State of Michigan Retirement System Sells 9,300 Shares of Nucor Co. (NYSE:NUE)

State of Michigan Retirement System decreased its holdings in Nucor Co. (NYSE:NUEFree Report) by 11.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 73,810 shares of the basic materials company’s stock after selling 9,300 shares during the period. State of Michigan Retirement System’s holdings in Nucor were worth $12,846,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. TriaGen Wealth Management LLC lifted its holdings in shares of Nucor by 4.7% in the 4th quarter. TriaGen Wealth Management LLC now owns 1,722 shares of the basic materials company’s stock valued at $300,000 after acquiring an additional 77 shares during the last quarter. Pinnacle Financial Partners Inc acquired a new position in Nucor during the fourth quarter worth about $222,000. Sigma Investment Counselors Inc. boosted its position in Nucor by 2.7% during the fourth quarter. Sigma Investment Counselors Inc. now owns 34,805 shares of the basic materials company’s stock worth $6,058,000 after acquiring an additional 910 shares during the last quarter. Country Club Bank GFN acquired a new position in Nucor during the fourth quarter worth about $210,000. Finally, Retirement Guys Formula LLC boosted its position in Nucor by 16.8% during the fourth quarter. Retirement Guys Formula LLC now owns 6,203 shares of the basic materials company’s stock worth $1,080,000 after acquiring an additional 893 shares during the last quarter. Institutional investors own 76.48% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. UBS Group started coverage on shares of Nucor in a report on Tuesday, January 16th. They issued a “buy” rating and a $210.00 target price on the stock. JPMorgan Chase & Co. upped their price objective on shares of Nucor from $151.00 to $158.00 and gave the stock a “neutral” rating in a report on Tuesday, December 12th. StockNews.com lowered shares of Nucor from a “buy” rating to a “hold” rating in a report on Wednesday, March 13th. Finally, Citigroup upgraded shares of Nucor from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $180.00 to $240.00 in a report on Wednesday, March 13th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $186.67.

View Our Latest Analysis on Nucor

Nucor Price Performance

Shares of NUE opened at $198.37 on Wednesday. Nucor Co. has a fifty-two week low of $129.79 and a fifty-two week high of $201.52. The firm’s 50 day moving average price is $187.48 and its 200 day moving average price is $170.05. The company has a market cap of $47.60 billion, a P/E ratio of 11.03 and a beta of 1.61. The company has a quick ratio of 2.35, a current ratio of 3.57 and a debt-to-equity ratio of 0.30.

Nucor (NYSE:NUEGet Free Report) last announced its earnings results on Monday, January 29th. The basic materials company reported $3.16 earnings per share for the quarter, topping the consensus estimate of $2.83 by $0.33. Nucor had a net margin of 13.03% and a return on equity of 21.42%. The firm had revenue of $7.70 billion for the quarter, compared to the consensus estimate of $7.64 billion. During the same period in the prior year, the firm earned $4.89 EPS. The firm’s revenue for the quarter was down 11.7% on a year-over-year basis. On average, research analysts forecast that Nucor Co. will post 14.03 earnings per share for the current fiscal year.

Nucor Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 10th. Shareholders of record on Thursday, March 28th will be given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date is Wednesday, March 27th. Nucor’s dividend payout ratio is presently 12.01%.

Insider Activity

In other news, EVP Kenneth Rex Query sold 5,500 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $186.37, for a total value of $1,025,035.00. Following the completion of the transaction, the executive vice president now owns 85,326 shares in the company, valued at approximately $15,902,206.62. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, EVP Allen C. Behr sold 10,000 shares of the company’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $190.19, for a total value of $1,901,900.00. Following the completion of the transaction, the executive vice president now owns 80,902 shares in the company, valued at approximately $15,386,751.38. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Kenneth Rex Query sold 5,500 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $186.37, for a total transaction of $1,025,035.00. Following the completion of the transaction, the executive vice president now owns 85,326 shares of the company’s stock, valued at approximately $15,902,206.62. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,151 shares of company stock worth $7,308,683. Corporate insiders own 0.64% of the company’s stock.

Nucor Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Nucor (NYSE:NUE)

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