Griffin Asset Management Inc. Reduces Stock Position in Nucor Co. (NYSE:NUE)

Griffin Asset Management Inc. trimmed its holdings in shares of Nucor Co. (NYSE:NUE) by 7.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,604 shares of the basic materials company’s stock after selling 125 shares during the period. Griffin Asset Management Inc.’s holdings in Nucor were worth $317,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in the business. OneAscent Wealth Management LLC boosted its holdings in Nucor by 17.2% in the first quarter. OneAscent Wealth Management LLC now owns 1,864 shares of the basic materials company’s stock valued at $369,000 after purchasing an additional 274 shares in the last quarter. DeDora Capital Inc. purchased a new stake in shares of Nucor during the 1st quarter worth approximately $536,000. Touchstone Capital Inc. acquired a new position in shares of Nucor in the 1st quarter valued at $5,015,000. Atlantic Union Bankshares Corp grew its position in shares of Nucor by 4.0% in the 1st quarter. Atlantic Union Bankshares Corp now owns 24,862 shares of the basic materials company’s stock valued at $4,920,000 after buying an additional 964 shares during the last quarter. Finally, Register Financial Advisors LLC acquired a new stake in Nucor during the 1st quarter worth $119,000. 76.48% of the stock is owned by institutional investors and hedge funds.

Nucor Price Performance

Shares of NYSE NUE opened at $158.08 on Friday. The stock has a fifty day moving average price of $166.46 and a 200 day moving average price of $177.79. Nucor Co. has a 1-year low of $140.07 and a 1-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. The company has a market cap of $37.90 billion, a PE ratio of 9.30 and a beta of 1.60.

Nucor (NYSE:NUE) last released its earnings results on Monday, April 22nd. The basic materials company reported $3.46 EPS for the quarter, missing the consensus estimate of $3.62 by ($0.16). Nucor had a return on equity of 19.62% and a net margin of 12.40%. The firm had revenue of $8.14 billion during the quarter, compared to analyst estimates of $8.26 billion. During the same quarter last year, the business posted $4.45 EPS. The firm’s revenue was down 6.6% on a year-over-year basis. Sell-side analysts forecast that Nucor Co. will post 10.84 EPS for the current year.

Nucor Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 9th. Shareholders of record on Friday, June 28th will be given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 1.37%. The ex-dividend date of this dividend is Friday, June 28th. Nucor’s payout ratio is 12.71%.

Wall Street Analyst Weigh In

NUE has been the subject of several research analyst reports. Jefferies Financial Group assumed coverage on shares of Nucor in a research note on Monday, May 20th. They issued a “hold” rating and a $190.00 price objective for the company. JPMorgan Chase & Co. dropped their price target on Nucor from $190.00 to $180.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 11th. BMO Capital Markets cut their price target on Nucor from $185.00 to $175.00 and set a “market perform” rating on the stock in a research report on Monday, June 17th. Citigroup raised Nucor from a “neutral” rating to a “buy” rating and increased their price objective for the company from $180.00 to $240.00 in a report on Wednesday, March 13th. Finally, StockNews.com cut shares of Nucor from a “buy” rating to a “hold” rating in a report on Tuesday, April 23rd. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $189.67.

Nucor Company 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.