Nucor Corporation $NUE Position Reduced by Hudson Edge Investment Partners Inc.

Key Points

• Hudson Edge Investment Partners Inc. reduced its stake in Nucor Corporation by 11.6%, now holding 46,151 shares valued at approximately $5.98 million.
• Several other institutional investors increased their positions in Nucor, with notable increases of 21.4% by Wealth Enhancement Advisory Services LLC and 17.8% by Mirae Asset Global Investments Co. Ltd.
• Nucor's stock has seen positive analyst ratings, with targets raised by multiple firms and currently holds a consensus rating of "Moderate Buy" with a price target of $156.60.

Hudson Edge Investment Partners Inc. reduced its stake in shares of Nucor Corporation (NYSE:NUE - Free Report) by 11.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,151 shares of the basic materials company's stock after selling 6,069 shares during the period. Hudson Edge Investment Partners Inc.'s holdings in Nucor were worth $5,978,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in 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 buying an additional 4,763 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Nucor by 21.4% in the 1st 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 in the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Nucor by 20.5% in the 1st quarter. Assenagon Asset Management S.A. now owns 28,886 shares of the basic materials company's stock valued at $3,476,000 after acquiring an additional 4,914 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of Nucor by 12.4% during the 1st quarter. Envestnet Asset Management Inc. now owns 305,006 shares of the basic materials company's stock valued at $36,704,000 after acquiring an additional 33,700 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in Nucor by 48.6% during the first quarter. GAMMA Investing LLC now owns 4,203 shares of the basic materials company's stock worth $506,000 after purchasing an additional 1,375 shares during the last quarter. Institutional investors and hedge funds own 76.48% of the company's stock.

Insider Activity at Nucor

In other Nucor news, EVP Allen C. Behr sold 8,021 shares of the company's stock in a transaction that occurred on 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 in the company, valued at $11,857,956.14. This represents a 8.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Daniel R. Needham sold 7,200 shares of the stock in a transaction on Monday, August 18th. The shares were sold at an average price of $146.00, for a total value of $1,051,200.00. Following the transaction, the executive vice president directly owned 92,179 shares of the company's stock, valued at approximately $13,458,134. The trade was a 7.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 31,309 shares of company stock valued at $4,553,771. Insiders own 0.46% of the company's stock.

Analyst Ratings Changes

NUE has been the topic of a number of research reports. Bank of America increased their target price on shares of Nucor from $150.00 to $165.00 and gave the stock a "buy" rating in a report on Monday, September 15th. JPMorgan Chase & Co. increased their price objective on shares of Nucor from $143.00 to $162.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. Morgan Stanley raised their target price on shares of Nucor from $134.00 to $149.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Jefferies Financial Group raised Nucor from a "hold" rating to a "buy" rating and upped their target price for the company from $135.00 to $170.00 in a report on Thursday, July 31st. Finally, The Goldman Sachs Group dropped their price target on Nucor from $182.00 to $173.00 and set a "buy" rating on the stock in a research report on Monday, September 22nd. Eight research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Nucor presently has a consensus rating of "Moderate Buy" and a consensus price target of $156.60.

Nucor Stock Up 2.6%

Shares of Nucor stock opened at $138.96 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.83 and a quick ratio of 1.51. Nucor Corporation has a 1-year low of $97.59 and a 1-year high of $170.52. The business's fifty day moving average price is $141.99 and its two-hundred day moving average price is $128.95. The company has a market capitalization of $31.90 billion, a P/E ratio of 25.08, a PEG ratio of 0.93 and a beta of 1.76.

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

Nucor Announces Dividend

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

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.

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