Cove Private Wealth LLC Cuts Stock Position in Nucor Co. (NYSE:NUE)

Cove Private Wealth LLC trimmed its holdings in shares of Nucor Co. (NYSE:NUE) by 6.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,875 shares of the basic materials company’s stock after selling 750 shares during the period. Nucor comprises approximately 1.3% of Cove Private Wealth LLC’s investment portfolio, making the stock its 21st largest holding. Cove Private Wealth LLC’s holdings in Nucor were worth $1,635,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its position in shares of Nucor by 2.2% in the second quarter. Dimensional Fund Advisors LP now owns 3,909,388 shares of the basic materials company’s stock valued at $617,915,000 after acquiring an additional 84,558 shares during the period. Pacer Advisors Inc. raised its holdings in shares of Nucor by 29.7% in the 2nd quarter. Pacer Advisors Inc. now owns 2,884,802 shares of the basic materials company’s stock valued at $456,030,000 after acquiring an additional 660,866 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Nucor by 3.2% during the second quarter. Legal & General Group Plc now owns 2,160,803 shares of the basic materials company’s stock worth $341,580,000 after purchasing an additional 67,974 shares in the last quarter. Nordea Investment Management AB increased its position in shares of Nucor by 6.5% in the first quarter. Nordea Investment Management AB now owns 1,165,094 shares of the basic materials company’s stock worth $230,572,000 after purchasing an additional 70,917 shares during the last quarter. Finally, Hsbc Holdings PLC raised its stake in Nucor by 11.6% in the second quarter. Hsbc Holdings PLC now owns 1,069,920 shares of the basic materials company’s stock valued at $169,433,000 after purchasing an additional 111,177 shares in the last quarter. 76.48% of the stock is owned by hedge funds and other institutional investors.

Nucor Stock Down 0.6 %

NUE stock traded down $0.94 on Wednesday, reaching $146.26. 223,632 shares of the company traded hands, compared to its average volume of 1,496,396. Nucor Co. has a one year low of $133.42 and a one year high of $203.00. The company has a market cap of $34.71 billion, a P/E ratio of 14.22 and a beta of 1.55. The firm has a fifty day simple moving average of $147.80 and a 200-day simple moving average of $157.61. 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 released its quarterly earnings data on Monday, October 21st. The basic materials company reported $1.49 EPS for the quarter, beating the consensus estimate of $1.40 by $0.09. The company had revenue of $7.44 billion for the quarter, compared to analysts’ expectations of $7.28 billion. Nucor had a return on equity of 12.06% and a net margin of 8.05%. Nucor’s revenue was down 15.2% compared to the same quarter last year. During the same period last year, the firm posted $4.57 earnings per share. Research analysts anticipate that Nucor Co. will post 8.65 earnings per share for the current year.

Nucor Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Friday, September 27th will be issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date is Friday, September 27th. Nucor’s dividend payout ratio is 20.87%.

Wall Street Analysts Forecast Growth

NUE has been the topic of a number of research analyst reports. Argus raised Nucor to a “strong-buy” rating in a research note on Monday, August 26th. JPMorgan Chase & Co. decreased their target price 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 decreased their price objective on shares of Nucor from $170.00 to $166.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Finally, BMO Capital Markets cut their price objective on Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a research report on Wednesday, September 18th. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $190.57.

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.