Granite Bay Wealth Management LLC Acquires Shares of 33,179 Nucor Co. (NYSE:NUE)

Granite Bay Wealth Management LLC bought a new position in shares of Nucor Co. (NYSE:NUE) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 33,179 shares of the basic materials company’s stock, valued at approximately $3,872,000. Nucor comprises approximately 1.4% of Granite Bay Wealth Management LLC’s portfolio, making the stock its 24th biggest position.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Widmann Financial Services Inc. grew its stake in shares of Nucor by 4.0% during the third quarter. Widmann Financial Services Inc. now owns 1,800 shares of the basic materials company’s stock worth $271,000 after purchasing an additional 70 shares during the period. Brighton Jones LLC boosted its holdings in Nucor by 3.3% during the second quarter. Brighton Jones LLC now owns 2,218 shares of the basic materials company’s stock worth $351,000 after buying an additional 71 shares during the last quarter. Salomon & Ludwin LLC grew its position in shares of Nucor by 45.6% during the 3rd quarter. Salomon & Ludwin LLC now owns 230 shares of the basic materials company’s stock worth $35,000 after buying an additional 72 shares during the period. First Trust Direct Indexing L.P. increased its stake in shares of Nucor by 1.4% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 5,467 shares of the basic materials company’s stock valued at $822,000 after acquiring an additional 74 shares during the last quarter. Finally, Mirador Capital Partners LP increased its stake in shares of Nucor by 1.5% in the 3rd quarter. Mirador Capital Partners LP now owns 5,250 shares of the basic materials company’s stock valued at $789,000 after acquiring an additional 77 shares during the last quarter. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on NUE. Citigroup decreased their price objective on shares of Nucor from $240.00 to $160.00 and set a “buy” rating for the company in a report on Thursday, December 19th. The Goldman Sachs Group initiated coverage on shares of Nucor in a report on Monday, December 2nd. They issued a “buy” rating and a $190.00 price target for the company. UBS Group restated a “neutral” rating and issued a $156.00 price objective (down previously from $171.00) on shares of Nucor in a research report on Thursday, December 12th. JPMorgan Chase & Co. reduced their target price on Nucor from $170.00 to $168.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Finally, Jefferies Financial Group lowered their price target on Nucor from $150.00 to $125.00 and set a “hold” rating for the company in a report on Monday, January 6th. Four analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Nucor presently has an average rating of “Moderate Buy” and a consensus target price of $165.63.

Insiders Place Their Bets

In related news, EVP Allen C. Behr sold 4,968 shares of Nucor stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $159.72, for a total value of $793,488.96. Following the sale, the executive vice president now owns 85,376 shares of the company’s stock, valued at approximately $13,636,254.72. The trade was a 5.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kenneth Rex Query sold 9,000 shares of the stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $146.80, for a total value of $1,321,200.00. Following the transaction, the executive vice president now directly owns 98,770 shares of the company’s stock, valued at $14,499,436. This trade represents a 8.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,680 shares of company stock valued at $4,773,724 in the last three months. 0.46% of the stock is currently owned by corporate insiders.

Nucor Stock Performance

Shares of Nucor stock opened at $122.91 on Tuesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.59 and a quick ratio of 1.61. The firm has a market cap of $28.86 billion, a price-to-earnings ratio of 11.88 and a beta of 1.60. The stock’s 50-day moving average is $136.31 and its 200-day moving average is $145.35. Nucor Co. has a one year low of $112.25 and a one year high of $203.00.

Nucor (NYSE:NUE) last released its earnings results on Monday, October 21st. The basic materials company reported $1.49 EPS for the quarter, beating the consensus estimate of $1.40 by $0.09. Nucor had a return on equity of 12.06% and a net margin of 8.05%. The firm had revenue of $7.44 billion for the quarter, compared to analysts’ expectations of $7.28 billion. During the same quarter in the previous year, the business posted $4.57 EPS. The business’s quarterly revenue was down 15.2% compared to the same quarter last year. Equities analysts predict that Nucor Co. will post 8.48 earnings per share for the current fiscal year.

Nucor Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, February 11th. Shareholders of record on Tuesday, December 31st will be paid a $0.55 dividend. This is a positive change from Nucor’s previous quarterly dividend of $0.54. This represents a $2.20 annualized dividend and a yield of 1.79%. The ex-dividend date is Tuesday, December 31st. Nucor’s payout ratio is presently 21.26%.

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.