Nucor Corporation $NUE Position Reduced by InvesTrust

Key Points

• InvesTrust has reduced its position in Nucor Corporation's stock by 54.5%, now holding 17,478 shares valued at approximately $2,264,000 at the end of the second quarter.
• Insider sales include EVP Allen C. Behr and EVP Daniel R. Needham selling a total of 15,221 shares recently, reflecting a decrease in their ownership percentages.
• Nucor Corporation reported $2.60 EPS for the last quarter, surpassing analyst estimates, with a revenue of $8.46 billion compared to an estimate of $8.47 billion.

InvesTrust cut its position in shares of Nucor Corporation (NYSE:NUE - Free Report) by 54.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,478 shares of the basic materials company's stock after selling 20,899 shares during the quarter. InvesTrust's holdings in Nucor were worth $2,264,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. lifted its stake in Nucor by 17.8% during 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 in the last quarter. Wealth Enhancement Advisory Services LLC lifted 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 valued at $12,210,000 after buying an additional 17,861 shares in the last quarter. Assenagon Asset Management S.A. lifted 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 valued at $3,476,000 after buying an additional 4,914 shares in the last quarter. Envestnet Asset Management Inc. lifted 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 valued at $36,704,000 after buying 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 valued at $506,000 after buying an additional 1,375 shares in the last quarter. 76.48% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Nucor

In related news, EVP Allen C. Behr sold 8,021 shares of the firm's stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $143.38, for a total transaction of $1,150,050.98. Following the transaction, the executive vice president 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Daniel R. Needham sold 7,200 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $146.00, for a total transaction of $1,051,200.00. Following the transaction, the executive vice president directly owned 92,179 shares in the company, valued at approximately $13,458,134. The trade was a 7.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 48,397 shares of company stock worth $6,763,814 in the last ninety days. Insiders own 0.46% of the company's stock.

Nucor Price Performance

Shares of NUE opened at $141.47 on Friday. The firm has a market cap of $32.47 billion, a PE ratio of 25.54, a PEG ratio of 0.91 and a beta of 1.76. The firm's 50 day moving average price is $143.11 and its 200 day moving average price is $128.45. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.51 and a current ratio of 2.83. Nucor Corporation has a twelve month low of $97.59 and a twelve month high of $170.52.

Nucor (NYSE:NUE - Get Free Report) last issued its quarterly earnings data on Monday, July 28th. The basic materials company reported $2.60 earnings per share for the quarter, beating the consensus estimate 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%. The company's revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter last year, the firm earned $2.68 earnings per share. As a group, research analysts expect that Nucor Corporation will post 7.64 EPS for the current fiscal year.

Nucor Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Investors of record on Tuesday, September 30th will be given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Tuesday, September 30th. Nucor's dividend payout ratio (DPR) is presently 39.71%.

Analysts Set New Price Targets

A number of analysts have commented on NUE shares. Morgan Stanley upped their price objective on shares of Nucor from $134.00 to $149.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. Jefferies Financial Group raised shares of Nucor from a "hold" rating to a "buy" rating and increased their price target for the stock from $135.00 to $170.00 in a research report on Thursday, July 31st. Wells Fargo & Company raised shares of Nucor to a "hold" rating in a research report on Thursday, August 14th. BMO Capital Markets raised shares of Nucor from a "market perform" rating to an "outperform" rating and increased their price target for the stock from $140.00 to $145.00 in a research report on Monday, June 2nd. Finally, UBS Group reduced their price target 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. Seven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Nucor has a consensus rating of "Moderate Buy" and a consensus target price of $155.78.

Nucor Company 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.

Want to see what other hedge funds are holding NUE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Nucor Corporation (NYSE:NUE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.