3,410,825 Shares in Nucor Co. (NYSE:NUE) Bought by Norges Bank

Norges Bank purchased a new stake in shares of Nucor Co. (NYSE:NUE) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,410,825 shares of the basic materials company’s stock, valued at approximately $398,077,000. Norges Bank owned 1.45% of Nucor as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of NUE. Nordea Investment Management AB increased its stake in Nucor by 25.6% in the 4th quarter. Nordea Investment Management AB now owns 1,758,753 shares of the basic materials company’s stock worth $205,282,000 after purchasing an additional 358,721 shares during the period. Raymond James Financial Inc. bought a new stake in Nucor during the 4th quarter valued at $38,714,000. State Street Corp boosted its position in Nucor by 2.9% during the 3rd quarter. State Street Corp now owns 11,427,899 shares of the basic materials company’s stock valued at $1,724,117,000 after buying an additional 326,181 shares during the period. OFI Invest Asset Management bought a new stake in shares of Nucor in the fourth quarter worth about $25,906,000. Finally, National Bank of Canada FI grew its position in shares of Nucor by 315.8% in the 3rd quarter. National Bank of Canada FI now owns 296,851 shares of the basic materials company’s stock worth $44,629,000 after buying an additional 225,450 shares during the last quarter. 76.48% of the stock is owned by institutional investors.

Nucor Price Performance

Shares of NYSE NUE opened at $121.90 on Friday. The business has a 50-day simple moving average of $130.98 and a two-hundred day simple moving average of $137.27. The company has a market cap of $28.10 billion, a PE ratio of 14.50, a P/E/G ratio of 0.96 and a beta of 1.58. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.48 and a current ratio of 2.51. Nucor Co. has a fifty-two week low of $112.25 and a fifty-two week high of $203.00.

Nucor (NYSE:NUE) last issued its quarterly earnings results on Monday, January 27th. The basic materials company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.28. Nucor had a net margin of 6.60% and a return on equity of 9.85%. During the same period in the prior year, the firm posted $3.16 EPS. As a group, equities analysts expect that Nucor Co. will post 7.64 EPS for the current fiscal year.

Nucor Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, May 12th. Investors of record on Monday, March 31st will be issued a $0.55 dividend. The ex-dividend date is Monday, March 31st. This represents a $2.20 dividend on an annualized basis and a yield of 1.80%. Nucor’s payout ratio is 26.16%.

Wall Street Analysts Forecast Growth

NUE has been the topic of several research analyst reports. Citigroup reduced their price target on shares of Nucor from $240.00 to $160.00 and set a “buy” rating on the stock in a research report on Thursday, December 19th. JPMorgan Chase & Co. increased their target price on Nucor from $150.00 to $156.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 11th. Morgan Stanley set a $164.00 price target on shares of Nucor in a research note on Monday, March 24th. Jefferies Financial Group lifted their price objective on Nucor from $125.00 to $135.00 and gave the company a “hold” rating in a research note on Wednesday, January 29th. Finally, The Goldman Sachs Group began coverage on shares of Nucor in a research note on Monday, December 2nd. They issued a “buy” rating and a $190.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $164.44.

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.