1832 Asset Management L.P. Sells 7,546 Shares of Nucor Co. (NYSE:NUE)

1832 Asset Management L.P. cut its position in shares of Nucor Co. (NYSE:NUE) by 38.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,844 shares of the basic materials company’s stock after selling 7,546 shares during the quarter. 1832 Asset Management L.P.’s holdings in Nucor were worth $2,344,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in NUE. Rise Advisors LLC purchased a new position in Nucor during the first quarter valued at $27,000. Chilton Capital Management LLC grew its holdings in Nucor by 94.2% in the first quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 65 shares during the period. Central Pacific Bank Trust Division purchased a new stake in shares of Nucor in the 1st quarter worth approximately $28,000. Criterion Capital Advisors LLC bought a new position in Nucor during the 4th quarter valued at approximately $25,000. Finally, Tompkins Financial Corp raised its stake in Nucor by 208.0% during the first quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock valued at $30,000 after buying an additional 104 shares during the last quarter. 76.48% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Bank of America lowered their price target on Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. JPMorgan Chase & Co. reduced their price target on shares of Nucor from $180.00 to $170.00 and set a “neutral” rating for the company in a research report on Tuesday, July 16th. StockNews.com cut Nucor from a “buy” rating to a “hold” rating in a research report on Tuesday, April 23rd. Jefferies Financial Group started coverage on Nucor in a report on Monday, May 20th. They issued a “hold” rating and a $190.00 target price for the company. Finally, BMO Capital Markets dropped their price objective 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. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $191.29.

Nucor Stock Performance

Shares of NUE stock traded up $3.87 during mid-day trading on Friday, reaching $160.89. 1,252,823 shares of the company’s stock traded hands, compared to its average volume of 1,532,657. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.48 and a current ratio of 2.93. The firm has a market capitalization of $38.57 billion, a PE ratio of 9.46 and a beta of 1.57. Nucor Co. has a 12 month low of $140.07 and a 12 month high of $203.00. The firm has a 50 day moving average price of $160.47 and a two-hundred day moving average price of $175.64.

Nucor (NYSE:NUE) last announced its quarterly earnings data on Monday, July 22nd. The basic materials company reported $2.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.37. The company had revenue of $8.08 billion during the quarter, compared to the consensus estimate of $7.69 billion. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The firm’s revenue was down 15.2% on a year-over-year basis. During the same period in the previous year, the company posted $5.81 EPS. On average, research analysts forecast that Nucor Co. will post 10.64 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 issued a $0.54 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.16 dividend on an annualized basis and a yield of 1.34%. Nucor’s dividend payout ratio is presently 12.71%.

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.