Allstate Corp Acquires Shares of 7,175 Nucor Co. (NYSE:NUE)

Allstate Corp bought a new position in Nucor Co. (NYSE:NUE) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 7,175 shares of the basic materials company’s stock, valued at approximately $837,000.

Other hedge funds have also modified their holdings of the company. State Street Corp lifted its holdings in Nucor by 2.9% during the 3rd quarter. State Street Corp now owns 11,427,899 shares of the basic materials company’s stock worth $1,724,117,000 after buying an additional 326,181 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Nucor by 1.3% during the third quarter. Geode Capital Management LLC now owns 5,861,945 shares of the basic materials company’s stock worth $883,732,000 after acquiring an additional 74,569 shares during the last quarter. Norges Bank acquired a new position in shares of Nucor during the fourth quarter valued at $398,077,000. Nordea Investment Management AB boosted its holdings in Nucor by 25.6% in the fourth quarter. Nordea Investment Management AB now owns 1,758,753 shares of the basic materials company’s stock valued at $205,282,000 after acquiring an additional 358,721 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Nucor by 4.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,680,468 shares of the basic materials company’s stock worth $196,127,000 after purchasing an additional 68,252 shares during the period. 76.48% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on NUE shares. Argus set a $155.00 target price on shares of Nucor in a research note on Wednesday, March 5th. Citigroup reduced their price objective on shares of Nucor from $240.00 to $160.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. Morgan Stanley set a $164.00 target price on shares of Nucor in a research report on Monday, March 24th. UBS Group upgraded Nucor from a “neutral” rating to a “buy” rating and raised their price target for the stock from $156.00 to $160.00 in a research report on Monday, March 24th. Finally, JPMorgan Chase & Co. upped their price objective on Nucor from $150.00 to $156.00 and gave the company an “overweight” rating in a report on Tuesday, March 11th. Three equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $164.44.

Nucor Stock Performance

NUE stock opened at $120.43 on Tuesday. Nucor Co. has a 1-year low of $112.25 and a 1-year high of $203.00. The business’s 50-day moving average price is $130.90 and its two-hundred day moving average price is $137.12. The firm has a market cap of $27.76 billion, a PE ratio of 14.32, a P/E/G ratio of 0.96 and a beta of 1.58. The company has a current ratio of 2.51, a quick ratio of 1.48 and a debt-to-equity ratio of 0.27.

Nucor (NYSE:NUE) last released its quarterly earnings data on Monday, January 27th. The basic materials company reported $1.22 earnings per share for the quarter, beating the consensus estimate 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 in the previous year, the firm posted $3.16 EPS. As a group, research analysts forecast that Nucor Co. will post 7.64 earnings per share for the current year.

Nucor Announces Dividend

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 given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 1.83%. The ex-dividend date of this dividend is Monday, March 31st. Nucor’s dividend 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.