BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 6,106 Shares of Nucor Co. (NYSE:NUE)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lowered its stake in shares of Nucor Co. (NYSE:NUE) by 13.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,008 shares of the basic materials company’s stock after selling 6,106 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Nucor were worth $6,015,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in NUE. Widmann Financial Services Inc. increased its position in shares of Nucor by 4.0% in the third quarter. Widmann Financial Services Inc. now owns 1,800 shares of the basic materials company’s stock worth $271,000 after purchasing an additional 70 shares during the period. Edgestream Partners L.P. acquired a new stake in Nucor during the third quarter worth about $840,000. Caisse DE Depot ET Placement DU Quebec increased its holdings in Nucor by 11.6% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 807,199 shares of the basic materials company’s stock valued at $121,354,000 after buying an additional 84,220 shares during the period. Captrust Financial Advisors raised its position in shares of Nucor by 1.5% in the 3rd quarter. Captrust Financial Advisors now owns 629,542 shares of the basic materials company’s stock valued at $94,645,000 after buying an additional 9,116 shares in the last quarter. Finally, Public Sector Pension Investment Board lifted its holdings in shares of Nucor by 9.9% during the 3rd quarter. Public Sector Pension Investment Board now owns 10,000 shares of the basic materials company’s stock worth $1,503,000 after acquiring an additional 900 shares during the period. Institutional investors own 76.48% of the company’s stock.

Insider Activity

In other news, EVP Allen C. Behr sold 4,968 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $159.72, for a total value of $793,488.96. Following the sale, the executive vice president now directly owns 85,376 shares of the company’s stock, valued at approximately $13,636,254.72. This represents a 5.50 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Stephen D. Laxton sold 4,712 shares of Nucor stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $169.53, for a total transaction of $798,825.36. Following the transaction, the chief financial officer now directly owns 82,132 shares of the company’s stock, valued at $13,923,837.96. This represents a 5.43 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 29,680 shares of company stock valued at $4,773,724. Company insiders own 0.46% of the company’s stock.

Analyst Ratings Changes

NUE has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of Nucor from $170.00 to $168.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Morgan Stanley lowered their price target on Nucor from $170.00 to $166.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Argus raised Nucor to a “strong-buy” rating in a research note on Monday, August 26th. The Goldman Sachs Group initiated coverage on Nucor in a research note on Monday. They set a “buy” rating and a $190.00 target price for the company. Finally, BMO Capital Markets reduced their price target on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a research note on Wednesday, September 18th. Three 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $190.50.

Nucor Stock Performance

Nucor stock opened at $156.37 on Tuesday. The business has a 50 day moving average of $150.83 and a 200-day moving average of $153.14. The company has a market capitalization of $36.72 billion, a P/E ratio of 15.11 and a beta of 1.55. Nucor Co. has a 1 year low of $133.42 and a 1 year high of $203.00. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.59 and a quick ratio of 1.61.

Nucor (NYSE:NUE) last announced its quarterly earnings results on Monday, October 21st. The basic materials company reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.09. The firm had revenue of $7.44 billion during the quarter, compared to analysts’ expectations of $7.28 billion. Nucor had a net margin of 8.05% and a return on equity of 12.06%. The company’s revenue was down 15.2% on a year-over-year basis. During the same period in the prior year, the company posted $4.57 EPS. On average, equities research analysts predict that Nucor Co. will post 8.5 earnings per share for the current year.

Nucor Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 8th. Shareholders of record on Friday, September 27th were given a $0.54 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.38%. Nucor’s dividend payout ratio (DPR) is presently 20.87%.

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.