State of Michigan Retirement System Purchases 100 Shares of Nucor Co. (NYSE:NUE)

State of Michigan Retirement System increased its position in shares of Nucor Co. (NYSE:NUE) by 0.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 73,910 shares of the basic materials company’s stock after buying an additional 100 shares during the quarter. State of Michigan Retirement System’s holdings in Nucor were worth $14,627,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the company. SVB Wealth LLC lifted its position in Nucor by 1.5% during the 4th quarter. SVB Wealth LLC now owns 3,656 shares of the basic materials company’s stock worth $636,000 after buying an additional 54 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Nucor by 6.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 865 shares of the basic materials company’s stock worth $151,000 after buying an additional 54 shares during the last quarter. Kestra Private Wealth Services LLC boosted its holdings in shares of Nucor by 0.8% during the 4th quarter. Kestra Private Wealth Services LLC now owns 7,191 shares of the basic materials company’s stock worth $1,252,000 after buying an additional 55 shares during the period. Householder Group Estate & Retirement Specialist LLC grew its stake in Nucor by 36.6% in the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 220 shares of the basic materials company’s stock valued at $38,000 after buying an additional 59 shares during the last quarter. Finally, Fortitude Family Office LLC raised its holdings in Nucor by 54.1% in the 1st quarter. Fortitude Family Office LLC now owns 168 shares of the basic materials company’s stock valued at $33,000 after acquiring an additional 59 shares during the period. Institutional investors own 76.48% of the company’s stock.

Nucor Stock Down 0.4 %

Shares of NYSE NUE opened at $156.43 on Wednesday. The company has a market cap of $37.51 billion, a price-to-earnings ratio of 9.20 and a beta of 1.57. The company has a current ratio of 4.02, a quick ratio of 2.48 and a debt-to-equity ratio of 0.31. Nucor Co. has a 12 month low of $140.07 and a 12 month high of $203.00. The stock has a 50-day moving average price of $165.40 and a two-hundred day moving average price of $177.66.

Nucor (NYSE:NUE) last released its quarterly earnings data on Monday, April 22nd. The basic materials company reported $3.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.62 by ($0.16). Nucor had a return on equity of 19.62% and a net margin of 12.40%. The company had revenue of $8.14 billion for the quarter, compared to analyst estimates of $8.26 billion. During the same quarter in the prior year, the company earned $4.45 earnings per share. Nucor’s revenue for the quarter was down 6.6% compared to the same quarter last year. As a group, analysts forecast that Nucor Co. will post 10.84 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Friday, June 28th will be given a dividend of $0.54 per share. The ex-dividend date is Friday, June 28th. This represents a $2.16 dividend on an annualized basis and a yield of 1.38%. Nucor’s dividend payout ratio is currently 12.71%.

Wall Street Analysts Forecast Growth

NUE has been the topic of several research reports. Citigroup raised Nucor from a “neutral” rating to a “buy” rating and upped their target price for the company from $180.00 to $240.00 in a research report on Wednesday, March 13th. BMO Capital Markets dropped their target price on Nucor from $185.00 to $175.00 and set a “market perform” rating for the company in a report on Monday, June 17th. Jefferies Financial Group began coverage on shares of Nucor in a research report on Monday, May 20th. They set a “hold” rating and a $190.00 price target on the stock. Bank of America decreased their target price on shares of Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, June 26th. Finally, StockNews.com cut Nucor from a “buy” rating to a “hold” rating in a research note on Tuesday, April 23rd. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus 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.