Central Bank & Trust Co. Reduces Stake in Nucor Corporation $NUE

Key Points

• Central Bank & Trust Co. reduced its stake in Nucor Corporation by 6.9%, selling 2,229 shares to end the second quarter with 29,942 shares valued at approximately $3.88 million.
• Several institutional investors have increased their holdings in Nucor, with Wealth Enhancement Advisory Services LLC boosting its stake by 21.4% in the first quarter.
• Nucor is set to issue a quarterly dividend of $0.55 per share on November 10th, reflecting an annualized dividend of $2.20 and a yield of 1.6%.

Central Bank & Trust Co. cut its stake in shares of Nucor Corporation (NYSE:NUE - Free Report) by 6.9% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 29,942 shares of the basic materials company's stock after selling 2,229 shares during the period. Central Bank & Trust Co.'s holdings in Nucor were worth $3,879,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Nucor by 17.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,595 shares of the basic materials company's stock valued at $3,853,000 after acquiring an additional 4,763 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in Nucor by 21.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 101,459 shares of the basic materials company's stock worth $12,210,000 after acquiring an additional 17,861 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Nucor by 20.5% during the first quarter. Assenagon Asset Management S.A. now owns 28,886 shares of the basic materials company's stock worth $3,476,000 after acquiring an additional 4,914 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in Nucor by 12.4% during the first quarter. Envestnet Asset Management Inc. now owns 305,006 shares of the basic materials company's stock worth $36,704,000 after acquiring an additional 33,700 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Nucor by 48.6% during the first quarter. GAMMA Investing LLC now owns 4,203 shares of the basic materials company's stock valued at $506,000 after buying an additional 1,375 shares during the period. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Nucor

In other Nucor news, EVP Allen C. Behr sold 8,021 shares of the stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $143.38, for a total value of $1,150,050.98. Following the completion of the sale, the executive vice president owned 82,703 shares in the company, valued at approximately $11,857,956.14. This represents a 8.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kenneth Rex Query sold 10,000 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $144.90, for a total transaction of $1,449,000.00. Following the completion of the sale, the executive vice president owned 84,080 shares of the company's stock, valued at approximately $12,183,192. The trade was a 10.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 48,397 shares of company stock worth $6,763,814 in the last quarter. Insiders own 0.71% of the company's stock.

Nucor Trading Up 0.1%

NUE stock opened at $141.48 on Tuesday. The firm has a market cap of $32.48 billion, a P/E ratio of 25.54, a PEG ratio of 0.89 and a beta of 1.76. Nucor Corporation has a 52-week low of $97.59 and a 52-week high of $170.52. The company's 50-day simple moving average is $143.19 and its 200-day simple moving average is $128.40. The company has a quick ratio of 1.51, a current ratio of 2.83 and a debt-to-equity ratio of 0.31.

Nucor (NYSE:NUE - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The basic materials company reported $2.60 earnings per share for the quarter, beating analysts' consensus estimates of $2.54 by $0.06. The firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.47 billion. Nucor had a net margin of 4.21% and a return on equity of 6.65%. Nucor's quarterly revenue was up 4.7% compared to the same quarter last year. During the same period last year, the company posted $2.68 EPS. As a group, equities analysts forecast that Nucor Corporation will post 7.64 EPS for the current fiscal year.

Nucor Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Morgan Stanley boosted their target price on Nucor from $134.00 to $149.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. JPMorgan Chase & Co. upped their target price on Nucor from $143.00 to $162.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Jefferies Financial Group raised Nucor from a "hold" rating to a "buy" rating and upped their price target for the stock from $135.00 to $170.00 in a research report on Thursday, July 31st. UBS Group reduced their price target on Nucor from $153.00 to $147.00 and set a "buy" rating on the stock in a research report on Thursday, May 29th. Finally, Wells Fargo & Company upped their price target on Nucor from $145.00 to $146.00 and gave the stock an "equal weight" rating in a research report on Monday. Eight analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, Nucor presently has a consensus rating of "Moderate Buy" and an average target price of $156.80.

Nucor 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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