LSV Asset Management Trims Stake in Nucor Co. (NYSE:NUE)

LSV Asset Management lessened its holdings in shares of Nucor Co. (NYSE:NUE) by 21.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,800 shares of the basic materials company’s stock after selling 1,300 shares during the period. LSV Asset Management’s holdings in Nucor were worth $835,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Keybank National Association OH increased its stake in Nucor by 3.4% in the third quarter. Keybank National Association OH now owns 19,246 shares of the basic materials company’s stock worth $3,009,000 after purchasing an additional 639 shares during the period. Compagnie Lombard Odier SCmA purchased a new position in Nucor in the 4th quarter worth about $3,481,000. AIA Group Ltd lifted its holdings in Nucor by 53.2% during the 4th quarter. AIA Group Ltd now owns 13,226 shares of the basic materials company’s stock valued at $2,302,000 after buying an additional 4,592 shares in the last quarter. Sapient Capital LLC purchased a new stake in Nucor in the 4th quarter valued at about $1,230,000. Finally, abrdn plc grew its stake in Nucor by 41.7% in the 4th quarter. abrdn plc now owns 154,745 shares of the basic materials company’s stock worth $26,932,000 after acquiring an additional 45,521 shares in the last quarter. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on NUE shares. StockNews.com downgraded shares of Nucor from a “buy” rating to a “hold” rating in a research note on Tuesday, April 23rd. Citigroup raised Nucor from a “neutral” rating to a “buy” rating and increased their price target for the stock from $180.00 to $240.00 in a research report on Wednesday, March 13th. JPMorgan Chase & Co. dropped their target price on shares of Nucor from $195.00 to $190.00 and set a “neutral” rating on the stock in a report on Wednesday, April 24th. BMO Capital Markets dropped their price objective on shares of Nucor from $210.00 to $200.00 and set a “market perform” rating on the stock in a research note on Wednesday, April 24th. Finally, UBS Group began coverage on shares of Nucor in a research note on Tuesday, January 16th. They issued a “buy” rating and a $210.00 price objective for the company. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $193.14.

Nucor Price Performance

NYSE NUE opened at $174.37 on Friday. The firm’s fifty day simple moving average is $187.51 and its two-hundred day simple moving average is $175.78. The firm has a market capitalization of $41.85 billion, a P/E ratio of 10.26 and a beta of 1.65. The company has a current ratio of 4.02, a quick ratio of 2.48 and a debt-to-equity ratio of 0.31. Nucor Co. has a 12-month low of $129.79 and a 12-month high of $203.00.

Nucor (NYSE:NUE) last announced its earnings results on Monday, April 22nd. The basic materials company reported $3.46 earnings per share for the quarter, missing the consensus estimate of $3.62 by ($0.16). Nucor had a return on equity of 19.62% and a net margin of 12.40%. The business had revenue of $8.14 billion for the quarter, compared to analysts’ expectations of $8.26 billion. During the same quarter last year, the firm earned $4.45 earnings per share. The firm’s quarterly revenue was down 6.6% compared to the same quarter last year. Analysts forecast that Nucor Co. will post 12.55 EPS for the current fiscal year.

Nucor Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 10th. Shareholders of record on Thursday, March 28th will be paid a dividend of $0.54 per share. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $2.16 annualized dividend and a yield of 1.24%. Nucor’s payout ratio is presently 12.71%.

Insider Activity

In related news, EVP Douglas J. Jellison sold 19,506 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $193.41, for a total value of $3,772,655.46. Following the sale, the executive vice president now owns 120,738 shares in the company, valued at $23,351,936.58. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Nucor news, EVP Douglas J. Jellison sold 19,506 shares of Nucor stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $193.41, for a total transaction of $3,772,655.46. Following the completion of the transaction, the executive vice president now owns 120,738 shares in the company, valued at approximately $23,351,936.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Allen C. Behr sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $190.19, for a total value of $1,901,900.00. Following the sale, the executive vice president now directly owns 80,902 shares in the company, valued at $15,386,751.38. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,651 shares of company stock valued at $6,283,648. Company insiders own 0.46% of the company’s stock.

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.