Chevy Chase Trust Holdings LLC Decreases Stock Position in Nucor Co. (NYSE:NUE)

Chevy Chase Trust Holdings LLC reduced its position in shares of Nucor Co. (NYSE:NUE) by 0.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 136,164 shares of the basic materials company’s stock after selling 1,183 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Nucor were worth $26,947,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Norges Bank acquired a new position in shares of Nucor in the 4th quarter valued at $377,631,000. International Assets Investment Management LLC purchased a new stake in shares of Nucor in the fourth quarter valued at about $108,747,000. Global Assets Advisory LLC acquired a new stake in shares of Nucor during the first quarter worth about $90,216,000. Pacer Advisors Inc. grew its holdings in shares of Nucor by 13.0% during the fourth quarter. Pacer Advisors Inc. now owns 2,070,960 shares of the basic materials company’s stock worth $360,430,000 after buying an additional 237,752 shares during the last quarter. Finally, Schroder Investment Management Group increased its position in Nucor by 16.5% in the 4th quarter. Schroder Investment Management Group now owns 660,514 shares of the basic materials company’s stock valued at $114,956,000 after acquiring an additional 93,471 shares during the period. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Nucor Price Performance

NYSE:NUE traded up $2.64 during mid-day trading on Wednesday, hitting $152.89. 724,117 shares of the company’s stock traded hands, compared to its average volume of 1,456,256. Nucor Co. has a 1 year low of $140.07 and a 1 year high of $203.00. 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 firm’s 50 day simple moving average is $163.44 and its 200 day simple moving average is $176.86. The company has a market cap of $36.66 billion, a PE ratio of 8.84 and a beta of 1.57.

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

Nucor Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 9th. Stockholders of record on Friday, June 28th will be paid a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.16 annualized dividend and a dividend yield of 1.41%. Nucor’s dividend payout ratio is presently 12.71%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on NUE shares. BMO Capital Markets decreased their price objective on Nucor from $185.00 to $175.00 and set a “market perform” rating for the company in a research report on Monday, June 17th. JPMorgan Chase & Co. lowered their price objective on shares of Nucor from $190.00 to $180.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 11th. Citigroup upgraded shares of Nucor from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $180.00 to $240.00 in a research report on Wednesday, March 13th. Jefferies Financial Group started coverage on shares of Nucor in a research note on Monday, May 20th. They set a “hold” rating and a $190.00 price target on the stock. Finally, StockNews.com downgraded shares of Nucor from a “buy” rating to a “hold” rating in a research report on Tuesday, April 23rd. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Nucor currently has a consensus rating of “Hold” and a consensus target price of $189.50.

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.