State of Michigan Retirement System Purchases 200 Shares of Nucor Co. (NYSE:NUE)

State of Michigan Retirement System grew its position in Nucor Co. (NYSE:NUE) by 0.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 71,810 shares of the basic materials company’s stock after acquiring an additional 200 shares during the quarter. State of Michigan Retirement System’s holdings in Nucor were worth $8,381,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of NUE. DJE Kapital AG acquired a new stake in Nucor in the fourth quarter valued at approximately $302,000. SBI Securities Co. Ltd. purchased a new stake in shares of Nucor during the 4th quarter valued at $64,000. Jones Financial Companies Lllp boosted its position in shares of Nucor by 50.8% in the 4th quarter. Jones Financial Companies Lllp now owns 5,419 shares of the basic materials company’s stock worth $632,000 after purchasing an additional 1,826 shares in the last quarter. Modera Wealth Management LLC grew its stake in Nucor by 2.5% during the 4th quarter. Modera Wealth Management LLC now owns 9,979 shares of the basic materials company’s stock worth $1,165,000 after buying an additional 242 shares during the last quarter. Finally, SRS Capital Advisors Inc. increased its position in Nucor by 7.4% during the 4th quarter. SRS Capital Advisors Inc. now owns 3,263 shares of the basic materials company’s stock valued at $381,000 after buying an additional 226 shares in the last quarter. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Analyst Ratings Changes

NUE has been the subject of several recent analyst reports. Jefferies Financial Group raised their price target on Nucor from $125.00 to $135.00 and gave the stock a “hold” rating in a report on Wednesday, January 29th. StockNews.com upgraded shares of Nucor from a “sell” rating to a “hold” rating in a research note on Wednesday, February 12th. The Goldman Sachs Group assumed coverage on shares of Nucor in a research report on Monday, December 2nd. They set a “buy” rating and a $190.00 target price on the stock. JPMorgan Chase & Co. decreased their price target on shares of Nucor from $152.00 to $150.00 and set an “overweight” rating for the company in a report on Wednesday, January 29th. Finally, Morgan Stanley dropped their price objective on shares of Nucor from $166.00 to $154.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. Four analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $163.13.

Nucor Stock Up 2.3 %

NUE stock opened at $132.51 on Thursday. The company has a market capitalization of $31.11 billion, a P/E ratio of 15.76, a price-to-earnings-growth ratio of 0.96 and a beta of 1.60. Nucor Co. has a 12 month low of $112.25 and a 12 month high of $203.00. The firm’s fifty day simple moving average is $127.75 and its 200-day simple moving average is $139.27. 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 (NYSE:NUE) last posted its quarterly earnings results on Monday, January 27th. The basic materials company reported $1.22 EPS 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 period last year, the business earned $3.16 EPS. As a group, equities research analysts forecast that Nucor Co. will post 7.64 earnings per share for the current year.

Nucor Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, May 12th. Investors of record on Monday, March 31st will be issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 1.66%. The ex-dividend date of this dividend is Monday, March 31st. Nucor’s dividend payout ratio (DPR) is 26.16%.

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.