New York State Teachers Retirement System Reduces Holdings in Nucor Co. (NYSE:NUE)

New York State Teachers Retirement System lowered its holdings in Nucor Co. (NYSE:NUE) by 7.5% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 236,289 shares of the basic materials company’s stock after selling 19,257 shares during the period. New York State Teachers Retirement System’s holdings in Nucor were worth $35,524,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Highline Wealth Partners LLC purchased a new stake in Nucor in the 3rd quarter worth approximately $516,000. Trinity Street Asset Management LLP lifted its holdings in Nucor by 30.0% in the 3rd quarter. Trinity Street Asset Management LLP now owns 158,035 shares of the basic materials company’s stock worth $23,759,000 after buying an additional 36,496 shares during the period. Integrated Advisors Network LLC lifted its holdings in Nucor by 15.2% in the 3rd quarter. Integrated Advisors Network LLC now owns 2,797 shares of the basic materials company’s stock worth $421,000 after buying an additional 369 shares during the period. Insight Folios Inc lifted its holdings in Nucor by 8.3% in the 3rd quarter. Insight Folios Inc now owns 43,689 shares of the basic materials company’s stock worth $6,568,000 after buying an additional 3,346 shares during the period. Finally, Salomon & Ludwin LLC lifted its holdings in Nucor by 45.6% in the 3rd quarter. Salomon & Ludwin LLC now owns 230 shares of the basic materials company’s stock worth $35,000 after buying an additional 72 shares during the period. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on NUE. JPMorgan Chase & Co. decreased their target price on Nucor from $170.00 to $168.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Argus raised Nucor to a “strong-buy” rating in a research report on Monday, August 26th. BMO Capital Markets decreased their target price on Nucor from $175.00 to $160.00 and set a “market perform” rating for the company in a research report on Wednesday, September 18th. Finally, Morgan Stanley decreased their target price on Nucor from $170.00 to $166.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $190.57.

Insiders Place Their Bets

In other news, EVP Kenneth Rex Query sold 9,000 shares of the firm’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $146.80, for a total value of $1,321,200.00. Following the transaction, the executive vice president now directly owns 98,770 shares in the company, valued at $14,499,436. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.46% of the company’s stock.

Nucor Stock Down 0.6 %

NUE stock opened at $141.80 on Friday. Nucor Co. has a twelve month low of $133.42 and a twelve month high of $203.00. The company has a quick ratio of 1.61, a current ratio of 2.59 and a debt-to-equity ratio of 0.26. The firm has a market cap of $33.65 billion, a PE ratio of 13.70 and a beta of 1.55. The business has a 50 day moving average of $147.64 and a 200 day moving average of $157.39.

Nucor (NYSE:NUE) last posted its earnings results on Monday, October 21st. The basic materials company reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.09. The business had revenue of $7.44 billion during the quarter, compared to analyst estimates of $7.28 billion. Nucor had a return on equity of 12.06% and a net margin of 8.05%. The company’s quarterly revenue was down 15.2% compared to the same quarter last year. During the same quarter last year, the company earned $4.57 EPS. On average, research analysts forecast that Nucor Co. will post 8.65 EPS for the current fiscal year.

Nucor Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Friday, September 27th will be issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend is Friday, September 27th. Nucor’s payout ratio is 20.87%.

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.