American International Group Inc. Has $12.62 Million Position in Nucor Co. (NYSE:NUE)

American International Group Inc. lessened its holdings in shares of Nucor Co. (NYSE:NUE) by 1.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,508 shares of the basic materials company’s stock after selling 1,284 shares during the period. American International Group Inc.’s holdings in Nucor were worth $12,619,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Compagnie Lombard Odier SCmA acquired a new position in shares of Nucor in the fourth quarter valued at approximately $3,481,000. Nomura Asset Management Co. Ltd. boosted its stake in Nucor by 6.1% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 262,385 shares of the basic materials company’s stock worth $45,665,000 after purchasing an additional 15,058 shares during the period. AIA Group Ltd increased its holdings in Nucor by 53.2% during the 4th quarter. AIA Group Ltd now owns 13,226 shares of the basic materials company’s stock worth $2,302,000 after purchasing an additional 4,592 shares in the last quarter. Sapient Capital LLC bought a new position in Nucor during the 4th quarter worth about $1,230,000. Finally, abrdn plc raised its stake in shares of Nucor by 41.7% in the 4th quarter. abrdn plc now owns 154,745 shares of the basic materials company’s stock valued at $26,932,000 after purchasing an additional 45,521 shares during the period. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on NUE. BMO Capital Markets decreased their price objective on Nucor from $210.00 to $200.00 and set a “market perform” rating for the company in a report on Wednesday, April 24th. Citigroup raised shares of Nucor from a “neutral” rating to a “buy” rating and raised their price target for the stock from $180.00 to $240.00 in a research note on Wednesday, March 13th. Jefferies Financial Group assumed coverage on shares of Nucor in a report on Monday, May 20th. They set a “hold” rating and a $190.00 target price for the company. JPMorgan Chase & Co. lowered their price target on shares of Nucor from $190.00 to $180.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 11th. Finally, StockNews.com downgraded shares of Nucor from a “buy” rating to a “hold” rating in a research note on Tuesday, April 23rd. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $191.50.

Insider Activity at Nucor

In other Nucor news, insider Michael D. Keller sold 3,145 shares of Nucor stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $193.67, for a total transaction of $609,092.15. Following the completion of the transaction, the insider now directly owns 24,873 shares of the company’s stock, valued at $4,817,153.91. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, EVP Douglas J. Jellison sold 19,506 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $193.41, for a total transaction of $3,772,655.46. Following the transaction, the executive vice president now owns 120,738 shares in the company, valued at $23,351,936.58. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Michael D. Keller sold 3,145 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $193.67, for a total value of $609,092.15. Following the completion of the sale, the insider now owns 24,873 shares of the company’s stock, valued at $4,817,153.91. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,651 shares of company stock worth $6,283,648. Company insiders own 0.46% of the company’s stock.

Nucor Stock Performance

Shares of NUE stock opened at $154.69 on Monday. The stock has a market cap of $37.09 billion, a P/E ratio of 9.10 and a beta of 1.60. The company has a fifty day moving average price of $174.35 and a two-hundred day moving average price of $178.56. Nucor Co. has a one year low of $140.07 and a one year high of $203.00. The company has a debt-to-equity ratio of 0.31, a current ratio of 4.02 and a quick ratio of 2.48.

Nucor (NYSE:NUE) last issued its earnings results on Monday, April 22nd. The basic materials company reported $3.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.62 by ($0.16). The firm had revenue of $8.14 billion during the quarter, compared to analyst estimates of $8.26 billion. Nucor had a net margin of 12.40% and a return on equity of 19.62%. The company’s revenue for the quarter was down 6.6% on a year-over-year basis. During the same quarter last year, the business posted $4.45 earnings per share. As a group, equities analysts predict that Nucor Co. will post 11.96 EPS for the current year.

Nucor Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Friday, June 28th will be paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 1.40%. The ex-dividend date of this dividend is Friday, June 28th. Nucor’s dividend payout ratio (DPR) is presently 12.71%.

About Nucor

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.