State of Michigan Retirement System Raises Position in Nucor Co. (NYSE:NUE)

State of Michigan Retirement System grew its stake in Nucor Co. (NYSE:NUE) by 0.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 71,810 shares of the basic materials company’s stock after purchasing an additional 200 shares during the period. State of Michigan Retirement System’s holdings in Nucor were worth $8,381,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Ashton Thomas Securities LLC bought a new stake in Nucor in the third quarter worth $26,000. Coastline Trust Co purchased a new stake in shares of Nucor in the third quarter valued at $29,000. Crews Bank & Trust bought a new stake in shares of Nucor in the 4th quarter worth about $29,000. New Wave Wealth Advisors LLC purchased a new position in shares of Nucor during the 4th quarter worth about $33,000. Finally, Versant Capital Management Inc grew its holdings in Nucor by 60.3% during the 4th quarter. Versant Capital Management Inc now owns 303 shares of the basic materials company’s stock valued at $35,000 after purchasing an additional 114 shares during the last quarter. Institutional investors own 76.48% of the company’s stock.

Nucor Price Performance

Shares of NUE stock opened at $132.51 on Thursday. Nucor Co. has a twelve month low of $112.25 and a twelve month high of $203.00. The company has a current ratio of 2.51, a quick ratio of 1.48 and a debt-to-equity ratio of 0.27. The stock has a fifty day simple moving average of $127.75 and a two-hundred day simple moving average of $139.27. The stock has a market capitalization of $31.11 billion, a price-to-earnings ratio of 15.76, a P/E/G ratio of 0.96 and a beta of 1.60.

Nucor (NYSE:NUE) last released its quarterly earnings data on Monday, January 27th. The basic materials company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.28. Nucor had a net margin of 6.60% and a return on equity of 9.85%. During the same period last year, the firm earned $3.16 earnings per share. On average, analysts predict that Nucor Co. will post 7.64 EPS for the current fiscal year.

Nucor Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 12th. Investors of record on Monday, March 31st will be issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 1.66%. The ex-dividend date is Monday, March 31st. Nucor’s payout ratio is 26.16%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on NUE shares. JPMorgan Chase & Co. decreased their price objective on shares of Nucor from $152.00 to $150.00 and set an “overweight” rating for the company in a research note on Wednesday, January 29th. Citigroup decreased their price target on Nucor from $240.00 to $160.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. Jefferies Financial Group upped their price objective on Nucor from $125.00 to $135.00 and gave the company a “hold” rating in a research report on Wednesday, January 29th. The Goldman Sachs Group assumed coverage on Nucor in a research note on Monday, December 2nd. They issued a “buy” rating and a $190.00 target price on the stock. Finally, StockNews.com raised shares of Nucor from a “sell” rating to a “hold” rating in a research note on Wednesday, February 12th. Four research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Nucor currently has a consensus rating of “Moderate Buy” and an average target price of $163.13.

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.