State of Alaska Department of Revenue Decreases Position in Nucor Co. (NYSE:NUE)

State of Alaska Department of Revenue reduced its position in shares of Nucor Co. (NYSE:NUE) by 12.1% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 32,829 shares of the basic materials company’s stock after selling 4,525 shares during the period. State of Alaska Department of Revenue’s holdings in Nucor were worth $4,934,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. McClarren Financial Advisors Inc. boosted its stake in shares of Nucor by 129.0% in the second quarter. McClarren Financial Advisors Inc. now owns 158 shares of the basic materials company’s stock worth $25,000 after acquiring an additional 89 shares during the last quarter. Chilton Capital Management LLC lifted its holdings in Nucor by 94.2% in the 1st quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 65 shares in the last quarter. Central Pacific Bank Trust Division acquired a new stake in Nucor during the 1st quarter worth $28,000. Brown Lisle Cummings Inc. purchased a new stake in shares of Nucor during the third quarter worth $30,000. Finally, Salomon & Ludwin LLC acquired a new stake in shares of Nucor in the first quarter valued at about $31,000. Institutional investors and hedge funds own 76.48% of the company’s stock.

Nucor Trading Down 0.4 %

NUE opened at $147.20 on Wednesday. The stock has a market capitalization of $34.94 billion, a PE ratio of 14.22 and a beta of 1.55. Nucor Co. has a one year low of $133.42 and a one year high of $203.00. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.61 and a current ratio of 2.59. The business’s 50 day moving average price is $147.80 and its 200 day moving average price is $157.61.

Nucor (NYSE:NUE) last announced its quarterly earnings results on Monday, October 21st. The basic materials company reported $1.49 EPS for the quarter, beating the consensus estimate of $1.40 by $0.09. The business had revenue of $7.44 billion for 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% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.57 EPS. As a group, equities research analysts expect that Nucor Co. will post 8.65 EPS for the current year.

Nucor Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Friday, September 27th will be given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date of this dividend is Friday, September 27th. Nucor’s dividend payout ratio is presently 20.87%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on NUE shares. Argus upgraded shares of Nucor to a “strong-buy” rating in a research report on Monday, August 26th. JPMorgan Chase & Co. lowered their target price on Nucor from $170.00 to $168.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Morgan Stanley cut their price target on Nucor from $170.00 to $166.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Finally, BMO Capital Markets lowered their price objective on Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a research note on Wednesday, September 18th. 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. According to data from MarketBeat.com, Nucor currently has a consensus rating of “Moderate Buy” and an average price target of $190.57.

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.