Nucor Corporation $NUE Stock: State of Alaska Department of Revenue Raises Holdings

State of Alaska Department of Revenue boosted its position in Nucor Corporation (NYSE:NUE) by 18.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 26,493 shares of the basic materials company’s stock after acquiring an additional 4,178 shares during the quarter. State of Alaska Department of Revenue’s holdings in Nucor were worth $6,191,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in NUE. BlackRock Inc. bought a new position in Nucor in the second quarter worth approximately $4,452,563,000. Bank of America Corp DE acquired a new stake in Nucor in the second quarter valued at approximately $462,886,000. Dimensional Fund Advisors LP increased its holdings in shares of Nucor by 0.9% during the first quarter. Dimensional Fund Advisors LP now owns 2,539,044 shares of the basic materials company’s stock valued at $429,298,000 after acquiring an additional 22,718 shares in the last quarter. Berkshire Hathaway Inc acquired a new position in shares of Nucor during the second quarter worth approximately $413,814,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Nucor in the 2nd quarter worth $330,902,000. 76.48% of the stock is owned by institutional investors and hedge funds.

Nucor Stock Up 0.6%

Shares of Nucor stock traded up $1.63 on Friday, hitting $256.32. The company had a trading volume of 1,121,855 shares, compared to its average volume of 1,303,832. The stock has a market capitalization of $58.15 billion, a price-to-earnings ratio of 20.44, a P/E/G ratio of 0.63 and a beta of 1.84. Nucor Corporation has a 1 year low of $131.32 and a 1 year high of $280.11. The stock has a 50 day moving average of $253.71 and a 200-day moving average of $238.02. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.36 and a current ratio of 2.51.

Nucor (NYSE:NUE) last announced its earnings results on Monday, July 27th. The basic materials company reported $4.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.46 by $0.38. The company had revenue of $10.40 billion for the quarter, compared to analysts’ expectations of $10.15 billion. Nucor had a return on equity of 12.73% and a net margin of 7.99%. Nucor’s quarterly revenue was up 23.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.60 earnings per share. As a group, sell-side analysts forecast that Nucor Corporation will post 19.62 earnings per share for the current year.

Nucor Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 10th. Shareholders of record on Wednesday, September 30th will be paid a dividend of $0.56 per share. The ex-dividend date is Wednesday, September 30th. This represents a $2.24 annualized dividend and a yield of 0.9%. Nucor’s dividend payout ratio (DPR) is 17.86%.

Wall Street Analysts Forecast Growth

NUE has been the subject of a number of recent research reports. Barclays boosted their price target on shares of Nucor from $272.00 to $295.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Freedom Broker downgraded shares of Nucor from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $305.00 to $285.00 in a report on Friday, September 18th. Zacks Research raised shares of Nucor from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. Weiss Ratings raised shares of Nucor from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday. Finally, BMO Capital Markets lifted their price objective on shares of Nucor from $285.00 to $295.00 and gave the company an “outperform” rating in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Nucor has an average rating of “Moderate Buy” and a consensus target price of $276.07.

Insiders Place Their Bets

In other news, EVP Thomas J. Batterbee sold 4,000 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $261.02, for a total value of $1,044,080.00. Following the completion of the sale, the executive vice president owned 16,138 shares in the company, valued at $4,212,340.76. This represents a 19.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Stephen D. Laxton sold 3,968 shares of the firm’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $256.96, for a total transaction of $1,019,617.28. Following the transaction, the chief operating officer directly owned 77,867 shares in the company, valued at $20,008,704.32. The trade was a 4.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.62% of the stock is owned by insiders.

Nucor Profile

Nucor Corporation is a Charlotte, North Carolina-based steel producer and one of the largest steel companies in North America. The company operates electric arc furnace (EAF) steel mills that use recycled scrap steel as a primary raw material, along with facilities that manufacture and process steel products for construction, manufacturing, transportation, energy and other industrial markets.

Nucor’s product portfolio includes carbon and alloy steel in sheet, plate, bar and structural forms, as well as reinforcing steel, wire and wire mesh.