Allspring Global Investments Holdings LLC Sells 16,170 Shares of Nucor Co. (NYSE:NUE)

Allspring Global Investments Holdings LLC lowered its holdings in shares of Nucor Co. (NYSE:NUE) by 10.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 135,087 shares of the basic materials company’s stock after selling 16,170 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.05% of Nucor worth $23,511,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of NUE. Householder Group Estate & Retirement Specialist LLC bought a new position in Nucor in the 3rd quarter worth $25,000. Providence Capital Advisors LLC raised its holdings in Nucor by 15,470.4% in the 1st quarter. Providence Capital Advisors LLC now owns 4,204 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 4,177 shares during the period. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new position in Nucor in the 1st quarter worth $32,000. Valley National Advisers Inc. raised its holdings in Nucor by 716.7% in the 4th quarter. Valley National Advisers Inc. now owns 196 shares of the basic materials company’s stock worth $34,000 after acquiring an additional 172 shares during the period. Finally, OFI Invest Asset Management bought a new position in Nucor in the 3rd quarter worth $40,000. Institutional investors own 76.48% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. StockNews.com upgraded shares of Nucor from a “hold” rating to a “buy” rating in a report on Wednesday. UBS Group started coverage on shares of Nucor in a report on Tuesday, January 16th. They set a “buy” rating and a $210.00 price objective on the stock. Finally, Citigroup upgraded shares of Nucor from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $180.00 to $240.00 in a report on Wednesday, March 13th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $186.67.

Insider Activity

In other news, EVP Kenneth Rex Query sold 5,500 shares of Nucor stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $186.37, for a total transaction of $1,025,035.00. Following the sale, the executive vice president now directly owns 85,326 shares in the company, valued at approximately $15,902,206.62. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Nucor news, insider Michael D. Keller sold 3,145 shares of the business’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $193.67, for a total value of $609,092.15. Following the transaction, the insider now directly owns 24,873 shares in the company, valued at $4,817,153.91. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Kenneth Rex Query sold 5,500 shares of the business’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $186.37, for a total transaction of $1,025,035.00. Following the completion of the transaction, the executive vice president now owns 85,326 shares in the company, valued at $15,902,206.62. The disclosure for this sale can be found here. In the last three months, insiders have sold 38,151 shares of company stock worth $7,308,683. Corporate insiders own 0.46% of the company’s stock.

Nucor Stock Performance

NYSE:NUE opened at $194.53 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.35 and a current ratio of 3.57. The firm’s 50-day moving average is $190.42 and its 200-day moving average is $172.43. Nucor Co. has a 52-week low of $129.79 and a 52-week high of $203.00. The company has a market cap of $46.68 billion, a price-to-earnings ratio of 10.81 and a beta of 1.61.

Nucor (NYSE:NUE) last issued its earnings results on Monday, January 29th. The basic materials company reported $3.16 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.33. Nucor had a net margin of 13.03% and a return on equity of 21.42%. The business had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.64 billion. During the same period in the previous year, the business earned $4.89 EPS. The firm’s revenue was down 11.7% on a year-over-year basis. Equities research analysts anticipate that Nucor Co. will post 13 earnings per share for the current year.

Nucor Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 10th. Stockholders of record on Thursday, March 28th will be given a dividend of $0.54 per share. The ex-dividend date is Wednesday, March 27th. This represents a $2.16 annualized dividend and a dividend yield of 1.11%. Nucor’s dividend payout ratio (DPR) is currently 12.01%.

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.