Nucor Corporation $NUE Shares Sold by Janney Montgomery Scott LLC

Key Points

• Janney Montgomery Scott LLC reduced its stake in Nucor Corporation by 4.2%, holding 136,281 shares worth approximately $17.65 million post-sale.
• Analysts have set a consensus target price of $156.60 for Nucor, with eight analysts rating the stock as a "Buy" and one as a "Hold."
• Nucor recently announced a quarterly dividend of $0.55 per share, with an ex-dividend date of September 30th, reflecting an annualized yield of 1.6%.

Janney Montgomery Scott LLC trimmed its position in Nucor Corporation (NYSE:NUE - Free Report) by 4.2% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 136,281 shares of the basic materials company's stock after selling 5,913 shares during the period. Janney Montgomery Scott LLC owned 0.06% of Nucor worth $17,654,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. GC Wealth Management RIA LLC grew its stake in Nucor by 16.2% in the second quarter. GC Wealth Management RIA LLC now owns 4,181 shares of the basic materials company's stock worth $542,000 after purchasing an additional 582 shares in the last quarter. V Square Quantitative Management LLC boosted its stake in Nucor by 8.0% in the second quarter. V Square Quantitative Management LLC now owns 6,172 shares of the basic materials company's stock valued at $800,000 after acquiring an additional 459 shares during the period. Argus Investors Counsel Inc. boosted its stake in Nucor by 5.2% in the second quarter. Argus Investors Counsel Inc. now owns 5,930 shares of the basic materials company's stock valued at $768,000 after acquiring an additional 294 shares during the period. Beacon Capital Management LLC boosted its stake in Nucor by 431.1% in the second quarter. Beacon Capital Management LLC now owns 1,981 shares of the basic materials company's stock valued at $257,000 after acquiring an additional 1,608 shares during the period. Finally, Consolidated Capital Management LLC boosted its stake in Nucor by 22.2% in the second quarter. Consolidated Capital Management LLC now owns 59,497 shares of the basic materials company's stock valued at $7,707,000 after acquiring an additional 10,793 shares during the period. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have commented on NUE. Wells Fargo & Company decreased their target price on Nucor from $146.00 to $140.00 and set an "equal weight" rating for the company in a research note on Thursday, September 18th. Bank of America lifted their target price on Nucor from $150.00 to $165.00 and gave the company a "buy" rating in a research note on Monday, September 15th. Jefferies Financial Group upgraded Nucor from a "hold" rating to a "buy" rating and lifted their target price for the company from $135.00 to $170.00 in a research note on Thursday, July 31st. The Goldman Sachs Group decreased their target price on Nucor from $182.00 to $173.00 and set a "buy" rating for the company in a research note on Monday, September 22nd. Finally, Morgan Stanley lifted their target price on Nucor from $134.00 to $149.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. Eight research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, Nucor presently has a consensus rating of "Moderate Buy" and a consensus target price of $156.60.

Insider Transactions at Nucor

In related news, insider Michael D. Keller sold 6,088 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $148.41, for a total transaction of $903,520.08. Following the sale, the insider owned 22,464 shares of the company's stock, valued at $3,333,882.24. The trade was a 21.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Allen C. Behr sold 8,021 shares of the business'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 sale, the executive vice president directly owned 82,703 shares in the company, valued at approximately $11,857,956.14. The trade was a 8.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold 31,309 shares of company stock worth $4,553,771 in the last three months. 0.46% of the stock is currently owned by company insiders.

Nucor Stock Performance

NUE opened at $138.96 on Friday. The business's 50 day moving average is $141.99 and its 200-day moving average is $128.95. The stock has a market cap of $31.90 billion, a PE ratio of 25.08, a price-to-earnings-growth ratio of 0.93 and a beta of 1.76. The company has a current ratio of 2.83, a quick ratio of 1.51 and a debt-to-equity ratio of 0.31. 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 released its quarterly earnings results on Monday, July 28th. The basic materials company reported $2.60 earnings per share for the quarter, beating analysts' consensus estimates of $2.54 by $0.06. Nucor had a return on equity of 6.65% and a net margin of 4.21%.The company had revenue of $8.46 billion for the quarter, compared to analysts' expectations of $8.47 billion. During the same quarter in the previous year, the company posted $2.68 earnings per share. The business's revenue for the quarter was up 4.7% compared to the same quarter last year. On average, analysts predict that Nucor Corporation will post 7.64 earnings per share for the current year.

Nucor Dividend Announcement

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

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.

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