Corebridge Financial Inc. Cuts Position in Nucor Co. (NYSE:NUE)

Corebridge Financial Inc. lowered its position in shares of Nucor Co. (NYSE:NUE) by 6.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 59,964 shares of the basic materials company’s stock after selling 4,301 shares during the quarter. Corebridge Financial Inc.’s holdings in Nucor were worth $6,998,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. State Street Corp grew its stake in Nucor by 2.9% during the third quarter. State Street Corp now owns 11,427,899 shares of the basic materials company’s stock worth $1,724,117,000 after buying an additional 326,181 shares during the period. Everence Capital Management Inc. acquired a new position in shares of Nucor during the 4th quarter valued at $565,000. Geode Capital Management LLC boosted its position in Nucor by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 5,861,945 shares of the basic materials company’s stock worth $883,732,000 after purchasing an additional 74,569 shares during the period. InvesTrust acquired a new stake in Nucor in the 4th quarter valued at $4,388,000. Finally, Wellington Management Group LLP raised its position in Nucor by 15.8% in the third quarter. Wellington Management Group LLP now owns 249,984 shares of the basic materials company’s stock valued at $37,583,000 after purchasing an additional 34,149 shares during the period. Institutional investors and hedge funds own 76.48% of the company’s stock.

Nucor Price Performance

NUE opened at $121.90 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.48 and a current ratio of 2.51. Nucor Co. has a 1-year low of $112.25 and a 1-year high of $203.00. The company has a 50-day moving average of $130.98 and a 200-day moving average of $137.29. The company has a market capitalization of $28.10 billion, a P/E ratio of 14.50, a PEG ratio of 0.96 and a beta of 1.58.

Nucor (NYSE:NUE) last announced its quarterly earnings data on Monday, January 27th. The basic materials company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.28. Nucor had a return on equity of 9.85% and a net margin of 6.60%. During the same period last year, the company earned $3.16 earnings per share. Equities analysts expect that Nucor Co. will post 7.64 EPS for the current fiscal year.

Nucor Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 12th. Investors of record on Monday, March 31st will be paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 1.80%. The ex-dividend date is Monday, March 31st. Nucor’s dividend payout ratio (DPR) is presently 26.16%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on NUE. The Goldman Sachs Group started coverage on Nucor in a research note on Monday, December 2nd. They issued a “buy” rating and a $190.00 target price for the company. Citigroup lowered their price objective on shares of Nucor from $240.00 to $160.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. StockNews.com raised shares of Nucor from a “sell” rating to a “hold” rating in a research report on Wednesday, February 12th. UBS Group raised shares of Nucor from a “neutral” rating to a “buy” rating and raised their price target for the company from $156.00 to $160.00 in a report on Monday, March 24th. Finally, Argus set a $155.00 price objective on shares of Nucor in a report on Wednesday, March 5th. Three equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Nucor has a consensus rating of “Moderate Buy” and an average target price of $164.44.

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.