Mercer Global Advisors Inc. ADV lessened its stake in shares of Nucor Co. (NYSE:NUE) by 14.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 51,615 shares of the basic materials company’s stock after selling 8,453 shares during the quarter. Mercer Global Advisors Inc. ADV’s holdings in Nucor were worth $4,143,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in NUE. Capital Asset Advisory Services LLC acquired a new stake in Nucor during the 4th quarter valued at $28,000. Bogart Wealth LLC acquired a new stake in Nucor during the 1st quarter valued at $34,000. AllSquare Wealth Management LLC acquired a new stake in Nucor during the 1st quarter valued at $34,000. Regent Peak Wealth Advisors LLC acquired a new stake in Nucor during the 4th quarter valued at $35,000. Finally, Lloyd Advisory Services LLC. acquired a new stake in Nucor during the 1st quarter valued at $35,000. Hedge funds and other institutional investors own 75.12% of the company’s stock.
Shares of Nucor stock opened at $106.31 on Friday. Nucor Co. has a twelve month low of $38.51 and a twelve month high of $110.96. The firm has a market capitalization of $31.81 billion, a PE ratio of 19.72, a P/E/G ratio of 0.74 and a beta of 1.38. The company has a quick ratio of 2.04, a current ratio of 3.50 and a debt-to-equity ratio of 0.44. The firm has a fifty day moving average price of $92.41.
Nucor declared that its board has approved a stock repurchase plan on Thursday, May 13th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the basic materials company to repurchase up to 9.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 11th. Investors of record on Wednesday, June 30th will be issued a $0.405 dividend. This represents a $1.62 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date is Tuesday, June 29th. Nucor’s payout ratio is currently 48.50%.
In other Nucor news, insider Michael D. Keller sold 14,412 shares of the firm’s stock in a transaction dated Thursday, March 18th. The stock was sold at an average price of $71.50, for a total value of $1,030,458.00. Following the transaction, the insider now directly owns 29,558 shares of the company’s stock, valued at $2,113,397. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James D. Frias sold 39,920 shares of the firm’s stock in a transaction dated Thursday, March 18th. The shares were sold at an average price of $70.64, for a total value of $2,819,948.80. Following the completion of the transaction, the chief financial officer now directly owns 367,651 shares in the company, valued at $25,970,866.64. The disclosure for this sale can be found here. Insiders sold 288,865 shares of company stock worth $24,093,738 in the last quarter. 0.71% of the stock is owned by insiders.
A number of brokerages have commented on NUE. Argus upgraded Nucor from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a report on Friday, March 19th. BMO Capital Markets raised their price objective on Nucor from $86.00 to $110.00 and gave the stock a “market perform” rating in a report on Friday, May 14th. The Goldman Sachs Group initiated coverage on Nucor in a report on Friday, April 9th. They set a “buy” rating and a $86.00 price objective on the stock. Zacks Investment Research upgraded Nucor from a “hold” rating to a “strong-buy” rating and set a $76.00 price objective on the stock in a report on Wednesday, March 10th. Finally, Morgan Stanley raised their price objective on Nucor from $71.00 to $95.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 11th. Six research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $71.36.
Nucor Corporation manufactures and sells steel and steel products. It operates through 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 products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and special bar quality products.
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