State of Alaska Department of Revenue Sells 685 Shares of Nucor Co. (NYSE:NUE)

Posted by Defense World Staff on Mar 22nd, 2023

State of Alaska Department of Revenue lowered its stake in shares of Nucor Co. (NYSE:NUE – Get Rating) by 1.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 53,642 shares of the basic materials company’s stock after selling 685 shares during the quarter. State of Alaska Department of Revenue’s holdings in Nucor were worth $7,069,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. FMR LLC grew its position in Nucor by 12.5% during the second quarter. FMR LLC now owns 7,935,947 shares of the basic materials company’s stock valued at $828,592,000 after buying an additional 878,821 shares during the period. Dimensional Fund Advisors LP boosted its position in Nucor by 4.2% during the third quarter. Dimensional Fund Advisors LP now owns 5,214,321 shares of the basic materials company’s stock worth $557,840,000 after purchasing an additional 212,404 shares during the period. Invesco Ltd. boosted its position in Nucor by 11.3% during the first quarter. Invesco Ltd. now owns 1,738,793 shares of the basic materials company’s stock worth $258,471,000 after purchasing an additional 176,738 shares during the period. Wells Fargo & Company MN boosted its position in Nucor by 34.7% during the second quarter. Wells Fargo & Company MN now owns 1,729,945 shares of the basic materials company’s stock worth $180,625,000 after purchasing an additional 446,034 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its position in Nucor by 11.9% during the third quarter. Price T Rowe Associates Inc. MD now owns 1,456,784 shares of the basic materials company’s stock worth $155,862,000 after purchasing an additional 154,744 shares during the period. Institutional investors own 78.33% of the company’s stock.

Insider Activity at Nucor

In related news, EVP Daniel R. Needham sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, January 30th. The shares were sold at an average price of $168.36, for a total value of $841,800.00. Following the sale, the executive vice president now directly owns 61,137 shares of the company’s stock, valued at $10,293,025.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Daniel R. Needham sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, January 30th. The shares were sold at an average price of $168.36, for a total value of $841,800.00. Following the sale, the executive vice president now directly owns 61,137 shares of the company’s stock, valued at $10,293,025.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kenneth Rex Query sold 1,962 shares of the firm’s stock in a transaction that occurred on Friday, February 3rd. The shares were sold at an average price of $177.99, for a total transaction of $349,216.38. Following the completion of the sale, the executive vice president now directly owns 74,138 shares in the company, valued at $13,195,822.62. The disclosure for this sale can be found here. Insiders have sold 9,575 shares of company stock valued at $1,630,000 over the last three months. 0.46% of the stock is owned by corporate insiders.

Nucor Trading Up 2.9 %

Shares of Nucor stock opened at $152.10 on Wednesday. Nucor Co. has a 12-month low of $100.13 and a 12-month high of $187.90. The company has a market cap of $38.32 billion, a price-to-earnings ratio of 5.29 and a beta of 1.59. The company has a current ratio of 3.39, a quick ratio of 2.13 and a debt-to-equity ratio of 0.34. The company’s 50-day moving average price is $163.00 and its 200-day moving average price is $143.47.

Nucor (NYSE:NUE – Get Rating) last announced its quarterly earnings results on Thursday, January 26th. The basic materials company reported $4.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.18 by $0.71. The firm had revenue of $8.72 billion for the quarter, compared to the consensus estimate of $8.54 billion. Nucor had a net margin of 18.33% and a return on equity of 42.03%. The company’s revenue for the quarter was down 15.8% on a year-over-year basis. During the same period in the prior year, the firm posted $7.97 earnings per share. On average, equities analysts expect that Nucor Co. will post 14.35 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 11th. Investors of record on Friday, March 31st will be paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date is Thursday, March 30th. Nucor’s dividend payout ratio is currently 7.10%.

Wall Street Analyst Weigh In

NUE has been the subject of a number of research reports. The Goldman Sachs Group increased their target price on shares of Nucor from $144.00 to $161.00 and gave the stock a “neutral” rating in a research report on Friday, March 10th. Credit Suisse Group increased their target price on shares of Nucor from $140.00 to $156.00 and gave the stock an “outperform” rating in a research report on Friday, March 17th. Bank of America initiated coverage on shares of Nucor in a research report on Wednesday, January 4th. They set a “buy” rating and a $172.00 target price for the company. UBS Group increased their target price on shares of Nucor from $120.00 to $145.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 6th. Finally, Morgan Stanley increased their price target on shares of Nucor from $113.00 to $122.00 and gave the stock an “equal weight” rating in a report on Monday, January 30th. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $153.44.

About Nucor

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Nucor Corp. engages in the manufacturing of steel and steel products. It operates through the following segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment consists of carbon and alloy steel in sheet, bars, structural and plate, steel trading businesses, rebar distribution businesses, and Nucor’s equity method investments.