State Board of Administration of Florida Retirement System lowered its stake in shares of Nucor Co. (NYSE:NUE) by 0.8% during the first quarter, HoldingsChannel reports. The institutional investor owned 436,643 shares of the basic materials company’s stock after selling 3,660 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Nucor were worth $25,478,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Pinnacle Bank purchased a new stake in Nucor during the fourth quarter worth about $26,000. Lindbrook Capital LLC purchased a new stake in Nucor during the fourth quarter worth about $27,000. Ropes Wealth Advisors LLC purchased a new stake in Nucor during the first quarter worth about $34,000. Laurel Wealth Advisors LLC purchased a new stake in Nucor during the fourth quarter worth about $38,000. Finally, Capital Investment Advisory Services LLC purchased a new stake in Nucor during the fourth quarter worth about $39,000. 79.02% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE NUE traded up $0.52 on Tuesday, hitting $55.21. The company’s stock had a trading volume of 18,633 shares, compared to its average volume of 2,451,504. Nucor Co. has a 12-month low of $49.79 and a 12-month high of $68.84. The company has a market capitalization of $17.24 billion, a PE ratio of 7.24, a price-to-earnings-growth ratio of 0.82 and a beta of 1.46. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.37 and a quick ratio of 1.64.
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 10th. Stockholders of record on Friday, March 29th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.90%. The ex-dividend date was Thursday, March 28th. Nucor’s dividend payout ratio is presently 21.00%.
NUE has been the topic of a number of research analyst reports. ValuEngine raised shares of Nucor from a “sell” rating to a “hold” rating in a report on Monday, February 4th. UBS Group set a $59.00 price objective on shares of Nucor and gave the stock a “hold” rating in a report on Wednesday, May 8th. Standpoint Research raised shares of Nucor from a “hold” rating to a “buy” rating in a report on Monday, March 18th. Zacks Investment Research downgraded shares of Nucor from a “hold” rating to a “strong sell” rating in a report on Friday, February 1st. Finally, Longbow Research downgraded shares of Nucor from a “buy” rating to a “neutral” rating in a report on Monday, March 11th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $70.56.
In other news, insider Raymond S. Napolitan, Jr. sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $58.28, for a total value of $582,800.00. Following the completion of the transaction, the insider now owns 96,778 shares of the company’s stock, valued at $5,640,221.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman John J. Ferriola sold 65,061 shares of the business’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $56.20, for a total transaction of $3,656,428.20. Following the completion of the transaction, the chairman now directly owns 403,735 shares of the company’s stock, valued at approximately $22,689,907. The disclosure for this sale can be found here. In the last three months, insiders sold 76,314 shares of company stock valued at $4,310,637. Company insiders own 0.96% of the company’s stock.
Nucor Corporation manufactures and sells steel and steel products in the United States and internationally. 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 products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and special bar quality products.
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