New York State Common Retirement Fund Trims Holdings in Nucor Corporation $NUE

New York State Common Retirement Fund lowered its stake in shares of Nucor Corporation (NYSE:NUE) by 15.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 108,309 shares of the basic materials company’s stock after selling 20,300 shares during the period. New York State Common Retirement Fund’s holdings in Nucor were worth $14,668,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Nucor by 8.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,274 shares of the basic materials company’s stock valued at $5,048,000 after acquiring an additional 2,888 shares during the last quarter. Rockline Wealth Management LLC raised its stake in Nucor by 1.0% during the third quarter. Rockline Wealth Management LLC now owns 23,331 shares of the basic materials company’s stock worth $3,160,000 after purchasing an additional 229 shares during the period. Valeo Financial Advisors LLC boosted its holdings in Nucor by 23.4% in the 3rd quarter. Valeo Financial Advisors LLC now owns 8,069 shares of the basic materials company’s stock valued at $1,093,000 after purchasing an additional 1,530 shares during the last quarter. Truist Financial Corp grew its stake in shares of Nucor by 1.0% in the 3rd quarter. Truist Financial Corp now owns 156,234 shares of the basic materials company’s stock valued at $21,159,000 after buying an additional 1,612 shares during the period. Finally, Adamsbrown Wealth Consultants LLC acquired a new stake in shares of Nucor during the 3rd quarter worth approximately $589,000. 76.48% of the stock is owned by institutional investors and hedge funds.

Nucor Stock Performance

Shares of Nucor stock opened at $181.03 on Tuesday. The stock has a market capitalization of $41.43 billion, a price-to-earnings ratio of 24.01, a price-to-earnings-growth ratio of 0.97 and a beta of 1.86. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.94 and a quick ratio of 1.57. The business has a 50-day moving average of $166.99 and a 200 day moving average of $151.07. Nucor Corporation has a 12 month low of $97.59 and a 12 month high of $183.32.

Nucor (NYSE:NUE) last issued its quarterly earnings results on Monday, January 26th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.91 by ($0.18). The business had revenue of $7.69 billion for the quarter, compared to analyst estimates of $7.93 billion. Nucor had a return on equity of 8.26% and a net margin of 5.37%.The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.22 EPS. As a group, sell-side analysts forecast that Nucor Corporation will post 7.64 earnings per share for the current year.

Nucor Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 11th. Shareholders of record on Wednesday, December 31st will be paid a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 1.2%. This is a positive change from Nucor’s previous quarterly dividend of $0.55. The ex-dividend date is Wednesday, December 31st. Nucor’s payout ratio is presently 29.71%.

Insider Transactions at Nucor

In other news, EVP Thomas J. Batterbee sold 2,000 shares of the stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $165.28, for a total value of $330,560.00. Following the sale, the executive vice president directly owned 17,952 shares in the company, valued at approximately $2,967,106.56. This trade represents a 10.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John J. Hollatz sold 7,000 shares of Nucor stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $149.88, for a total value of $1,049,160.00. Following the completion of the transaction, the executive vice president owned 96,550 shares of the company’s stock, valued at approximately $14,470,914. This trade represents a 6.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 14,950 shares of company stock valued at $2,319,166. 0.71% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. BNP Paribas Exane increased their price objective on Nucor from $165.00 to $185.00 and gave the stock an “outperform” rating in a research report on Friday, January 2nd. Wells Fargo & Company increased their price target on Nucor from $176.00 to $184.00 and gave the stock an “overweight” rating in a report on Wednesday, January 28th. Citigroup boosted their price objective on shares of Nucor from $150.00 to $180.00 and gave the company a “buy” rating in a report on Thursday, October 30th. Morgan Stanley reaffirmed an “equal weight” rating and set a $180.00 target price (up previously from $165.00) on shares of Nucor in a research note on Friday, January 9th. Finally, UBS Group cut shares of Nucor from a “buy” rating to a “neutral” rating and set a $183.00 price target for the company. in a research report on Wednesday, January 28th. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Nucor has an average rating of “Moderate Buy” and a consensus price target of $179.36.

Nucor Profile

Nucor Corporation (NYSE: NUE) is an American steel producer headquartered in Charlotte, North Carolina. The company is primarily engaged in the manufacture and sale of steel and steel products, operating a network of steel mills, recycling facilities and fabrication plants across the United States and North America. Nucor’s operations emphasize electric arc furnace steelmaking using recycled scrap metal, which supports a decentralized, mill-based production model focused on efficiency and flexibility.

Product offerings span a broad range of basic and value‑added steel items, including sheet, plate, merchant bar, structural beams, reinforcing bar, tubing, fasteners and fabricated components.