Corient Private Wealth LP Sells 4,595 Shares of Nucor Corporation $NUE

Key Points

• Corient Private Wealth reduced its Nucor stake by 6.3%, selling 4,595 shares in the second quarter and retaining 68,231 shares valued at approximately $15.2 million. Institutional investors collectively own 76.48% of Nucor.
• Nucor insiders also sold shares, including executives Thomas Batterbee and Stephen Laxton, while insiders retain only 0.62% of the company.
• Analysts remain broadly positive, with a “Moderate Buy” consensus and an average price target of $274.38. Nucor recently exceeded quarterly earnings and revenue estimates, reporting $4.84 EPS and $10.4 billion in revenue.

Corient Private Wealth LP lowered its stake in Nucor Corporation (NYSE:NUE - Free Report) by 6.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 68,231 shares of the basic materials company's stock after selling 4,595 shares during the period. Corient Private Wealth LP's holdings in Nucor were worth $15,199,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. bought a new position in Nucor in the second quarter valued at about $4,452,563,000. Norges Bank bought a new stake in Nucor during the 4th quarter worth about $609,002,000. Bank of America Corp DE bought a new stake in Nucor during the 2nd quarter worth about $462,886,000. Dimensional Fund Advisors LP lifted its position in Nucor by 0.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,539,044 shares of the basic materials company's stock valued at $429,298,000 after purchasing an additional 22,718 shares during the period. Finally, Berkshire Hathaway Inc acquired a new position in Nucor during the 2nd quarter valued at about $413,814,000. Institutional investors own 76.48% of the company's stock.

Insiders Place Their Bets

In other Nucor news, EVP Thomas J. Batterbee sold 4,000 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $261.02, for a total transaction of $1,044,080.00. Following the transaction, the executive vice president owned 16,138 shares of the company's stock, valued at $4,212,340.76. The trade was a 19.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Stephen D. Laxton sold 3,968 shares of the company's stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $256.96, for a total value of $1,019,617.28. Following the sale, the chief operating officer owned 77,867 shares in the company, valued at approximately $20,008,704.32. This represents a 4.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.62% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on NUE. Morgan Stanley set a $270.00 price objective on shares of Nucor in a report on Wednesday, July 29th. KeyCorp raised shares of Nucor from a "sector weight" rating to an "overweight" rating and set a $274.00 target price for the company in a report on Wednesday, June 24th. Bank of America dropped their target price on shares of Nucor from $290.00 to $280.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. Seaport Research Partners increased their price target on Nucor from $245.00 to $285.00 and gave the company a "buy" rating in a research note on Wednesday, June 10th. Finally, Zacks Research lowered Nucor from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 29th. Thirteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Nucor has an average rating of "Moderate Buy" and a consensus price target of $274.38.

Nucor Trading Up 1.6%

Shares of NYSE:NUE opened at $258.61 on Wednesday. The firm has a market cap of $58.67 billion, a price-to-earnings ratio of 20.62, a PEG ratio of 0.92 and a beta of 1.87. Nucor Corporation has a 12 month low of $131.32 and a 12 month high of $280.11. The company's fifty day simple moving average is $252.97 and its 200 day simple moving average is $225.44. The company has a quick ratio of 1.36, a current ratio of 2.51 and a debt-to-equity ratio of 0.27.

Nucor (NYSE:NUE - Get Free Report) last announced its earnings results on Monday, July 27th. The basic materials company reported $4.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.46 by $0.38. The business had revenue of $10.40 billion for the quarter, compared to analyst estimates of $10.15 billion. Nucor had a return on equity of 12.73% and a net margin of 7.99%.Nucor's revenue for the quarter was up 23.0% compared to the same quarter last year. During the same quarter last year, the firm earned $2.60 EPS. As a group, research analysts forecast that Nucor Corporation will post 18.52 EPS for the current fiscal year.

Nucor Profile

Nucor Corporation is a Charlotte, North Carolina-based steel and steel products company. It manufactures carbon, alloy and stainless steel products, including sheet, plate, bar, structural steel, rail, wire rod, rebar and merchant bar. The company also produces steel joists, deck, beams, piling, wire products, fasteners, grating, metal building systems and other fabricated steel products.

Nucor operates an integrated network of electric arc furnace steel mills, recycling facilities and downstream manufacturing operations.

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