USS Investment Management Ltd Cuts Position in Nucor Corporation $NUE

Key Points

• USS Investment Management Ltd reduced its stake in Nucor Corporation by 35.9%, ending up with 19,958 shares valued at approximately $2.4 million.
• Several institutional investors, including Vanguard Group Inc. and Price T Rowe Associates Inc., increased their holdings in Nucor during the same period, indicating strong institutional interest with combined ownership of 76.48% of the company's stock.
• Nucor reported a quarterly earnings per share of $2.60, exceeding expectations, along with announcing a dividend of $0.55 per share to be paid on November 10th.

USS Investment Management Ltd trimmed its stake in Nucor Corporation (NYSE:NUE - Free Report) by 35.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,958 shares of the basic materials company's stock after selling 11,200 shares during the period. USS Investment Management Ltd's holdings in Nucor were worth $2,401,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Putney Financial Group LLC bought a new position in shares of Nucor in the fourth quarter worth approximately $29,000. MV Capital Management Inc. increased its position in shares of Nucor by 73.5% in the first quarter. MV Capital Management Inc. now owns 281 shares of the basic materials company's stock worth $34,000 after purchasing an additional 119 shares during the last quarter. Fourth Dimension Wealth LLC bought a new position in shares of Nucor in the fourth quarter worth approximately $41,000. Park Square Financial Group LLC bought a new position in shares of Nucor in the fourth quarter worth approximately $48,000. Finally, Spirit of America Management Corp NY bought a new position in shares of Nucor in the first quarter worth approximately $48,000. 76.48% of the stock is currently owned by institutional investors.

Nucor Trading Down 1.6%

Shares of Nucor stock traded down $2.28 on Friday, hitting $141.47. The stock had a trading volume of 929,924 shares, compared to its average volume of 1,279,063. The company has a quick ratio of 1.51, a current ratio of 2.83 and a debt-to-equity ratio of 0.31. Nucor Corporation has a one year low of $97.59 and a one year high of $170.52. The stock has a market cap of $32.47 billion, a price-to-earnings ratio of 25.54, a PEG ratio of 0.91 and a beta of 1.76. The stock's 50-day simple moving average is $143.11 and its two-hundred day simple moving average is $128.45.

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

Nucor Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages have commented on NUE. Morgan Stanley increased their price target on shares of Nucor from $134.00 to $149.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. Jefferies Financial Group upgraded shares of Nucor from a "hold" rating to a "buy" rating and increased their price target for the company from $135.00 to $170.00 in a research report on Thursday, July 31st. JPMorgan Chase & Co. increased their price target on shares of Nucor from $143.00 to $162.00 and gave the company an "overweight" rating in a research report on Monday, July 14th. Wells Fargo & Company upgraded shares of Nucor to a "hold" rating in a research report on Thursday, August 14th. Finally, UBS Group reduced their price target on shares of Nucor from $153.00 to $147.00 and set a "buy" rating on the stock in a research report on Thursday, May 29th. Seven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Nucor has a consensus rating of "Moderate Buy" and an average price target of $155.78.

Insiders Place Their Bets

In related news, insider Michael D. Keller sold 6,088 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $148.41, for a total value of $903,520.08. Following the completion of the sale, the insider owned 22,464 shares of the company's stock, valued at $3,333,882.24. This trade represents a 21.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Daniel R. Needham sold 7,200 shares of the firm's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $146.00, for a total value of $1,051,200.00. Following the completion of the sale, the executive vice president directly owned 92,179 shares of the company's stock, valued at $13,458,134. The trade was a 7.24% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 48,397 shares of company stock worth $6,763,814. Insiders own 0.46% of the company's stock.

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.