New York State Teachers Retirement System Reduces Stake in Nucor Corporation $NUE

Key Points

• The New York State Teachers Retirement System reduced its stake in Nucor Corporation by 5.5%, holding 165,410 shares valued at approximately $21.4 million after a sale of 9,581 shares.
• Nucor recently announced a quarterly dividend of $0.55 per share, with a record date of September 30th, representing an annualized dividend yield of 1.7%.
• Analysts remain optimistic about Nucor, with multiple brokerages raising their price objectives; the average target price is now $157.60, indicating a "Moderate Buy" rating based on recent assessments.

New York State Teachers Retirement System lowered its position in Nucor Corporation (NYSE:NUE - Free Report) by 5.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 165,410 shares of the basic materials company's stock after selling 9,581 shares during the period. New York State Teachers Retirement System owned approximately 0.07% of Nucor worth $21,427,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of NUE. Diamond Hill Capital Management Inc. purchased a new stake in Nucor in the first quarter valued at approximately $194,804,000. Nuveen LLC purchased a new stake in Nucor in the first quarter valued at approximately $141,216,000. Vanguard Group Inc. boosted its position in Nucor by 2.6% in the first quarter. Vanguard Group Inc. now owns 28,959,327 shares of the basic materials company's stock valued at $3,484,965,000 after buying an additional 745,671 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in Nucor by 355.7% in the second quarter. Allspring Global Investments Holdings LLC now owns 539,310 shares of the basic materials company's stock valued at $72,327,000 after buying an additional 420,970 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in Nucor by 18.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,309,452 shares of the basic materials company's stock valued at $277,920,000 after buying an additional 355,364 shares during the last quarter. Hedge funds and other institutional investors own 76.48% of the company's stock.

Nucor Trading Down 0.7%

Shares of NYSE:NUE opened at $131.70 on Friday. Nucor Corporation has a 1 year low of $97.59 and a 1 year high of $170.52. The firm has a market capitalization of $30.23 billion, a price-to-earnings ratio of 23.77, a price-to-earnings-growth ratio of 0.94 and a beta of 1.75. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.83 and a quick ratio of 1.51. The business's 50 day moving average price is $140.92 and its 200-day moving average price is $129.72.

Nucor (NYSE:NUE - Get Free Report) last announced its earnings results on Monday, July 28th. The basic materials company reported $2.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.54 by $0.06. Nucor had a return on equity of 6.65% and a net margin of 4.21%.The firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.47 billion. During the same quarter last year, the firm posted $2.68 EPS. The business's revenue was up 4.7% on a year-over-year basis. On average, equities research analysts forecast that Nucor Corporation will post 7.64 earnings per share for the current fiscal year.

Nucor Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.55 per share. The ex-dividend date is Tuesday, September 30th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.7%. Nucor's dividend payout ratio (DPR) is 39.71%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on NUE. Bank of America raised their price objective on shares of Nucor from $150.00 to $165.00 and gave the stock a "buy" rating in a research note on Monday, September 15th. The Goldman Sachs Group dropped their price objective on shares of Nucor from $182.00 to $173.00 and set a "buy" rating on the stock in a research note on Monday, September 22nd. Jefferies Financial Group raised shares of Nucor from a "hold" rating to a "buy" rating and raised their price objective for the stock from $135.00 to $170.00 in a research note on Thursday, July 31st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Nucor in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Nucor from $165.00 to $172.00 and gave the stock an "overweight" rating in a research note on Monday, October 13th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Nucor has an average rating of "Moderate Buy" and a consensus target price of $157.60.

Insiders Place Their Bets

In other news, EVP Allen C. Behr sold 8,021 shares of the stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $143.38, for a total transaction of $1,150,050.98. Following the transaction, the executive vice president owned 82,703 shares in the company, valued at $11,857,956.14. This trade represents a 8.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Kenneth Rex Query sold 10,000 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $144.90, for a total value of $1,449,000.00. Following the transaction, the executive vice president owned 84,080 shares in the company, valued at $12,183,192. This trade represents a 10.63% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 31,309 shares of company stock worth $4,553,771. Corporate 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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