State of Alaska Department of Revenue lessened its stake in shares of Nucor Co. (NYSE:NUE – Get Rating) by 36.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 58,737 shares of the basic materials company’s stock after selling 33,430 shares during the quarter. State of Alaska Department of Revenue’s holdings in Nucor were worth $6,132,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. BlackRock Inc. lifted its position in Nucor by 4.0% in the first quarter. BlackRock Inc. now owns 23,345,048 shares of the basic materials company’s stock valued at $3,470,242,000 after acquiring an additional 897,135 shares during the last quarter. State Street Corp increased its position in shares of Nucor by 2.4% during the first quarter. State Street Corp now owns 15,803,098 shares of the basic materials company’s stock worth $2,356,620,000 after purchasing an additional 377,102 shares in the last quarter. Norges Bank purchased a new stake in shares of Nucor in the 4th quarter valued at about $683,804,000. Dimensional Fund Advisors LP boosted its position in shares of Nucor by 9.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,782,243 shares of the basic materials company’s stock valued at $710,909,000 after purchasing an additional 406,834 shares during the period. Finally, CFS Investment Advisory Services LLC grew its stake in Nucor by 14,509.4% during the 1st quarter. CFS Investment Advisory Services LLC now owns 4,061,713 shares of the basic materials company’s stock worth $27,000 after buying an additional 4,033,911 shares during the last quarter. Institutional investors and hedge funds own 79.07% of the company’s stock.
Nucor Stock Performance
NYSE NUE opened at $118.82 on Tuesday. The stock has a market capitalization of $31.11 billion, a price-to-earnings ratio of 3.65 and a beta of 1.39. The business’s 50 day moving average is $131.02 and its two-hundred day moving average is $133.25. Nucor Co. has a 12-month low of $88.50 and a 12-month high of $187.90. The company has a current ratio of 2.62, a quick ratio of 1.39 and a debt-to-equity ratio of 0.37.
Nucor Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 10th. Investors of record on Friday, September 30th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date is Thursday, September 29th. Nucor’s dividend payout ratio is currently 6.14%.
Insiders Place Their Bets
In other news, EVP Allen C. Behr sold 3,407 shares of Nucor stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $122.17, for a total transaction of $416,233.19. Following the completion of the sale, the executive vice president now directly owns 64,087 shares in the company, valued at approximately $7,829,508.79. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Nucor news, EVP Kenneth Rex Query sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $141.64, for a total transaction of $708,200.00. Following the completion of the transaction, the executive vice president now directly owns 76,100 shares in the company, valued at approximately $10,778,804. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Allen C. Behr sold 3,407 shares of the company’s stock in a transaction dated Monday, July 25th. The shares were sold at an average price of $122.17, for a total transaction of $416,233.19. Following the completion of the sale, the executive vice president now directly owns 64,087 shares in the company, valued at approximately $7,829,508.79. The disclosure for this sale can be found here. 0.46% of the stock is currently owned by company insiders.
Analyst Ratings Changes
Several equities research analysts have recently weighed in on NUE shares. Citigroup increased their price objective on Nucor to $145.00 in a report on Tuesday, September 13th. Morgan Stanley dropped their price objective on shares of Nucor from $121.00 to $115.00 and set an “equal weight” rating on the stock in a research note on Monday, July 25th. JPMorgan Chase & Co. decreased their target price on shares of Nucor from $146.00 to $125.00 and set a “neutral” rating for the company in a research note on Tuesday, June 14th. Credit Suisse Group lowered their price target on Nucor from $165.00 to $140.00 and set an “outperform” rating on the stock in a report on Friday. Finally, The Goldman Sachs Group decreased their price objective on Nucor from $148.00 to $130.00 and set a “neutral” rating for the company in a research report on Tuesday, May 31st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $132.78.
Nucor Company Profile
Nucor Corporation manufactures and sells steel and steel products. The company's 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 products; and bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and special bar quality products.
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