Boston Private Wealth LLC Sells 256 Shares of Nucor Co. (NYSE:NUE)

Boston Private Wealth LLC lessened its stake in Nucor Co. (NYSE:NUE) by 2.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,329 shares of the basic materials company’s stock after selling 256 shares during the period. Boston Private Wealth LLC’s holdings in Nucor were worth $749,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NUE. Marshall Wace North America L.P. bought a new stake in shares of Nucor in the 1st quarter valued at about $54,000. FMR LLC lifted its stake in shares of Nucor by 123.0% in the 1st quarter. FMR LLC now owns 674,154 shares of the basic materials company’s stock valued at $39,337,000 after acquiring an additional 371,876 shares during the last quarter. First Trust Advisors LP lifted its stake in shares of Nucor by 1.5% in the 4th quarter. First Trust Advisors LP now owns 344,033 shares of the basic materials company’s stock valued at $18,299,000 after acquiring an additional 5,243 shares during the last quarter. California Public Employees Retirement System lifted its stake in shares of Nucor by 5.3% in the 4th quarter. California Public Employees Retirement System now owns 734,560 shares of the basic materials company’s stock valued at $39,071,000 after acquiring an additional 37,216 shares during the last quarter. Finally, Maryland State Retirement & Pension System purchased a new position in Nucor during the 4th quarter valued at about $243,000. 75.12% of the stock is owned by institutional investors.

A number of brokerages recently issued reports on NUE. BMO Capital Markets boosted their price target on Nucor from $86.00 to $110.00 and gave the company a “market perform” rating in a report on Friday, May 14th. Zacks Investment Research upgraded Nucor from a “hold” rating to a “strong-buy” rating and set a $76.00 price target on the stock in a report on Wednesday, March 10th. Morgan Stanley boosted their price target on Nucor from $71.00 to $95.00 and gave the company an “equal weight” rating in a report on Tuesday, May 11th. The Goldman Sachs Group began coverage on Nucor in a report on Friday, April 9th. They set a “buy” rating and a $86.00 price target on the stock. Finally, Bank of America upgraded Nucor from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $56.00 to $80.00 in a report on Tuesday, April 20th. Six research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $71.36.

In other news, EVP Douglas J. Jellison sold 5,995 shares of the business’s stock in a transaction that occurred on Wednesday, May 5th. The stock was sold at an average price of $92.62, for a total value of $555,256.90. Following the sale, the executive vice president now directly owns 82,985 shares of the company’s stock, valued at approximately $7,686,070.70. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO David A. Sumoski sold 65,789 shares of the business’s stock in a transaction that occurred on Tuesday, April 27th. The stock was sold at an average price of $80.56, for a total value of $5,299,961.84. Following the completion of the sale, the chief operating officer now directly owns 220,021 shares in the company, valued at $17,724,891.76. The disclosure for this sale can be found here. Over the last three months, insiders sold 288,865 shares of company stock worth $24,093,738. Insiders own 0.71% of the company’s stock.

NUE stock opened at $106.31 on Friday. Nucor Co. has a fifty-two week low of $38.51 and a fifty-two week high of $110.96. The stock’s 50 day moving average price is $92.41. The company has a debt-to-equity ratio of 0.44, a current ratio of 3.50 and a quick ratio of 2.04. The stock has a market cap of $31.81 billion, a P/E ratio of 19.72, a price-to-earnings-growth ratio of 0.74 and a beta of 1.38.

Nucor (NYSE:NUE) last issued its quarterly earnings results on Thursday, April 22nd. The basic materials company reported $3.10 EPS for the quarter, missing analysts’ consensus estimates of $3.14 by ($0.04). Nucor had a return on equity of 14.90% and a net margin of 7.63%. The company had revenue of $7.02 billion during the quarter, compared to the consensus estimate of $7.39 billion. During the same period in the prior year, the firm earned $0.99 earnings per share. The business’s revenue for the quarter was up 24.8% compared to the same quarter last year. Research analysts forecast that Nucor Co. will post 12.02 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 11th. Stockholders of record on Wednesday, June 30th will be given a $0.405 dividend. The ex-dividend date of this dividend is Tuesday, June 29th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.52%. Nucor’s dividend payout ratio is currently 48.50%.

Nucor declared that its board has initiated a stock repurchase plan on Thursday, May 13th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the basic materials company to repurchase up to 9.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Nucor Profile

Nucor Corporation manufactures and sells steel and steel products. It operates through 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 products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and special bar quality products.

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Institutional Ownership by Quarter for Nucor (NYSE:NUE)

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