, a PE ratio of 16.16, a PEG ratio of 1.24 and a beta of 1.59. The company has a current ratio of 2.11, a quick ratio of 1.12 and a debt-to-equity ratio of 0.37. Nucor Corporation has a 52-week low of $51.67 and a 52-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 EPS for the quarter, beating the Zacks’ consensus estimate of $0.78 by $0.01. Nucor Corporation had a net margin of 5.80% and a return on equity of 12.78%. The business had revenue of $5.17 billion during the quarter, compared to analyst estimates of $5.19 billion. During the same quarter in the prior year, the business earned $0.88 earnings per share. The firm’s revenue for the quarter was up 20.5% on a year-over-year basis. sell-side analysts forecast that Nucor Corporation will post 3.7 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, November 9th. Investors of record on Friday, September 29th were given a $0.3775 dividend. This represents a $1.51 annualized dividend and a yield of 2.76%. The ex-dividend date of this dividend was Thursday, September 28th. Nucor Corporation’s dividend payout ratio (DPR) is presently 43.90%.
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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