Nucor Corporation $NUE Shares Sold by Gateway Investment Advisers LLC

Key Points

• Gateway Investment Advisers LLC reduced its stake in Nucor Corporation by 9.5%, selling 2,219 shares, and currently holds 21,149 shares valued at approximately $2.74 million.
• Nucor Corporation reported $2.60 EPS for the quarter, exceeding the consensus estimate of $2.54, and had a total revenue of $8.46 billion.
• The company announced a quarterly dividend of $0.55 per share, representing a 1.5% yield, with the payout date set for November 10th.

Gateway Investment Advisers LLC cut its stake in Nucor Corporation (NYSE:NUE - Free Report) by 9.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,149 shares of the basic materials company's stock after selling 2,219 shares during the period. Gateway Investment Advisers LLC's holdings in Nucor were worth $2,740,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of NUE. Quantinno Capital Management LP raised its stake in shares of Nucor by 53.2% in the 4th quarter. Quantinno Capital Management LP now owns 23,171 shares of the basic materials company's stock valued at $2,704,000 after acquiring an additional 8,043 shares in the last quarter. Royal Bank of Canada grew its holdings in shares of Nucor by 64.0% during the fourth quarter. Royal Bank of Canada now owns 653,394 shares of the basic materials company's stock worth $76,258,000 after buying an additional 254,871 shares in the last quarter. Tidal Investments LLC lifted its position in shares of Nucor by 26.5% in the fourth quarter. Tidal Investments LLC now owns 46,160 shares of the basic materials company's stock valued at $5,387,000 after buying an additional 9,667 shares during the last quarter. Two Sigma Investments LP bought a new position in shares of Nucor in the 4th quarter valued at $20,713,000. Finally, Two Sigma Advisers LP acquired a new position in Nucor during the 4th quarter worth about $10,597,000. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Nucor Trading Down 0.9%

NUE stock traded down $1.27 during midday trading on Friday, reaching $133.03. 4,862,886 shares of the company traded hands, compared to its average volume of 1,419,934. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.51 and a current ratio of 2.83. The firm has a market capitalization of $30.54 billion, a price-to-earnings ratio of 24.01, a P/E/G ratio of 0.88 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 business has a 50 day moving average of $142.95 and a 200-day moving average of $128.60.

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

Nucor Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Tuesday, September 30th will be paid a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 1.7%. The ex-dividend date is Tuesday, September 30th. Nucor's dividend payout ratio is currently 39.71%.

Insider Activity at Nucor

In other Nucor news, EVP Kenneth Rex Query sold 10,000 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $144.90, for a total transaction of $1,449,000.00. Following the transaction, the executive vice president directly owned 84,080 shares in the company, valued at approximately $12,183,192. This represents a 10.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Allen C. Behr sold 8,021 shares of Nucor stock in a transaction dated Thursday, July 31st. The stock was 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 directly owned 82,703 shares of the company's stock, valued at approximately $11,857,956.14. This trade represents a 8.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold 48,397 shares of company stock valued at $6,763,814 in the last quarter. Company insiders own 0.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on NUE. Jefferies Financial Group upgraded Nucor from a "hold" rating to a "buy" rating and lifted their price target for the company from $135.00 to $170.00 in a research report on Thursday, July 31st. Wells Fargo & Company cut their price objective on Nucor from $146.00 to $140.00 and set an "equal weight" rating for the company in a research report on Thursday. Morgan Stanley lifted their price objective on shares of Nucor from $134.00 to $149.00 and gave the company an "overweight" rating in a report on Friday, June 20th. UBS Group decreased their price objective on shares of Nucor from $153.00 to $147.00 and set a "buy" rating for the company in a research report on Thursday, May 29th. Finally, BMO Capital Markets upgraded shares of Nucor from a "market perform" rating to an "outperform" rating and raised their price objective for the company from $140.00 to $145.00 in a report on Monday, June 2nd. Eight research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $156.20.

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.