abrdn plc Has $14.58 Million Stake in Nucor Co. (NYSE:NUE)

abrdn plc lowered its stake in Nucor Co. (NYSE:NUE) by 19.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 97,576 shares of the basic materials company’s stock after selling 22,992 shares during the quarter. abrdn plc’s holdings in Nucor were worth $14,581,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Norden Group LLC acquired a new stake in Nucor in the first quarter valued at approximately $1,847,000. First Trust Direct Indexing L.P. boosted its holdings in shares of Nucor by 11.7% during the 1st quarter. First Trust Direct Indexing L.P. now owns 5,308 shares of the basic materials company’s stock valued at $1,050,000 after acquiring an additional 558 shares in the last quarter. J.W. Cole Advisors Inc. grew its position in Nucor by 80.5% during the 1st quarter. J.W. Cole Advisors Inc. now owns 2,296 shares of the basic materials company’s stock worth $454,000 after acquiring an additional 1,024 shares during the last quarter. Prosperity Consulting Group LLC acquired a new position in Nucor in the 1st quarter worth about $238,000. Finally, Tokio Marine Asset Management Co. Ltd. raised its position in Nucor by 6.8% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,310 shares of the basic materials company’s stock valued at $1,249,000 after purchasing an additional 399 shares during the last quarter. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Nucor Stock Up 1.2 %

Shares of NYSE NUE opened at $143.56 on Friday. Nucor Co. has a 52-week low of $133.42 and a 52-week high of $203.00. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.61 and a current ratio of 2.59. The company’s 50 day moving average price is $147.56 and its 200-day moving average price is $157.04. The company has a market capitalization of $34.07 billion, a P/E ratio of 13.87 and a beta of 1.55.

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 net margin of 8.05% and a return on equity of 12.06%. The business 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 posted $4.57 earnings per share. The business’s quarterly revenue was down 15.2% compared to the same quarter last year. Equities analysts forecast that Nucor Co. will post 8.65 earnings per share for the current year.

Nucor Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Friday, September 27th will be given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 1.50%. The ex-dividend date of this dividend is Friday, September 27th. Nucor’s dividend payout ratio (DPR) is 20.87%.

Insider Activity

In related news, EVP Kenneth Rex Query sold 9,000 shares of the stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $146.80, for a total transaction of $1,321,200.00. Following the transaction, the executive vice president now directly owns 98,770 shares of the company’s stock, valued at $14,499,436. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.46% of the stock is currently owned by company insiders.

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.