Bank of New York Mellon Corp Cuts Holdings in Nucor Corporation (NYSE:NUE)

Bank of New York Mellon Corp lowered its stake in Nucor Corporation (NYSE:NUE - Free Report) by 4.9% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,596,633 shares of the basic materials company's stock after selling 82,543 shares during the period. Bank of New York Mellon Corp owned 0.69% of Nucor worth $192,139,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in NUE. Jones Financial Companies Lllp lifted its position in Nucor by 50.8% in the 4th quarter. Jones Financial Companies Lllp now owns 5,419 shares of the basic materials company's stock valued at $632,000 after acquiring an additional 1,826 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in Nucor in the 4th quarter valued at approximately $64,000. Proficio Capital Partners LLC bought a new position in shares of Nucor during the 4th quarter valued at $15,452,000. Raymond James Financial Inc. bought a new position in shares of Nucor during the 4th quarter valued at $38,714,000. Finally, Candriam S.C.A. lifted its holdings in shares of Nucor by 12.8% during the 4th quarter. Candriam S.C.A. now owns 18,930 shares of the basic materials company's stock valued at $2,209,000 after buying an additional 2,150 shares during the period. Hedge funds and other institutional investors own 76.48% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NUE. Morgan Stanley increased their price target on Nucor from $134.00 to $149.00 and gave the company an "overweight" rating in a report on Friday, June 20th. The Goldman Sachs Group lowered their price target on Nucor from $175.00 to $169.00 and set a "buy" rating on the stock in a report on Monday, April 7th. JPMorgan Chase & Co. lowered their price target on Nucor from $156.00 to $140.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Wall Street Zen cut Nucor from a "hold" rating to a "sell" rating in a report on Wednesday, April 30th. Finally, UBS Group lowered their price target on Nucor from $153.00 to $147.00 and set a "buy" rating on the stock in a report on Thursday, May 29th. One research analyst has rated the stock with a sell rating, one has given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Nucor presently has an average rating of "Moderate Buy" and a consensus target price of $150.00.

Nucor Price Performance

NUE stock traded down $0.88 during trading on Friday, reaching $142.43. The company's stock had a trading volume of 1,242,965 shares, compared to its average volume of 2,242,512. Nucor Corporation has a 1 year low of $97.59 and a 1 year high of $170.52. The company has a quick ratio of 1.48, a current ratio of 2.52 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $32.87 billion, a P/E ratio of 25.34, a price-to-earnings-growth ratio of 0.92 and a beta of 1.70. The company's fifty day moving average is $122.30 and its 200-day moving average is $123.11.

Nucor (NYSE:NUE - Get Free Report) last issued its quarterly earnings results on Monday, April 28th. The basic materials company reported $0.77 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.92 by ($0.15). Nucor had a return on equity of 6.82% and a net margin of 4.40%. The business had revenue of $7.83 billion during the quarter, compared to analysts' expectations of $7.25 billion. During the same quarter in the previous year, the company posted $3.46 EPS. The company's quarterly revenue was down 3.8% on a year-over-year basis. On average, research analysts expect that Nucor Corporation will post 7.64 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 11th. Shareholders of record on Monday, June 30th will be paid a $0.55 dividend. The ex-dividend date is Monday, June 30th. This represents a $2.20 dividend on an annualized basis and a yield of 1.54%. Nucor's payout ratio is presently 39.15%.

Insiders Place Their Bets

In other Nucor news, EVP Kenneth Rex Query sold 10,000 shares of the stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $130.37, for a total value of $1,303,700.00. Following the completion of the sale, the executive vice president owned 94,080 shares in the company, valued at approximately $12,265,209.60. This represents a 9.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Daniel R. Needham sold 7,088 shares of the firm's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $127.87, for a total value of $906,342.56. Following the transaction, the executive vice president owned 99,379 shares of the company's stock, valued at approximately $12,707,592.73. The trade was a 6.66% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 51,326 shares of company stock worth $6,325,108. Corporate insiders own 0.46% of the company's stock.

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.