Atria Wealth Solutions Inc. Cuts Position in Nucor Corporation $NUE

Key Points

• Atria Wealth Solutions Inc. reduced its stake in Nucor Corporation by 58.9% in Q2, owning 2,610 shares worth $343,000 after selling 3,742 shares during the quarter.
• Nucor reported $2.60 earnings per share for the quarter, beating expectations, but experienced a slight revenue miss with $8.46 billion in revenue compared to forecasts of $8.47 billion.
• The company declared a quarterly dividend of $0.55 per share, with a payout ratio of 39.71%, scheduled for payment on November 10.

Atria Wealth Solutions Inc. lessened its stake in Nucor Corporation (NYSE:NUE - Free Report) by 58.9% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,610 shares of the basic materials company's stock after selling 3,742 shares during the quarter. Atria Wealth Solutions Inc.'s holdings in Nucor were worth $343,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in NUE. GAMMA Investing LLC increased its holdings in Nucor by 48.6% during the 1st quarter. GAMMA Investing LLC now owns 4,203 shares of the basic materials company's stock valued at $506,000 after acquiring an additional 1,375 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Nucor by 21.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 101,459 shares of the basic materials company's stock valued at $12,210,000 after acquiring an additional 17,861 shares in the last quarter. Blue Trust Inc. increased its holdings in Nucor by 16.8% during the 1st quarter. Blue Trust Inc. now owns 1,022 shares of the basic materials company's stock valued at $123,000 after acquiring an additional 147 shares in the last quarter. Heartland Bank & Trust Co increased its holdings in Nucor by 19.8% during the 1st quarter. Heartland Bank & Trust Co now owns 2,842 shares of the basic materials company's stock valued at $342,000 after acquiring an additional 470 shares in the last quarter. Finally, Manning & Napier Advisors LLC increased its holdings in Nucor by 42.2% during the 1st quarter. Manning & Napier Advisors LLC now owns 38,613 shares of the basic materials company's stock valued at $4,647,000 after acquiring an additional 11,453 shares in the last quarter. Hedge funds and other institutional investors own 76.48% of the company's stock.

Nucor Price Performance

NUE opened at $136.65 on Tuesday. The company's 50 day simple moving average is $140.90 and its 200 day simple moving average is $130.13. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.51 and a current ratio of 2.83. Nucor Corporation has a 1 year low of $97.59 and a 1 year high of $170.52. The stock has a market capitalization of $31.37 billion, a PE ratio of 24.67, a P/E/G ratio of 0.94 and a beta of 1.75.

Nucor (NYSE:NUE - Get Free Report) last released its earnings results on Monday, July 28th. The basic materials company reported $2.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.54 by $0.06. Nucor had a net margin of 4.21% and a return on equity of 6.65%. The business had revenue of $8.46 billion for the quarter, compared to analysts' expectations of $8.47 billion. During the same period last year, the company earned $2.68 earnings per share. The company's quarterly revenue was up 4.7% on a year-over-year basis. As a group, sell-side analysts expect that Nucor Corporation will post 7.64 EPS for the current year.

Nucor Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Tuesday, September 30th. Nucor's payout ratio is 39.71%.

Analyst Ratings Changes

Several research firms have weighed in on NUE. Bank of America raised their target price on shares of Nucor from $150.00 to $165.00 and gave the company a "buy" rating in a report on Monday, September 15th. Weiss Ratings reissued a "hold (c)" rating on shares of Nucor in a research report on Wednesday, October 8th. Wells Fargo & Company cut their price objective on shares of Nucor from $146.00 to $140.00 and set an "equal weight" rating for the company in a research report on Thursday, September 18th. The Goldman Sachs Group cut their price objective on shares of Nucor from $182.00 to $173.00 and set a "buy" rating for the company in a research report on Monday, September 22nd. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Nucor from $165.00 to $172.00 and gave the company an "overweight" rating in a research report on Monday, October 13th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Nucor has an average rating of "Moderate Buy" and an average target price of $157.60.

Insider Buying and Selling at Nucor

In other Nucor news, insider Michael D. Keller sold 6,088 shares of Nucor stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $148.41, for a total transaction of $903,520.08. Following the transaction, the insider directly owned 22,464 shares of the company's stock, valued at $3,333,882.24. The trade was a 21.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Allen C. Behr sold 8,021 shares of Nucor stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $143.38, for a total transaction of $1,150,050.98. Following the transaction, the executive vice president directly owned 82,703 shares in the company, valued at approximately $11,857,956.14. This trade represents a 8.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 31,309 shares of company stock valued at $4,553,771. 0.46% of the stock is currently owned by corporate insiders.

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.

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