Nucor Corporation $NUE Stock: Curated Wealth Partners LLC Lowers Stake

Key Points

• Curated Wealth Partners cut its Nucor stake by 97.1% in the third quarter, selling 35,149 shares and retaining 1,061 shares worth approximately $248,000. Institutional investors collectively own 76.48% of Nucor.
• Nucor reported quarterly EPS of $4.84, exceeding the $4.46 analyst consensus, while revenue rose 23% year over year to $10.40 billion. The company also announced a quarterly dividend of $0.56 per share, representing a 0.9% yield.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $276.07, versus the stock’s reported opening price of $256.32.

Curated Wealth Partners LLC lessened its stake in shares of Nucor Corporation (NYSE:NUE - Free Report) by 97.1% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,061 shares of the basic materials company's stock after selling 35,149 shares during the period. Curated Wealth Partners LLC's holdings in Nucor were worth $248,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of NUE. BlackRock Inc. acquired a new position in Nucor during the second quarter worth $4,452,563,000. Bank of America Corp DE bought a new stake in shares of Nucor in the 2nd quarter worth $462,886,000. Dimensional Fund Advisors LP grew its stake in shares of Nucor by 0.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,539,044 shares of the basic materials company's stock worth $429,298,000 after acquiring an additional 22,718 shares in the last quarter. Berkshire Hathaway Inc purchased a new stake in shares of Nucor in the second quarter valued at about $413,814,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Nucor in the second quarter valued at about $330,902,000. Institutional investors own 76.48% of the company's stock.

Nucor Price Performance

Nucor stock opened at $256.32 on Monday. The business's 50 day simple moving average is $253.71 and its 200 day simple moving average is $238.54. Nucor Corporation has a 12 month low of $131.32 and a 12 month high of $280.11. The company has a market cap of $58.15 billion, a price-to-earnings ratio of 20.44, a PEG ratio of 0.63 and a beta of 1.84. The company has a current ratio of 2.51, a quick ratio of 1.36 and a debt-to-equity ratio of 0.27.

Nucor (NYSE:NUE - Get Free Report) last released its earnings results on Monday, July 27th. The basic materials company reported $4.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $10.15 billion. During the same period last year, the business posted $2.60 earnings per share. The business's revenue for the quarter was up 23.0% on a year-over-year basis. Sell-side analysts forecast that Nucor Corporation will post 19.62 EPS for the current year.

Nucor Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 10th. Shareholders of record on Wednesday, September 30th will be issued a dividend of $0.56 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $2.24 annualized dividend and a yield of 0.9%. Nucor's dividend payout ratio is 17.86%.

Insider Activity

In other Nucor news, EVP Thomas Batterbee sold 4,000 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $261.02, for a total transaction of $1,044,080.00. Following the completion of the transaction, the executive vice president owned 16,138 shares in the company, valued at $4,212,340.76. This trade represents a 19.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Stephen Laxton sold 3,968 shares of Nucor stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $256.96, for a total transaction of $1,019,617.28. Following the completion of the transaction, the chief operating officer owned 77,867 shares of the company's stock, valued at $20,008,704.32. The trade was a 4.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.62% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. dropped their price target on shares of Nucor from $308.00 to $296.00 and set an "overweight" rating on the stock in a research report on Friday, October 9th. Wall Street Zen downgraded shares of Nucor from a "strong-buy" rating to a "buy" rating in a research report on Monday, October 12th. Citigroup reaffirmed a "buy" rating on shares of Nucor in a research report on Wednesday, July 29th. Barclays increased their price objective on shares of Nucor from $272.00 to $295.00 and gave the company an "overweight" rating in a research note on Wednesday, July 29th. Finally, Morgan Stanley set a $270.00 target price on shares of Nucor in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $276.07.

About Nucor

Nucor Corporation is a steel producer headquartered in Charlotte, North Carolina. Through its operating subsidiaries, the company manufactures steel and steel products for customers in construction, automotive, energy, heavy equipment, transportation and other industrial markets.

Nucor's operations include electric arc furnace steel mills, which produce carbon, alloy and galvanized steel products. Its product portfolio includes sheet steel, plate, beams, bars, wire and wire mesh, steel joists, deck, piling, fabricated concrete reinforcing steel and other downstream products.

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