Avantax Advisory Services Inc. Grows Position in Nucor Corporation (NYSE:NUE)

Key Points

• Avantax Advisory Services Inc. increased its holdings in Nucor Corporation by 16.4%, acquiring an additional 2,932 shares, bringing their total to 20,785 shares valued at approximately $2.5 million.
• Insider sales have been notable, with CEO Leon J. Topalian selling 34,238 shares worth over $4 million, reducing his stake by 17.36%.
• Analysts have varied opinions on Nucor, with target prices ranging from $147 to $169, and a consensus rating of a "Moderate Buy."

Avantax Advisory Services Inc. raised its stake in shares of Nucor Corporation (NYSE:NUE - Free Report) by 16.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,785 shares of the basic materials company's stock after acquiring an additional 2,932 shares during the period. Avantax Advisory Services Inc.'s holdings in Nucor were worth $2,501,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Canal Capital Management LLC grew its holdings in Nucor by 2.5% during the 4th quarter. Canal Capital Management LLC now owns 3,075 shares of the basic materials company's stock valued at $359,000 after buying an additional 75 shares in the last quarter. Highline Wealth Partners LLC grew its holdings in shares of Nucor by 2.6% during the first quarter. Highline Wealth Partners LLC now owns 3,512 shares of the basic materials company's stock worth $423,000 after purchasing an additional 90 shares in the last quarter. Diligent Investors LLC grew its holdings in shares of Nucor by 4.6% during the first quarter. Diligent Investors LLC now owns 2,296 shares of the basic materials company's stock worth $276,000 after purchasing an additional 102 shares in the last quarter. Denali Advisors LLC grew its holdings in shares of Nucor by 2.5% during the first quarter. Denali Advisors LLC now owns 4,117 shares of the basic materials company's stock worth $495,000 after purchasing an additional 102 shares in the last quarter. Finally, Horizon Advisory Services Inc. grew its holdings in shares of Nucor by 6.1% during the first quarter. Horizon Advisory Services Inc. now owns 1,962 shares of the basic materials company's stock worth $236,000 after purchasing an additional 112 shares in the last quarter. 76.48% of the stock is currently owned by institutional investors.

Nucor Stock Down 3.1%

Shares of NUE traded down $4.40 during trading hours on Friday, hitting $138.67. The company had a trading volume of 1,721,010 shares, compared to its average volume of 2,572,919. The firm has a fifty day moving average price of $130.02 and a 200-day moving average price of $125.61. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.48 and a current ratio of 2.83. The stock has a market capitalization of $32.00 billion, a price-to-earnings ratio of 25.03, a P/E/G ratio of 0.91 and a beta of 1.70. Nucor Corporation has a 52-week low of $97.59 and a 52-week high of $170.52.

Nucor (NYSE:NUE - Get Free Report) last posted its quarterly 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. The firm had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.47 billion. Nucor had a return on equity of 6.65% and a net margin of 4.21%. Nucor's quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.68 EPS. On average, equities research analysts forecast that Nucor Corporation will post 7.64 EPS for the current fiscal year.

Nucor Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 11th. Stockholders of record on Monday, June 30th will be given a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Monday, June 30th. Nucor's payout ratio is currently 39.71%.

Insider Activity

In related news, EVP Daniel R. Needham sold 7,088 shares of the stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $127.87, for a total transaction of $906,342.56. Following the sale, the executive vice president directly owned 99,379 shares of the company's stock, valued at $12,707,592.73. This trade represents a 6.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Kenneth Rex Query sold 10,000 shares of the stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $130.37, for a total value of $1,303,700.00. Following the sale, the executive vice president directly owned 94,080 shares in the company, valued at $12,265,209.60. This trade represents a 9.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.46% of the stock is owned by insiders.

Analysts Set New Price Targets

NUE has been the subject of several recent analyst reports. Wall Street Zen lowered Nucor from a "hold" rating to a "sell" rating in a report on Wednesday, April 30th. BMO Capital Markets upgraded Nucor from a "market perform" rating to an "outperform" rating and boosted their price objective for the company from $140.00 to $145.00 in a research report on Monday, June 2nd. The Goldman Sachs Group lowered their price objective on Nucor from $175.00 to $169.00 and set a "buy" rating for the company in a research report on Monday, April 7th. Morgan Stanley upped their target price on Nucor from $134.00 to $149.00 and gave the company an "overweight" rating in a report on Friday, June 20th. Finally, Jefferies Financial Group upgraded Nucor from a "hold" rating to a "buy" rating and upped their target price for the company from $135.00 to $170.00 in a report on Thursday. One equities research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Nucor presently has a consensus rating of "Moderate Buy" and a consensus price target of $157.13.

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.