1832 Asset Management L.P. Has $2.34 Million Position in Nucor Co. (NYSE:NUE)

1832 Asset Management L.P. lessened its holdings in Nucor Co. (NYSE:NUE) by 38.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,844 shares of the basic materials company’s stock after selling 7,546 shares during the period. 1832 Asset Management L.P.’s holdings in Nucor were worth $2,344,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in NUE. Good Life Advisors LLC bought a new stake in shares of Nucor during the 4th quarter worth about $223,000. Blue Trust Inc. grew its stake in shares of Nucor by 47.4% in the fourth quarter. Blue Trust Inc. now owns 871 shares of the basic materials company’s stock valued at $152,000 after acquiring an additional 280 shares in the last quarter. Caprock Group LLC increased its position in Nucor by 4.5% during the fourth quarter. Caprock Group LLC now owns 4,305 shares of the basic materials company’s stock worth $752,000 after acquiring an additional 186 shares during the period. Gradient Investments LLC raised its stake in Nucor by 12.4% in the 4th quarter. Gradient Investments LLC now owns 3,317 shares of the basic materials company’s stock worth $577,000 after purchasing an additional 365 shares in the last quarter. Finally, Quent Capital LLC boosted its holdings in Nucor by 25.4% in the 4th quarter. Quent Capital LLC now owns 687 shares of the basic materials company’s stock valued at $120,000 after purchasing an additional 139 shares during the period. Institutional investors and hedge funds own 76.48% of the company’s stock.

Analyst Upgrades and Downgrades

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

Nucor Price Performance

Shares of Nucor stock traded up $3.87 during trading on Friday, reaching $160.89. 1,252,823 shares of the company’s stock were exchanged, compared to its average volume of 1,532,657. The firm’s 50-day moving average price is $160.47 and its 200 day moving average price is $175.64. The company has a market cap of $38.57 billion, a P/E ratio of 9.46 and a beta of 1.57. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.48 and a current ratio of 2.93. Nucor Co. has a 1-year low of $140.07 and a 1-year high of $203.00.

Nucor (NYSE:NUE) last issued its earnings results on Monday, July 22nd. The basic materials company reported $2.68 EPS for the quarter, topping the consensus estimate of $2.31 by $0.37. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The firm had revenue of $8.08 billion during the quarter, compared to the consensus estimate of $7.69 billion. The business’s quarterly revenue was down 15.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.81 earnings per share. As a group, research analysts anticipate that Nucor Co. will post 10.64 earnings per share for the current year.

Nucor Announces Dividend

The business also recently announced 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. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.34%. Nucor’s payout ratio is presently 12.71%.

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.