New York State Teachers Retirement System Sells 14,809 Shares of Nucor Co. (NYSE:NUE)

New York State Teachers Retirement System reduced its position in Nucor Co. (NYSE:NUE) by 5.5% in the second quarter, Holdings Channel.com reports. The fund owned 255,546 shares of the basic materials company’s stock after selling 14,809 shares during the period. New York State Teachers Retirement System’s holdings in Nucor were worth $40,397,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Rise Advisors LLC purchased a new stake in shares of Nucor in the 1st quarter worth $27,000. Chilton Capital Management LLC increased its stake in shares of 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 purchasing an additional 65 shares in the last quarter. Central Pacific Bank Trust Division purchased a new stake in shares of Nucor in the 1st quarter worth $28,000. Tompkins Financial Corp increased its stake in shares of Nucor by 208.0% in the 1st quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 104 shares in the last quarter. Finally, Salomon & Ludwin LLC bought a new position in shares of Nucor during the 1st quarter valued at about $31,000. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Nucor Stock Performance

NUE traded up $0.94 on Friday, reaching $147.16. The stock had a trading volume of 317,422 shares, compared to its average volume of 1,458,655. Nucor Co. has a 12-month low of $139.41 and a 12-month high of $203.00. 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 50-day moving average price is $154.21 and its two-hundred day moving average price is $172.25. The company has a market cap of $35.28 billion, a P/E ratio of 8.70 and a beta of 1.57.

Nucor (NYSE:NUE) last posted its quarterly earnings results on Monday, July 22nd. The basic materials company reported $2.68 earnings per share for the quarter, topping analysts’ consensus estimates of $2.31 by $0.37. The firm had revenue of $8.08 billion for the quarter, compared to analyst estimates of $7.69 billion. Nucor had a net margin of 10.45% and a return on equity of 15.69%. Nucor’s quarterly revenue was down 15.2% on a year-over-year basis. During the same period in the previous year, the business posted $5.81 earnings per share. Sell-side analysts forecast that Nucor Co. will post 10.57 earnings per share for the current year.

Nucor Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 9th. Shareholders of record on Friday, June 28th were issued a $0.54 dividend. The ex-dividend date was Friday, June 28th. This represents a $2.16 annualized dividend and a yield of 1.47%. Nucor’s payout ratio is 12.71%.

Analyst Ratings Changes

NUE has been the subject of several research reports. Morgan Stanley raised shares of Nucor from an “equal weight” rating to an “overweight” rating and dropped their price objective for the company from $187.00 to $176.00 in a report on Thursday, August 15th. JPMorgan Chase & Co. lowered their price target on shares of Nucor from $180.00 to $170.00 and set a “neutral” rating for the company in a report on Tuesday, July 16th. Bank of America lowered their price target on shares of Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. Jefferies Financial Group initiated coverage on shares of Nucor in a research report on Monday, May 20th. They issued a “hold” rating and a $190.00 price objective on the stock. Finally, BMO Capital Markets reduced their price objective on shares of Nucor from $185.00 to $175.00 and set a “market perform” rating on the stock in a research report on Monday, June 17th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $194.43.

Insider Buying and Selling at Nucor

In other Nucor news, EVP Daniel R. Needham sold 8,624 shares of the business’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total value of $1,379,840.00. Following the transaction, the executive vice president now directly owns 99,049 shares in the company, valued at approximately $15,847,840. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.46% of the stock is currently owned by company insiders.

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.