State Board of Administration of Florida Retirement System trimmed its stake in shares of Nucor (NYSE:NUE) by 5.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 441,516 shares of the basic materials company’s stock after selling 23,506 shares during the period. State Board of Administration of Florida Retirement System owned about 0.14% of Nucor worth $26,972,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in NUE. Independence Bank of Kentucky purchased a new stake in shares of Nucor during the fourth quarter valued at $100,000. Jacobi Capital Management LLC lifted its holdings in shares of Nucor by 166.7% during the first quarter. Jacobi Capital Management LLC now owns 1,664 shares of the basic materials company’s stock valued at $100,000 after purchasing an additional 1,040 shares during the last quarter. Barrett Asset Management LLC acquired a new position in Nucor during the fourth quarter valued at $101,000. Cerebellum GP LLC acquired a new position in Nucor during the fourth quarter valued at $131,000. Finally, Financial Gravity Companies Inc. acquired a new position in Nucor during the fourth quarter valued at $140,000. 80.02% of the stock is owned by institutional investors and hedge funds.
Shares of Nucor opened at $63.12 on Friday, Marketbeat.com reports. The company has a current ratio of 2.49, a quick ratio of 1.18 and a debt-to-equity ratio of 0.35. Nucor has a fifty-two week low of $51.67 and a fifty-two week high of $70.48. The stock has a market capitalization of $19.94 billion, a price-to-earnings ratio of 17.98, a PEG ratio of 0.89 and a beta of 1.55.
The company also recently announced a quarterly dividend, which was paid on Friday, May 11th. Shareholders of record on Thursday, March 29th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.41%. The ex-dividend date was Wednesday, March 28th. Nucor’s payout ratio is currently 43.30%.
In other Nucor news, Director Victoria F. Haynes sold 1,800 shares of the company’s stock in a transaction dated Tuesday, May 1st. The stock was sold at an average price of $60.91, for a total value of $109,638.00. Following the transaction, the director now directly owns 28,773 shares of the company’s stock, valued at approximately $1,752,563.43. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO James D. Frias sold 39,037 shares of the company’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $68.31, for a total value of $2,666,617.47. Following the completion of the transaction, the chief financial officer now directly owns 177,204 shares in the company, valued at $12,104,805.24. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,150 shares of company stock worth $4,422,245. Insiders own 0.70% of the company’s stock.
Several research analysts recently weighed in on NUE shares. Jefferies Group reissued a “buy” rating and set a $76.00 price target on shares of Nucor in a research report on Wednesday, January 31st. Zacks Investment Research raised Nucor from a “hold” rating to a “strong-buy” rating and set a $70.00 price target on the stock in a research report on Wednesday, April 11th. BMO Capital Markets upped their price target on Nucor to $72.00 and gave the company a “market perform” rating in a research report on Wednesday, January 31st. They noted that the move was a valuation call. Goldman Sachs started coverage on Nucor in a research report on Tuesday, March 20th. They set a “buy” rating and a $78.00 price target on the stock. Finally, Morgan Stanley upped their price target on Nucor from $68.00 to $73.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 17th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $69.37.
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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