Sumitomo Life Insurance Co. Has $974,000 Holdings in Nucor Co. (NYSE:NUE)

Sumitomo Life Insurance Co. raised its stake in Nucor Co. (NYSE:NUE) by 3.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,480 shares of the basic materials company’s stock after purchasing an additional 189 shares during the period. Sumitomo Life Insurance Co.’s holdings in Nucor were worth $974,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of NUE. Integrated Advisors Network LLC grew its position in Nucor by 3.4% during the fourth quarter. Integrated Advisors Network LLC now owns 2,141 shares of the basic materials company’s stock worth $373,000 after buying an additional 70 shares in the last quarter. EP Wealth Advisors LLC grew its holdings in shares of Nucor by 33.0% during the 4th quarter. EP Wealth Advisors LLC now owns 1,905 shares of the basic materials company’s stock worth $332,000 after purchasing an additional 473 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Nucor by 188.6% during the fourth quarter. Wellington Management Group LLP now owns 64,537 shares of the basic materials company’s stock valued at $11,232,000 after purchasing an additional 42,178 shares during the period. HighPoint Advisor Group LLC acquired a new position in shares of Nucor in the fourth quarter valued at $747,000. Finally, GAMMA Investing LLC lifted its position in Nucor by 14.4% in the first quarter. GAMMA Investing LLC now owns 1,840 shares of the basic materials company’s stock worth $364,000 after purchasing an additional 232 shares during the period. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Daniel R. Needham sold 8,624 shares of the business’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $160.00, for a total transaction of $1,379,840.00. Following the completion of the sale, the executive vice president now owns 99,049 shares in the company, valued at $15,847,840. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Argus upgraded shares of Nucor to a “strong-buy” rating in a research note on Monday, August 26th. Morgan Stanley cut their price target on shares of Nucor from $176.00 to $170.00 and set an “overweight” rating for the company in a research note on Wednesday, September 18th. JPMorgan Chase & Co. decreased their price objective on Nucor from $174.00 to $170.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. Bank of America cut their target price on Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. Finally, BMO Capital Markets lowered their price target on Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a research report on Wednesday, September 18th. Three investment 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, the company has a consensus rating of “Moderate Buy” and an average price target of $191.43.

Nucor Price Performance

Nucor stock opened at $154.26 on Thursday. Nucor Co. has a 52 week low of $133.42 and a 52 week high of $203.00. The firm has a market cap of $36.99 billion, a P/E ratio of 9.07 and a beta of 1.55. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.85 and a current ratio of 2.93. The business’s fifty day moving average is $146.93 and its two-hundred day moving average is $161.06.

Nucor (NYSE:NUE) last issued its quarterly earnings data on Monday, July 22nd. The basic materials company reported $2.68 EPS for the quarter, topping analysts’ consensus estimates of $2.31 by $0.37. Nucor had a net margin of 10.45% and a return on equity of 15.69%. The firm had revenue of $8.08 billion for the quarter, compared to analyst estimates of $7.69 billion. During the same quarter in the prior year, the firm earned $5.81 EPS. The company’s revenue was down 15.2% on a year-over-year basis. Equities research analysts forecast that Nucor Co. will post 9.1 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Friday, September 27th will be given a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 1.40%. The ex-dividend date is Friday, September 27th. Nucor’s dividend payout ratio (DPR) is presently 12.71%.

About Nucor

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.