Granite Bay Wealth Management LLC Makes New Investment in Nucor Co. (NYSE:NUE)

Granite Bay Wealth Management LLC purchased a new stake in shares of Nucor Co. (NYSE:NUE - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 33,179 shares of the basic materials company's stock, valued at approximately $3,872,000. Nucor makes up about 1.4% of Granite Bay Wealth Management LLC's investment portfolio, making the stock its 24th largest position.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ashton Thomas Securities LLC acquired a new stake in shares of Nucor in the 3rd quarter valued at $26,000. Coastline Trust Co acquired a new stake in shares of Nucor in the 3rd quarter valued at $29,000. Brown Lisle Cummings Inc. acquired a new stake in shares of Nucor in the 3rd quarter valued at $30,000. Salomon & Ludwin LLC increased its stake in shares of Nucor by 45.6% in the 3rd quarter. Salomon & Ludwin LLC now owns 230 shares of the basic materials company's stock valued at $35,000 after buying an additional 72 shares during the period. Finally, Carolina Wealth Advisors LLC bought a new position in shares of Nucor in the 3rd quarter worth $43,000. 76.48% of the stock is owned by institutional investors and hedge funds.

Nucor Trading Down 0.9 %

NUE stock traded down $1.15 during midday trading on Tuesday, hitting $121.73. 2,501,646 shares of the company's stock were exchanged, compared to its average volume of 2,465,091. The stock's fifty day moving average price is $135.85 and its 200-day moving average price is $145.10. 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 has a market cap of $28.58 billion, a PE ratio of 11.76 and a beta of 1.60. Nucor Co. has a one year low of $112.25 and a one year high of $203.00.

Nucor (NYSE:NUE - Get Free Report) 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. The company had revenue of $7.44 billion for the quarter, compared to analyst estimates of $7.28 billion. Nucor had a return on equity of 12.06% and a net margin of 8.05%. The company's quarterly revenue was down 15.2% compared to the same quarter last year. During the same period in the previous year, the company posted $4.57 earnings per share. Research analysts predict that Nucor Co. will post 8.48 earnings per share for the current fiscal year.

Nucor Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 11th. Stockholders of record on Tuesday, December 31st will be issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.81%. This is a positive change from Nucor's previous quarterly dividend of $0.54. The ex-dividend date of this dividend is Tuesday, December 31st. Nucor's payout ratio is 21.26%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Jefferies Financial Group reduced their price target on Nucor from $150.00 to $125.00 and set a "hold" rating on the stock in a research report on Monday, January 6th. Morgan Stanley reduced their price target on Nucor from $170.00 to $166.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 23rd. Citigroup reduced their price target on Nucor from $240.00 to $160.00 and set a "buy" rating on the stock in a research report on Thursday, December 19th. UBS Group restated a "neutral" rating and issued a $156.00 price target (down from $171.00) on shares of Nucor in a research report on Thursday, December 12th. Finally, The Goldman Sachs Group assumed coverage on Nucor in a research report on Monday, December 2nd. They issued a "buy" rating and a $190.00 price target on the stock. Four analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Nucor presently has an average rating of "Moderate Buy" and an average target price of $165.63.

Insider Activity

In related news, EVP Allen C. Behr sold 4,968 shares of Nucor stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $159.72, for a total value of $793,488.96. Following the sale, the executive vice president now owns 85,376 shares of the company's stock, valued at approximately $13,636,254.72. The trade was a 5.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Leon J. Topalian sold 11,000 shares of Nucor stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $169.11, for a total value of $1,860,210.00. Following the completion of the sale, the chief executive officer now directly owns 172,136 shares in the company, valued at approximately $29,109,918.96. This represents a 6.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,680 shares of company stock worth $4,773,724 over the last three months. Corporate insiders own 0.46% of the company's stock.

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.