Nucor Corporation $NUE Holdings Lessened by Chapin Davis Inc.

Key Points

• Chapin Davis Inc. reduced its Nucor position by 49.7% in the third quarter, selling 5,573 shares and retaining 5,630 shares valued at approximately $1.32 million. Institutional investors collectively own 76.48% of Nucor’s stock.
• Nucor reported quarterly earnings of $4.84 per share, exceeding the $4.46 consensus estimate, while revenue rose 23% year over year to $10.40 billion.
• Analysts maintain a generally positive outlook, with 13 Buy ratings and four Holds producing a “Moderate Buy” consensus and an average price target of $276.93. Nucor also declared a quarterly dividend of $0.56 per share, equivalent to a 0.9% annual yield.

Chapin Davis Inc. cut its position in Nucor Corporation (NYSE:NUE - Free Report) by 49.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,630 shares of the basic materials company's stock after selling 5,573 shares during the period. Chapin Davis Inc.'s holdings in Nucor were worth $1,316,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Monument Capital Management grew its holdings in shares of Nucor by 1.1% in the third quarter. Monument Capital Management now owns 14,837 shares of the basic materials company's stock valued at $3,468,000 after purchasing an additional 166 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Nucor by 9.8% in the third quarter. GAMMA Investing LLC now owns 6,988 shares of the basic materials company's stock worth $1,633,000 after buying an additional 621 shares during the period. Farther Finance Advisors LLC lifted its position in shares of Nucor by 5.7% during the third quarter. Farther Finance Advisors LLC now owns 12,582 shares of the basic materials company's stock worth $2,941,000 after purchasing an additional 676 shares during the last quarter. Apella Capital LLC boosted its position in Nucor by 5.4% in the 3rd quarter. Apella Capital LLC now owns 2,382 shares of the basic materials company's stock valued at $587,000 after buying an additional 121 shares during the period. Finally, Everhart Financial Group Inc. grew its stake in Nucor by 4.0% in the third quarter. Everhart Financial Group Inc. now owns 2,714 shares of the basic materials company's stock worth $634,000 after purchasing an additional 104 shares in the last quarter. Hedge funds and other institutional investors own 76.48% of the company's stock.

Insider Activity at Nucor

In related news, EVP Thomas J. Batterbee sold 4,000 shares of the business's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $261.02, for a total value of $1,044,080.00. Following the completion of the sale, the executive vice president owned 16,138 shares of the company's stock, valued at approximately $4,212,340.76. The trade was a 19.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Stephen D. Laxton sold 3,968 shares of the stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $256.96, for a total transaction of $1,019,617.28. Following the transaction, the chief operating officer directly owned 77,867 shares in the company, valued at approximately $20,008,704.32. The trade was a 4.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.62% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have commented on NUE. KeyCorp cut their target price on shares of Nucor from $288.00 to $286.00 and set an "overweight" rating on the stock in a research report on Monday. Barclays increased their target price on shares of Nucor from $272.00 to $295.00 and gave the company an "overweight" rating in a research report on Wednesday, July 29th. BMO Capital Markets upped their price target on Nucor from $285.00 to $295.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 29th. Zacks Research downgraded Nucor from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 29th. Finally, Wells Fargo & Company lowered their price objective on Nucor from $285.00 to $280.00 and set an "overweight" rating for the company in a research report on Friday, September 18th. Thirteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Nucor presently has an average rating of "Moderate Buy" and an average price target of $276.93.

Nucor Stock Performance

Shares of NUE stock opened at $246.01 on Friday. The business has a fifty day moving average of $255.46 and a 200 day moving average of $234.72. Nucor Corporation has a 1 year low of $131.32 and a 1 year high of $280.11. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.51 and a quick ratio of 1.36. The firm has a market capitalization of $55.81 billion, a price-to-earnings ratio of 19.62, a price-to-earnings-growth ratio of 0.87 and a beta of 1.84.

Nucor (NYSE:NUE - Get Free Report) last posted its quarterly earnings results on Monday, July 27th. The basic materials company reported $4.84 earnings per share for the quarter, beating the consensus estimate of $4.46 by $0.38. Nucor had a return on equity of 12.73% and a net margin of 7.99%.The business had revenue of $10.40 billion for the quarter, compared to the consensus estimate of $10.15 billion. During the same quarter in the previous year, the business earned $2.60 EPS. The company's quarterly revenue was up 23.0% compared to the same quarter last year. As a group, research analysts expect that Nucor Corporation will post 18.89 earnings per share for the current year.

Nucor Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 10th. Investors of record on Wednesday, September 30th will be given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 0.9%. The ex-dividend date is Wednesday, September 30th. Nucor's dividend payout ratio (DPR) is currently 17.86%.

About Nucor

Nucor Corporation is a Charlotte, North Carolina-based steel producer and one of the largest steel companies in North America. The company operates electric arc furnace (EAF) steel mills that use recycled scrap steel as a primary raw material, along with facilities that manufacture and process steel products for construction, manufacturing, transportation, energy and other industrial markets.

Nucor's product portfolio includes carbon and alloy steel in sheet, plate, bar and structural forms, as well as reinforcing steel, wire and wire mesh.

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