Huntington National Bank Has $6.40 Million Holdings in Nucor Co. (NYSE:NUE)

Huntington National Bank cut its holdings in shares of Nucor Co. (NYSE:NUE) by 5.8% during the fourth quarter, Holdings Channel reports. The fund owned 54,835 shares of the basic materials company’s stock after selling 3,354 shares during the period. Huntington National Bank’s holdings in Nucor were worth $6,400,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Horrell Capital Management Inc. increased its stake in shares of Nucor by 0.3% in the fourth quarter. Horrell Capital Management Inc. now owns 26,657 shares of the basic materials company’s stock valued at $3,111,000 after buying an additional 76 shares in the last quarter. TCI Wealth Advisors Inc. increased its position in Nucor by 4.4% in the 4th quarter. TCI Wealth Advisors Inc. now owns 2,157 shares of the basic materials company’s stock valued at $252,000 after acquiring an additional 91 shares in the last quarter. Jessup Wealth Management Inc raised its stake in shares of Nucor by 0.9% in the fourth quarter. Jessup Wealth Management Inc now owns 10,528 shares of the basic materials company’s stock worth $1,229,000 after acquiring an additional 93 shares during the last quarter. Redwood Investment Management LLC lifted its position in shares of Nucor by 1.0% during the third quarter. Redwood Investment Management LLC now owns 9,092 shares of the basic materials company’s stock worth $1,365,000 after purchasing an additional 94 shares in the last quarter. Finally, Beacon Capital Management LLC grew its stake in shares of Nucor by 29.1% during the fourth quarter. Beacon Capital Management LLC now owns 417 shares of the basic materials company’s stock valued at $49,000 after purchasing an additional 94 shares during the last quarter. 76.48% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NUE has been the subject of several research analyst reports. Morgan Stanley set a $164.00 price objective on shares of Nucor in a research report on Monday, March 24th. StockNews.com upgraded Nucor from a “sell” rating to a “hold” rating in a research report on Wednesday, February 12th. Jefferies Financial Group raised their price target on Nucor from $125.00 to $135.00 and gave the company a “hold” rating in a report on Wednesday, January 29th. Citigroup dropped their price objective on Nucor from $240.00 to $160.00 and set a “buy” rating for the company in a report on Thursday, December 19th. Finally, JPMorgan Chase & Co. raised their target price on shares of Nucor from $150.00 to $156.00 and gave the company an “overweight” rating in a research note on Tuesday, March 11th. Three investment 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $164.44.

Nucor Stock Performance

Shares of NUE stock opened at $123.29 on Thursday. The stock has a 50-day moving average of $130.82 and a 200-day moving average of $136.86. Nucor Co. has a one year low of $112.25 and a one year high of $203.00. The stock has a market cap of $28.42 billion, a PE ratio of 14.66, a price-to-earnings-growth ratio of 0.96 and a beta of 1.58. 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 earnings results on Monday, January 27th. The basic materials company reported $1.22 earnings per share for the quarter, topping 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 firm earned $3.16 EPS. As a group, sell-side analysts expect that Nucor Co. will post 7.64 earnings per share for the current year.

Nucor Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 12th. Shareholders of record on Monday, March 31st will be paid a $0.55 dividend. The ex-dividend date is Monday, March 31st. This represents a $2.20 dividend on an annualized basis and a yield of 1.78%. Nucor’s payout ratio is 26.16%.

Nucor Company Profile

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.