MetLife Investment Management LLC Has $9.28 Million Holdings in Nucor Co. (NYSE:NUE)

MetLife Investment Management LLC trimmed its position in shares of Nucor Co. (NYSE:NUE) by 3.4% during the third quarter, Holdings Channel.com reports. The firm owned 61,752 shares of the basic materials company’s stock after selling 2,195 shares during the period. MetLife Investment Management LLC’s holdings in Nucor were worth $9,284,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. National Pension Service lifted its stake in shares of Nucor by 3.2% in the third quarter. National Pension Service now owns 652,502 shares of the basic materials company’s stock valued at $98,097,000 after buying an additional 20,258 shares in the last quarter. CX Institutional lifted its position in Nucor by 52.8% in the 2nd quarter. CX Institutional now owns 17,245 shares of the basic materials company’s stock valued at $2,726,000 after acquiring an additional 5,960 shares in the last quarter. BIP Wealth LLC acquired a new position in Nucor during the 3rd quarter valued at about $681,000. Ascension Asset Management LLC bought a new stake in Nucor during the 2nd quarter worth approximately $885,000. Finally, Kimelman & Baird LLC purchased a new stake in shares of Nucor in the second quarter worth approximately $6,655,000. 76.48% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

NUE has been the topic of several analyst reports. JPMorgan Chase & Co. cut their target price on Nucor from $170.00 to $168.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Morgan Stanley lowered their target price on shares of Nucor from $170.00 to $166.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Argus upgraded shares of Nucor to a “strong-buy” rating in a report on Monday, August 26th. Finally, BMO Capital Markets decreased their price objective on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating for the company in a research note on Wednesday, September 18th. Three analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Nucor presently has a consensus rating of “Moderate Buy” and a consensus price target of $190.57.

Insider Activity at Nucor

In related news, CEO Leon J. Topalian sold 11,000 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $169.11, for a total transaction of $1,860,210.00. Following the sale, the chief executive officer now owns 172,136 shares of the company’s stock, valued at approximately $29,109,918.96. This represents a 6.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Allen C. Behr sold 4,968 shares of Nucor stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $159.72, for a total value of $793,488.96. Following the transaction, the executive vice president now directly owns 85,376 shares of the company’s stock, valued at $13,636,254.72. The trade was a 5.50 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 29,680 shares of company stock worth $4,773,724. 0.46% of the stock is owned by corporate insiders.

Nucor Price Performance

Nucor stock opened at $154.77 on Friday. The business’s 50 day simple moving average is $150.47 and its 200 day simple moving average is $153.69. Nucor Co. has a 12 month low of $133.42 and a 12 month high of $203.00. The company has a market cap of $36.34 billion, a price-to-earnings ratio of 14.95 and a beta of 1.55. The company has a current ratio of 2.59, a quick ratio of 1.61 and a debt-to-equity ratio of 0.26.

Nucor (NYSE:NUE) last issued its quarterly earnings results on Monday, October 21st. The basic materials company reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.09. Nucor had a return on equity of 12.06% and a net margin of 8.05%. The firm had revenue of $7.44 billion for the quarter, compared to analysts’ expectations of $7.28 billion. During the same quarter in the prior year, the firm earned $4.57 EPS. The business’s revenue for the quarter was down 15.2% compared to the same quarter last year. Sell-side analysts forecast that Nucor Co. will post 8.5 EPS for the current year.

Nucor Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 8th. Stockholders of record on Friday, September 27th were given a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 1.40%. The ex-dividend date was Friday, September 27th. Nucor’s dividend payout ratio (DPR) is currently 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.