iA Global Asset Management Inc. Sells 1,005 Shares of Nucor Co. (NYSE:NUE)

iA Global Asset Management Inc. cut its position in Nucor Co. (NYSE:NUE) by 9.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,583 shares of the basic materials company’s stock after selling 1,005 shares during the quarter. iA Global Asset Management Inc.’s holdings in Nucor were worth $1,896,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Rise Advisors LLC bought a new position in Nucor during the first quarter worth about $27,000. Chilton Capital Management LLC boosted 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 worth $27,000 after buying an additional 65 shares during the period. Central Pacific Bank Trust Division bought a new position in Nucor in the 1st quarter worth approximately $28,000. Criterion Capital Advisors LLC purchased a new position in Nucor in the 4th quarter valued at approximately $25,000. Finally, Tompkins Financial Corp raised its holdings in Nucor by 208.0% during the 1st quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 104 shares during the period. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Nucor Price Performance

Shares of NYSE NUE traded down $5.95 during midday trading on Friday, hitting $149.83. 1,223,138 shares of the company’s stock were exchanged, compared to its average volume of 1,481,467. The company has a current ratio of 2.93, a quick ratio of 1.85 and a debt-to-equity ratio of 0.26. The business’s fifty day moving average price is $159.50 and its two-hundred day moving average price is $175.33. The company has a market cap of $35.92 billion, a price-to-earnings ratio of 9.16 and a beta of 1.57. Nucor Co. has a 12-month low of $140.07 and a 12-month high of $203.00.

Nucor (NYSE:NUE) last released its quarterly earnings results on Monday, July 22nd. The basic materials company reported $2.68 EPS for the quarter, topping analysts’ consensus estimates of $2.31 by $0.37. Nucor had a net margin of 10.45% and a return on equity of 15.69%. The business had revenue of $8.08 billion during the quarter, compared to analysts’ expectations of $7.69 billion. During the same quarter in the previous year, the company earned $5.81 EPS. The business’s quarterly revenue was down 15.2% compared to the same quarter last year. As a group, research analysts forecast that Nucor Co. will post 10.57 EPS for the current fiscal year.

Nucor Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 9th. Shareholders of record on Friday, June 28th will be paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 1.44%. The ex-dividend date of this dividend is Friday, June 28th. Nucor’s dividend payout ratio (DPR) is currently 12.71%.

Insider Transactions at Nucor

In related news, EVP Daniel R. Needham sold 8,624 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $160.00, for a total value of $1,379,840.00. Following the completion of the sale, the executive vice president now owns 99,049 shares in the company, valued at approximately $15,847,840. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.46% of the company’s stock.

Analysts Set New Price Targets

NUE has been the subject of several recent research reports. Bank of America reduced their price target on Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. JPMorgan Chase & Co. reduced their target price on Nucor from $180.00 to $170.00 and set a “neutral” rating for the company in a report on Tuesday, July 16th. StockNews.com cut Nucor from a “buy” rating to a “hold” rating in a research report on Tuesday, April 23rd. BMO Capital Markets cut their price objective on shares of Nucor from $185.00 to $175.00 and set a “market perform” rating for the company in a research report on Monday, June 17th. Finally, Jefferies Financial Group started coverage on shares of Nucor in a report on Monday, May 20th. They set a “hold” rating and a $190.00 target price on the stock. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Nucor currently has a consensus rating of “Hold” and an average target price of $191.29.

Nucor 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.