Norges Bank Invests $398.08 Million in Nucor Co. (NYSE:NUE)

Norges Bank acquired a new position in Nucor Co. (NYSE:NUE - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 3,410,825 shares of the basic materials company's stock, valued at approximately $398,077,000. Norges Bank owned about 1.45% of Nucor as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Crews Bank & Trust purchased a new stake in shares of Nucor during the fourth quarter valued at approximately $29,000. New Wave Wealth Advisors LLC purchased a new stake in Nucor during the 4th quarter valued at $33,000. Versant Capital Management Inc grew its holdings in Nucor by 60.3% in the 4th quarter. Versant Capital Management Inc now owns 303 shares of the basic materials company's stock worth $35,000 after acquiring an additional 114 shares during the last quarter. Beacon Capital Management LLC increased its position in shares of Nucor by 29.1% in the fourth quarter. Beacon Capital Management LLC now owns 417 shares of the basic materials company's stock valued at $49,000 after acquiring an additional 94 shares during the period. Finally, Millstone Evans Group LLC bought a new position in shares of Nucor during the fourth quarter valued at about $50,000. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Nucor Stock Down 8.6 %

NUE traded down $10.62 during midday trading on Thursday, reaching $112.41. The company's stock had a trading volume of 907,813 shares, compared to its average volume of 1,980,652. The stock's 50-day moving average is $130.82 and its 200-day moving average is $136.86. Nucor Co. has a 1 year low of $111.82 and a 1 year high of $203.00. The firm has a market capitalization of $25.91 billion, a price-to-earnings ratio of 13.37, a PEG 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.

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

Nucor Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 12th. Investors 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 yield of 1.96%. The ex-dividend date of this dividend is Monday, March 31st. Nucor's dividend payout ratio (DPR) is 26.16%.

Wall Street Analyst Weigh In

NUE has been the topic of several recent analyst reports. Citigroup cut their target price on 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 Nucor in a research note on Monday, March 24th. JPMorgan Chase & Co. raised their price target on Nucor from $150.00 to $156.00 and gave the stock an "overweight" rating in a research note on Tuesday, March 11th. Argus set a $155.00 price objective on shares of Nucor in a research report on Wednesday, March 5th. Finally, UBS Group raised shares of Nucor from a "neutral" rating to a "buy" rating and raised their target price for the stock from $156.00 to $160.00 in a research report on Monday, March 24th. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Nucor currently has a consensus rating of "Moderate Buy" and an average price target of $164.44.

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.