Nucor Corporation $NUE Shares Sold by Private Trust Co. NA

Key Points

• Private Trust Co. NA significantly cut its stake in Nucor Corporation by 69.8%, now holding 926 shares valued at $120,000.
• Several hedge funds have increased their positions in Nucor, with Applied Finance Capital Management raising its stake by 1.8% and Nordea Investment Management increasing by 10.6%.
• Nucor recently announced a $0.55 quarterly dividend, indicating a 1.6% yield, with a payout ratio of 39.71%.

Private Trust Co. NA reduced its position in Nucor Corporation (NYSE:NUE - Free Report) by 69.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 926 shares of the basic materials company's stock after selling 2,136 shares during the period. Private Trust Co. NA's holdings in Nucor were worth $120,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Applied Finance Capital Management LLC raised its position in shares of Nucor by 1.8% in the 2nd quarter. Applied Finance Capital Management LLC now owns 5,908 shares of the basic materials company's stock valued at $765,000 after purchasing an additional 103 shares in the last quarter. Nordea Investment Management AB raised its holdings in Nucor by 10.6% in the second quarter. Nordea Investment Management AB now owns 1,856,100 shares of the basic materials company's stock valued at $244,059,000 after acquiring an additional 177,420 shares in the last quarter. Praxis Investment Management Inc. raised its holdings in Nucor by 8.3% in the second quarter. Praxis Investment Management Inc. now owns 6,410 shares of the basic materials company's stock valued at $830,000 after acquiring an additional 490 shares in the last quarter. WealthPlan Investment Management LLC boosted its stake in Nucor by 14.3% during the 2nd quarter. WealthPlan Investment Management LLC now owns 68,834 shares of the basic materials company's stock valued at $8,917,000 after acquiring an additional 8,624 shares during the last quarter. Finally, Mutual Advisors LLC grew its holdings in Nucor by 7.7% during the 2nd quarter. Mutual Advisors LLC now owns 15,264 shares of the basic materials company's stock worth $1,977,000 after acquiring an additional 1,086 shares in the last quarter. 76.48% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on NUE. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Nucor in a research report on Wednesday, October 8th. The Goldman Sachs Group cut their price objective on Nucor from $182.00 to $173.00 and set a "buy" rating on the stock in a research note on Monday, September 22nd. Jefferies Financial Group upgraded Nucor from a "hold" rating to a "buy" rating and lifted their target price for the stock from $135.00 to $170.00 in a research report on Thursday, July 31st. Bank of America boosted their price target on Nucor from $150.00 to $165.00 and gave the company a "buy" rating in a report on Monday, September 15th. Finally, JPMorgan Chase & Co. raised their price objective on Nucor from $165.00 to $172.00 and gave the stock an "overweight" rating in a research note on Monday, October 13th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $157.60.

Nucor Stock Down 2.9%

Shares of Nucor stock opened at $136.51 on Thursday. The stock has a market capitalization of $31.33 billion, a price-to-earnings ratio of 24.64, a PEG ratio of 1.00 and a beta of 1.75. Nucor Corporation has a twelve month low of $97.59 and a twelve month high of $170.52. The company has a current ratio of 2.83, a quick ratio of 1.51 and a debt-to-equity ratio of 0.31. The business's 50 day simple moving average is $140.70 and its 200-day simple moving average is $130.25.

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

Nucor Announces Dividend

The company 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 $0.55 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $2.20 annualized dividend and a yield of 1.6%. Nucor's dividend payout ratio (DPR) is currently 39.71%.

Insider Activity

In related news, EVP Allen C. Behr sold 8,021 shares of the 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 transaction, the executive vice president directly owned 82,703 shares of the company's stock, valued at $11,857,956.14. This represents a 8.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Michael D. Keller sold 6,088 shares of Nucor stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $148.41, for a total value of $903,520.08. Following the sale, the insider directly owned 22,464 shares in the company, valued at $3,333,882.24. The trade was a 21.32% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 31,309 shares of company stock valued at $4,553,771. Company insiders own 0.46% of the company's stock.

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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