Cresset Asset Management LLC Trims Stake in Nucor Co. (NYSE:NUE)

Cresset Asset Management LLC reduced its stake in Nucor Co. (NYSE:NUE - Free Report) by 9.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 94,047 shares of the basic materials company's stock after selling 9,944 shares during the quarter. Cresset Asset Management LLC's holdings in Nucor were worth $11,027,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Nucor during the 4th quarter valued at about $398,077,000. First Trust Advisors LP lifted its holdings in Nucor by 24.6% during the fourth quarter. First Trust Advisors LP now owns 2,404,477 shares of the basic materials company's stock valued at $280,627,000 after purchasing an additional 474,274 shares in the last quarter. Voya Investment Management LLC boosted its position in shares of Nucor by 528.6% in the fourth quarter. Voya Investment Management LLC now owns 507,715 shares of the basic materials company's stock worth $59,235,000 after purchasing an additional 426,949 shares during the period. Invesco Ltd. increased its stake in shares of Nucor by 18.7% in the fourth quarter. Invesco Ltd. now owns 2,435,265 shares of the basic materials company's stock worth $284,220,000 after purchasing an additional 384,205 shares in the last quarter. Finally, Nordea Investment Management AB raised its position in shares of Nucor by 25.6% during the 4th quarter. Nordea Investment Management AB now owns 1,758,753 shares of the basic materials company's stock valued at $205,282,000 after purchasing an additional 358,721 shares during the period. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Nucor Trading Down 3.0 %

Shares of NYSE NUE opened at $116.88 on Wednesday. Nucor Co. has a 1-year low of $97.59 and a 1-year high of $176.59. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.51 and a quick ratio of 1.48. The business's 50 day moving average is $120.14 and its two-hundred day moving average is $130.10. The stock has a market capitalization of $26.95 billion, a P/E ratio of 13.90, a PEG ratio of 0.96 and a beta of 1.73.

Nucor (NYSE:NUE - Get Free Report) last released its quarterly earnings results on Monday, April 28th. The basic materials company reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.92 by ($0.15). Nucor had a net margin of 6.60% and a return on equity of 9.85%. The company had revenue of $7.83 billion for the quarter, compared to analysts' expectations of $7.25 billion. During the same quarter in the previous year, the company posted $3.46 EPS. The business's quarterly revenue was down 3.8% on a year-over-year basis. As a group, research analysts expect that Nucor Co. will post 7.64 EPS for the current year.

Nucor Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 12th. Shareholders of record on Monday, March 31st will be given a dividend of $0.55 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $2.20 annualized dividend and a dividend yield of 1.88%. Nucor's dividend payout ratio (DPR) is presently 39.15%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Argus set a $155.00 target price on shares of Nucor in a report on Wednesday, March 5th. UBS Group upgraded Nucor from a "neutral" rating to a "buy" rating and increased their target price for the stock from $156.00 to $160.00 in a research report on Monday, March 24th. JPMorgan Chase & Co. lowered their price target on Nucor from $156.00 to $140.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Morgan Stanley set a $164.00 price objective on shares of Nucor in a report on Monday, March 24th. Finally, Jefferies Financial Group lifted their price objective on shares of Nucor from $125.00 to $135.00 and gave the company a "hold" rating in a research report on Wednesday, January 29th. One analyst has rated the stock with a sell rating, two have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Nucor presently has a consensus rating of "Moderate Buy" and a consensus price target of $160.33.

Insider Activity

In related news, CEO Leon J. Topalian sold 34,238 shares of the business's stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $120.19, for a total transaction of $4,115,065.22. Following the completion of the transaction, the chief executive officer now owns 162,993 shares in the company, valued at $19,590,128.67. The trade was a 17.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.46% of the company's stock.

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.

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