Allspring Global Investments Holdings LLC Cuts Holdings in Nucor Co. (NYSE:NUE)

Allspring Global Investments Holdings LLC reduced its position in shares of Nucor Co. (NYSE:NUE) by 3.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 128,573 shares of the basic materials company’s stock after selling 4,495 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.05% of Nucor worth $20,325,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Nucor during the 4th quarter valued at approximately $377,631,000. Global Assets Advisory LLC acquired a new stake in shares of Nucor in the first quarter valued at about $90,216,000. Swedbank AB purchased a new stake in shares of Nucor during the first quarter worth about $37,395,000. Captrust Financial Advisors raised its position in shares of Nucor by 23.5% during the 1st quarter. Captrust Financial Advisors now owns 804,150 shares of the basic materials company’s stock worth $159,141,000 after purchasing an additional 153,077 shares during the last quarter. Finally, Trinity Street Asset Management LLP purchased a new position in Nucor in the 2nd quarter valued at about $19,213,000. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Nucor Stock Down 1.5 %

NUE stock opened at $148.04 on Thursday. The firm has a market cap of $35.49 billion, a PE ratio of 8.71 and a beta of 1.57. Nucor Co. has a one year low of $139.41 and a one year high of $203.00. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.85 and a current ratio of 2.93. The firm’s 50 day moving average price is $153.67 and its 200-day moving average price is $171.17.

Nucor (NYSE:NUE) last announced its quarterly earnings results on Monday, July 22nd. The basic materials company reported $2.68 EPS for the quarter, beating the consensus estimate of $2.31 by $0.37. The business had revenue of $8.08 billion for the quarter, compared to analyst estimates of $7.69 billion. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The company’s quarterly revenue was down 15.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $5.81 EPS. On average, equities research analysts anticipate that Nucor Co. will post 10.57 EPS for the current year.

Nucor Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 9th. Stockholders of record on Friday, June 28th were paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date was Friday, June 28th. Nucor’s dividend payout ratio (DPR) is 12.71%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Bank of America reduced their target price on Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. Argus upgraded shares of Nucor to a “strong-buy” rating in a research report on Monday. JPMorgan Chase & Co. lowered their price target on shares of Nucor from $180.00 to $170.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 16th. Morgan Stanley upgraded shares of Nucor from an “equal weight” rating to an “overweight” rating and cut their price objective for the company from $187.00 to $176.00 in a report on Thursday, August 15th. Finally, Jefferies Financial Group assumed coverage on Nucor in a report on Monday, May 20th. They set a “hold” rating and a $190.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $194.43.

Insider Transactions at Nucor

In related news, EVP Daniel R. Needham sold 8,624 shares of Nucor stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total value of $1,379,840.00. Following the completion of the sale, the executive vice president now owns 99,049 shares in the company, valued at approximately $15,847,840. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.46% of the company’s stock.

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.