Norden Group LLC Invests $1.85 Million in Nucor Co. (NYSE:NUE)

Norden Group LLC purchased a new position in shares of Nucor Co. (NYSE:NUE) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 9,328 shares of the basic materials company’s stock, valued at approximately $1,847,000.

A number of other large investors have also made changes to their positions in NUE. Norges Bank acquired a new position in shares of Nucor during the fourth quarter worth $377,631,000. International Assets Investment Management LLC acquired a new position in shares of Nucor during the fourth quarter worth $108,747,000. Global Assets Advisory LLC acquired a new position in shares of Nucor during the first quarter worth $90,216,000. Pacer Advisors Inc. grew its holdings in shares of Nucor by 13.0% during the fourth quarter. Pacer Advisors Inc. now owns 2,070,960 shares of the basic materials company’s stock valued at $360,430,000 after buying an additional 237,752 shares during the last quarter. Finally, Schroder Investment Management Group grew its holdings in shares of Nucor by 16.5% during the fourth quarter. Schroder Investment Management Group now owns 660,514 shares of the basic materials company’s stock valued at $114,956,000 after buying an additional 93,471 shares during the last quarter. 76.48% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

NUE has been the topic of a number of research analyst reports. Citigroup raised shares of Nucor from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $180.00 to $240.00 in a report on Wednesday, March 13th. BMO Capital Markets dropped their price objective on shares of Nucor from $185.00 to $175.00 and set a “market perform” rating on the stock in a report on Monday, June 17th. StockNews.com lowered shares of Nucor from a “buy” rating to a “hold” rating in a report on Tuesday, April 23rd. Bank of America dropped their price objective on shares of Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. Finally, Jefferies Financial Group started coverage on shares of Nucor in a research note on Monday, May 20th. They set a “hold” rating and a $190.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $189.67.

Nucor Stock Down 0.0 %

NUE opened at $156.42 on Friday. The company has a market cap of $37.50 billion, a PE ratio of 9.20 and a beta of 1.57. The company has a quick ratio of 2.48, a current ratio of 4.02 and a debt-to-equity ratio of 0.31. Nucor Co. has a twelve month low of $140.07 and a twelve month high of $203.00. The company has a 50-day moving average price of $165.08 and a 200 day moving average price of $177.51.

Nucor (NYSE:NUE) last released its quarterly earnings data on Monday, April 22nd. The basic materials company reported $3.46 EPS for the quarter, missing analysts’ consensus estimates of $3.62 by ($0.16). The business had revenue of $8.14 billion during the quarter, compared to analyst estimates of $8.26 billion. Nucor had a net margin of 12.40% and a return on equity of 19.62%. The firm’s revenue was down 6.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.45 EPS. Sell-side analysts expect that Nucor Co. will post 10.84 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 9th. Stockholders of record on Friday, June 28th will be issued a dividend of $0.54 per share. The ex-dividend date is Friday, June 28th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.38%. Nucor’s dividend payout ratio is currently 12.71%.

About Nucor

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.