Short Interest in Nucor Co. (NYSE:NUE) Drops By 18.6%

Nucor Co. (NYSE:NUE) was the recipient of a large decrease in short interest in the month of January. As of January 15th, there was short interest totalling 4,760,000 shares, a decrease of 18.6% from the December 31st total of 5,850,000 shares. Based on an average trading volume of 2,180,000 shares, the days-to-cover ratio is presently 2.2 days. Approximately 2.0% of the shares of the stock are sold short.

Analyst Ratings Changes

NUE has been the subject of a number of research reports. UBS Group reiterated a “neutral” rating and issued a $156.00 price target (down from $171.00) on shares of Nucor in a research note on Thursday, December 12th. JPMorgan Chase & Co. cut their target price on shares of Nucor from $152.00 to $150.00 and set an “overweight” rating on the stock in a research report on Wednesday. Morgan Stanley dropped their price target on shares of Nucor from $170.00 to $166.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Jefferies Financial Group boosted their price objective on shares of Nucor from $125.00 to $135.00 and gave the stock a “hold” rating in a research note on Wednesday. Finally, Citigroup lowered their target price on Nucor from $240.00 to $160.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. Four equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $164.63.

Nucor Trading Up 0.9 %

Nucor stock traded up $1.20 during trading hours on Thursday, reaching $128.07. 385,359 shares of the company’s stock were exchanged, compared to its average volume of 2,430,604. The firm’s 50 day simple moving average is $129.79 and its 200 day simple moving average is $142.83. Nucor has a twelve month low of $112.25 and a twelve month high of $203.00. The company has a quick ratio of 1.61, a current ratio of 2.59 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $30.07 billion, a PE ratio of 12.38 and a beta of 1.60.

Nucor (NYSE:NUE) last issued its earnings results on Monday, January 27th. The basic materials company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.28. Nucor had a return on equity of 12.06% and a net margin of 8.05%. During the same period in the prior year, the company earned $3.16 earnings per share. Research analysts predict that Nucor will post 8.18 earnings per share for the current year.

Nucor Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 11th. Shareholders of record on Tuesday, December 31st will be paid a $0.55 dividend. This is an increase from Nucor’s previous quarterly dividend of $0.54. This represents a $2.20 annualized dividend and a yield of 1.72%. The ex-dividend date is Tuesday, December 31st. Nucor’s payout ratio is 21.26%.

Insider Activity

In other news, EVP Allen C. Behr sold 4,968 shares of Nucor stock in a transaction on Monday, November 11th. The stock was sold at an average price of $159.72, for a total value of $793,488.96. Following the transaction, the executive vice president now owns 85,376 shares in the company, valued at approximately $13,636,254.72. This trade represents a 5.50 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Leon J. Topalian sold 11,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $169.11, for a total value of $1,860,210.00. Following the sale, the chief executive officer now owns 172,136 shares of the company’s stock, valued at approximately $29,109,918.96. This represents a 6.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 20,680 shares of company stock worth $3,452,524. 0.46% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Nucor

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Ashton Thomas Securities LLC purchased a new position in shares of Nucor during the third quarter valued at approximately $26,000. Coastline Trust Co purchased a new stake in shares of Nucor during the 3rd quarter worth approximately $29,000. Crews Bank & Trust bought a new stake in shares of Nucor in the 4th quarter worth approximately $29,000. Brown Lisle Cummings Inc. bought a new position in Nucor during the third quarter valued at $30,000. Finally, New Wave Wealth Advisors LLC bought a new stake in shares of Nucor in the fourth quarter valued at $33,000. Institutional investors own 76.48% 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.