Azzad Asset Management Inc. ADV Cuts Position in Nucor Co. (NYSE:NUE)

Azzad Asset Management Inc. ADV cut its stake in Nucor Co. (NYSE:NUE) by 3.2% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 32,333 shares of the basic materials company’s stock after selling 1,080 shares during the period. Nucor comprises approximately 0.7% of Azzad Asset Management Inc. ADV’s portfolio, making the stock its 18th largest position. Azzad Asset Management Inc. ADV’s holdings in Nucor were worth $6,399,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. SVB Wealth LLC grew its position in Nucor by 1.5% in the fourth quarter. SVB Wealth LLC now owns 3,656 shares of the basic materials company’s stock worth $636,000 after acquiring an additional 54 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Nucor by 6.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 865 shares of the basic materials company’s stock worth $151,000 after purchasing an additional 54 shares during the last quarter. Kestra Private Wealth Services LLC lifted its stake in Nucor by 0.8% in the fourth quarter. Kestra Private Wealth Services LLC now owns 7,191 shares of the basic materials company’s stock worth $1,252,000 after purchasing an additional 55 shares during the last quarter. Householder Group Estate & Retirement Specialist LLC lifted its stake in Nucor by 36.6% in the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 220 shares of the basic materials company’s stock worth $38,000 after purchasing an additional 59 shares during the last quarter. Finally, Fortitude Family Office LLC lifted its stake in Nucor by 54.1% in the first quarter. Fortitude Family Office LLC now owns 168 shares of the basic materials company’s stock worth $33,000 after purchasing an additional 59 shares during the last quarter. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Nucor Trading Up 0.3 %

Shares of NYSE NUE traded up $0.47 during trading hours on Wednesday, hitting $156.93. The company’s stock had a trading volume of 264,522 shares, compared to its average volume of 1,461,734. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.48 and a current ratio of 4.02. The stock has a market cap of $37.63 billion, a price-to-earnings ratio of 9.20 and a beta of 1.57. Nucor Co. has a 12 month low of $140.07 and a 12 month high of $203.00. The business has a 50-day simple moving average of $165.40 and a 200-day simple moving average of $177.66.

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

Nucor Dividend Announcement

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

Analyst Ratings Changes

NUE has been the subject of several recent research reports. Citigroup raised shares of Nucor from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $180.00 to $240.00 in a research note on Wednesday, March 13th. StockNews.com downgraded shares of Nucor from a “buy” rating to a “hold” rating in a research note on Tuesday, April 23rd. Jefferies Financial Group initiated coverage on shares of Nucor in a research note on Monday, May 20th. They issued a “hold” rating and a $190.00 price target for the company. JPMorgan Chase & Co. lowered their price target on shares of Nucor from $190.00 to $180.00 and set a “neutral” rating for the company in a research note on Tuesday, June 11th. Finally, Bank of America lowered their price objective on shares of Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Nucor has a consensus rating of “Hold” and an average target price of $189.67.

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.