First Citizens Bank & Trust Co. reduced its position in shares of Nucor Co. (NYSE:NUE) by 14.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,259 shares of the basic materials company’s stock after selling 4,357 shares during the period. First Citizens Bank & Trust Co.’s holdings in Nucor were worth $1,344,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. ProShare Advisors LLC boosted its holdings in Nucor by 4.3% in the 3rd quarter. ProShare Advisors LLC now owns 2,228,099 shares of the basic materials company’s stock valued at $99,953,000 after purchasing an additional 90,834 shares during the last quarter. Morgan Stanley lifted its holdings in Nucor by 31.7% in the third quarter. Morgan Stanley now owns 2,183,585 shares of the basic materials company’s stock valued at $97,955,000 after acquiring an additional 525,733 shares during the last quarter. UBS Asset Management Americas Inc. lifted its holdings in Nucor by 0.4% in the third quarter. UBS Asset Management Americas Inc. now owns 1,136,092 shares of the basic materials company’s stock valued at $50,965,000 after acquiring an additional 4,980 shares during the last quarter. JPMorgan Chase & Co. grew its position in Nucor by 18.7% in the third quarter. JPMorgan Chase & Co. now owns 808,105 shares of the basic materials company’s stock worth $36,154,000 after acquiring an additional 127,241 shares during the period. Finally, Poplar Forest Capital LLC increased its stake in Nucor by 74.3% during the third quarter. Poplar Forest Capital LLC now owns 750,561 shares of the basic materials company’s stock worth $33,670,000 after acquiring an additional 319,879 shares during the last quarter. Hedge funds and other institutional investors own 70.79% of the company’s stock.
In other news, EVP David A. Sumoski sold 21,150 shares of Nucor stock in a transaction on Thursday, October 29th. The shares were sold at an average price of $47.22, for a total transaction of $998,703.00. Following the completion of the sale, the executive vice president now directly owns 140,143 shares of the company’s stock, valued at approximately $6,617,552.46. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Leon J. Topalian sold 10,000 shares of Nucor stock in a transaction on Monday, December 21st. The stock was sold at an average price of $53.88, for a total transaction of $538,800.00. Following the sale, the chief executive officer now directly owns 100,577 shares of the company’s stock, valued at $5,419,088.76. The disclosure for this sale can be found here. Insiders have sold 42,720 shares of company stock worth $2,135,672 over the last 90 days. Insiders own 1.39% of the company’s stock.
Nucor (NYSE:NUE) last released its earnings results on Thursday, October 22nd. The basic materials company reported $0.63 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.10. Nucor had a return on equity of 7.21% and a net margin of 2.15%. The firm had revenue of $4.93 billion during the quarter, compared to analysts’ expectations of $4.59 billion. During the same period in the previous year, the firm posted $0.90 EPS. Nucor’s revenue for the quarter was down 9.8% on a year-over-year basis. Sell-side analysts predict that Nucor Co. will post 3.02 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 11th. Stockholders of record on Thursday, December 31st will be given a dividend of $0.405 per share. The ex-dividend date is Wednesday, December 30th. This is an increase from Nucor’s previous quarterly dividend of $0.40. This represents a $1.62 dividend on an annualized basis and a dividend yield of 2.86%. Nucor’s payout ratio is currently 37.59%.
NUE has been the subject of a number of research analyst reports. BNP Paribas cut Nucor from an “outperform” rating to a “neutral” rating and set a $48.00 price target for the company. in a report on Thursday, October 15th. TheStreet raised shares of Nucor from a “c” rating to a “b-” rating in a research note on Thursday, October 22nd. BMO Capital Markets boosted their price target on shares of Nucor from $50.00 to $54.00 and gave the company a “market perform” rating in a research note on Friday, October 23rd. UBS Group increased their price objective on shares of Nucor from $39.00 to $48.00 in a research report on Friday, October 2nd. Finally, Exane BNP Paribas downgraded shares of Nucor from an “outperform” rating to a “neutral” rating and set a $48.00 target price for the company. in a report on Thursday, October 15th. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Nucor has an average rating of “Hold” and an average price target of $48.27.
Nucor Corporation manufactures and sells 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 products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and special bar quality products.
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