Bank of New York Mellon Corp Grows Position in Nucor Co. (NYSE:NUE)

Bank of New York Mellon Corp increased its stake in shares of Nucor Co. (NYSE:NUE) by 6.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,679,176 shares of the basic materials company’s stock after purchasing an additional 104,238 shares during the period. Bank of New York Mellon Corp owned approximately 0.72% of Nucor worth $195,977,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Mizuho Securities USA LLC grew its holdings in shares of Nucor by 8,530.1% in the third quarter. Mizuho Securities USA LLC now owns 1,595,179 shares of the basic materials company’s stock worth $239,819,000 after acquiring an additional 1,576,695 shares during the period. Pacer Advisors Inc. grew its stake in shares of Nucor by 19.8% during the 3rd quarter. Pacer Advisors Inc. now owns 3,456,484 shares of the basic materials company’s stock valued at $519,648,000 after purchasing an additional 571,682 shares during the period. Ceredex Value Advisors LLC purchased a new stake in shares of Nucor during the 3rd quarter valued at about $74,829,000. Nordea Investment Management AB lifted its stake in shares of Nucor by 25.6% in the 4th quarter. Nordea Investment Management AB now owns 1,758,753 shares of the basic materials company’s stock worth $205,282,000 after purchasing an additional 358,721 shares during the period. Finally, State Street Corp boosted its holdings in shares of Nucor by 2.9% in 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 last quarter. Institutional investors own 76.48% of the company’s stock.

Nucor Trading Up 0.1 %

NUE stock opened at $134.73 on Friday. The company has a market capitalization of $31.64 billion, a price-to-earnings ratio of 16.02, a PEG ratio of 0.96 and a beta of 1.60. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.51 and a quick ratio of 1.48. Nucor Co. has a 1-year low of $112.25 and a 1-year high of $203.00. The business has a 50 day simple moving average of $126.44 and a two-hundred day simple moving average of $139.58.

Nucor (NYSE:NUE) last posted its earnings results 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 net margin of 6.60% and a return on equity of 9.85%. During the same quarter in the previous year, the business earned $3.16 earnings per share. Research analysts anticipate that Nucor Co. will post 7.64 EPS for the current fiscal year.

Nucor Dividend Announcement

The company also recently declared 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 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date is Monday, March 31st. Nucor’s payout ratio is presently 26.16%.

Analysts Set New Price Targets

A number of analysts have commented on NUE shares. Morgan Stanley reduced their target price on shares of Nucor from $166.00 to $154.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. Jefferies Financial Group upped their price objective on Nucor from $125.00 to $135.00 and gave the stock a “hold” rating in a research note on Wednesday, January 29th. UBS Group reissued a “neutral” rating and set a $156.00 price target (down previously from $171.00) on shares of Nucor in a report on Thursday, December 12th. JPMorgan Chase & Co. decreased their price objective on Nucor from $152.00 to $150.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 29th. Finally, The Goldman Sachs Group assumed coverage on Nucor in a research note on Monday, December 2nd. They set a “buy” rating and a $190.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $163.13.

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.