Acadian Asset Management LLC Reduces Stock Position in Nucor Co. (NYSE:NUE)

Acadian Asset Management LLC reduced its position in shares of Nucor Co. (NYSE:NUE) by 45.0% in the first quarter, HoldingsChannel.com reports. The firm owned 97,788 shares of the basic materials company’s stock after selling 79,880 shares during the period. Acadian Asset Management LLC’s holdings in Nucor were worth $19,342,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of NUE. SVB Wealth LLC raised its stake in Nucor by 1.5% in the fourth quarter. SVB Wealth LLC now owns 3,656 shares of the basic materials company’s stock worth $636,000 after buying an additional 54 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in Nucor by 6.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 865 shares of the basic materials company’s stock worth $151,000 after buying an additional 54 shares in the last quarter. Kestra Private Wealth Services LLC raised its stake in Nucor by 0.8% in the fourth quarter. Kestra Private Wealth Services LLC now owns 7,191 shares of the basic materials company’s stock worth $1,252,000 after buying an additional 55 shares in the last quarter. Householder Group Estate & Retirement Specialist LLC raised its stake in Nucor by 36.6% in the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 220 shares of the basic materials company’s stock worth $38,000 after buying an additional 59 shares in the last quarter. Finally, Fortitude Family Office LLC increased its stake in shares of Nucor by 54.1% during the first quarter. Fortitude Family Office LLC now owns 168 shares of the basic materials company’s stock valued at $33,000 after purchasing an additional 59 shares in the last quarter. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Nucor Stock Up 0.1 %

Shares of NUE traded up $0.15 on Monday, hitting $162.65. 838,527 shares of the stock traded hands, compared to its average volume of 1,461,429. Nucor Co. has a one year low of $140.07 and a one year high of $203.00. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.48 and a current ratio of 4.02. The business has a 50 day simple moving average of $161.88 and a 200 day simple moving average of $176.06. The company has a market capitalization of $39.00 billion, a PE ratio of 9.56 and a beta of 1.57.

Nucor (NYSE:NUE) last issued its earnings results on Monday, April 22nd. The basic materials company reported $3.46 earnings per share (EPS) 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 company had revenue of $8.14 billion during the quarter, compared to analysts’ expectations of $8.26 billion. During the same quarter in the prior year, the business posted $4.45 EPS. The company’s revenue for the quarter was down 6.6% compared to the same quarter last year. As a group, equities analysts forecast that Nucor Co. will post 10.72 earnings per share for the current fiscal year.

Nucor Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Friday, June 28th will be issued a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 1.33%. The ex-dividend date of this dividend is Friday, June 28th. Nucor’s dividend payout ratio is currently 12.71%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. StockNews.com downgraded shares of Nucor from a “buy” rating to a “hold” rating in a research note on Tuesday, April 23rd. Bank of America decreased their target price on shares of Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. JPMorgan Chase & Co. decreased their target price on shares of Nucor from $180.00 to $170.00 and set a “neutral” rating for the company in a research note on Tuesday, July 16th. Jefferies Financial Group began coverage on shares of Nucor in a research note on Monday, May 20th. They set a “hold” rating and a $190.00 target price for the company. Finally, BMO Capital Markets reduced their price target on shares of Nucor from $185.00 to $175.00 and set a “market perform” rating for the company in a research report on Monday, June 17th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $191.29.

Nucor Company Profile

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.