SouthState Corp Decreases Stake in Nucor Co. (NYSE:NUE)

SouthState Corp lessened its holdings in shares of Nucor Co. (NYSE:NUE) by 29.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,324 shares of the basic materials company’s stock after selling 2,594 shares during the period. SouthState Corp’s holdings in Nucor were worth $738,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. GSA Capital Partners LLP purchased a new position in Nucor during the third quarter worth approximately $239,000. CIBC Asset Management Inc raised its holdings in shares of Nucor by 7.5% during the 3rd quarter. CIBC Asset Management Inc now owns 35,179 shares of the basic materials company’s stock worth $5,289,000 after acquiring an additional 2,461 shares during the period. Coastline Trust Co purchased a new stake in shares of Nucor in the third quarter valued at about $29,000. OneAscent Wealth Management LLC acquired a new stake in Nucor during the third quarter worth about $257,000. Finally, Whalen Wealth Management Inc. acquired a new stake in Nucor during the third quarter worth about $232,000. Institutional investors and hedge funds own 76.48% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NUE. Jefferies Financial Group increased their price target on shares of Nucor from $125.00 to $135.00 and gave the company a “hold” rating in a research note on Wednesday, January 29th. The Goldman Sachs Group assumed coverage on Nucor in a research note on Monday, December 2nd. They set a “buy” rating and a $190.00 target price for the company. Morgan Stanley upped their price target on Nucor from $154.00 to $167.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Argus set a $155.00 price objective on Nucor in a research report on Wednesday, March 5th. Finally, UBS Group reaffirmed a “neutral” rating and set a $156.00 target price (down previously from $171.00) on shares of Nucor in a research note on Thursday, December 12th. Four investment 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 company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $164.33.

Nucor Trading Down 2.0 %

Shares of NUE stock opened at $129.49 on Tuesday. Nucor Co. has a fifty-two week low of $112.25 and a fifty-two week high of $203.00. The company has a 50 day moving average price of $129.93 and a 200 day moving average price of $138.27. The stock has a market capitalization of $29.85 billion, a P/E ratio of 15.40, 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 quick ratio of 1.48 and a current ratio of 2.51.

Nucor (NYSE:NUE) last posted its quarterly earnings data on Monday, January 27th. The basic materials company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.28. Nucor had a return on equity of 9.85% and a net margin of 6.60%. During the same quarter last year, the company earned $3.16 EPS. Equities research analysts predict that Nucor Co. will post 7.64 EPS for the current fiscal year.

Nucor Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 12th. Stockholders of record on Monday, March 31st will be paid a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 1.70%. The ex-dividend date is Monday, March 31st. Nucor’s payout ratio is presently 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.