Nucor Corporation $NUE Stock: Howard Capital Management LLC Decreases Position

Key Points

• Howard Capital Management reduced its Nucor stake by 93.3% in the third quarter, leaving it with 1,376 shares worth approximately $322,000. Institutional investors collectively own 76.48% of Nucor.
• Nucor reported quarterly EPS of $4.84, exceeding the $4.46 consensus estimate, while revenue reached $10.40 billion, up 23% year over year. The company declared a quarterly dividend of $0.56, representing a 0.9% annualized yield.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $276.07; shares recently traded at $256.32.

Howard Capital Management LLC cut its position in shares of Nucor Corporation (NYSE:NUE - Free Report) by 93.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,376 shares of the basic materials company's stock after selling 19,188 shares during the period. Howard Capital Management LLC's holdings in Nucor were worth $322,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Transamerica Financial Advisors LLC purchased a new stake in shares of Nucor during the 2nd quarter worth approximately $25,000. Manning & Napier Advisors LLC bought a new position in shares of Nucor during the 2nd quarter valued at approximately $27,000. Bell Investment Advisors Inc purchased a new position in shares of Nucor in the second quarter valued at $28,000. GK Wealth Management LLC purchased a new position in shares of Nucor in the third quarter valued at $28,000. Finally, Markowski Investments purchased a new position in shares of Nucor in the second quarter valued at $29,000. Hedge funds and other institutional investors own 76.48% of the company's stock.

Insider Buying and Selling at Nucor

In other Nucor news, COO Stephen Laxton sold 3,968 shares of Nucor stock in a transaction on Thursday, July 30th. The shares were 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 directly owned 77,867 shares of the company's stock, valued at $20,008,704.32. The trade was a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Thomas Batterbee sold 4,000 shares of the business's stock in a transaction on 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 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 position. The disclosure for this sale is available in the SEC filing. 0.62% of the stock is owned by insiders.

Nucor Trading Up 0.6%

Shares of NUE stock opened at $256.32 on Friday. Nucor Corporation has a 1 year low of $131.32 and a 1 year high of $280.11. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.51 and a quick ratio of 1.36. The stock's 50 day simple moving average is $253.71 and its two-hundred day simple moving average is $238.02. The company has a market cap of $58.15 billion, a PE ratio of 20.44, a price-to-earnings-growth ratio of 0.63 and a beta of 1.84.

Nucor (NYSE:NUE - Get Free Report) last posted its quarterly earnings data on Monday, July 27th. The basic materials company reported $4.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.46 by $0.38. The business had revenue of $10.40 billion during the quarter, compared to analyst estimates of $10.15 billion. Nucor had a return on equity of 12.73% and a net margin of 7.99%. The company's revenue for the quarter was up 23.0% on a year-over-year basis. During the same period last year, the company earned $2.60 EPS. Research analysts predict that Nucor Corporation will post 19.62 earnings per share for the current year.

Nucor Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 10th. Investors of record on Wednesday, September 30th will be given a $0.56 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $2.24 dividend on an annualized basis and a yield of 0.9%. Nucor's dividend payout ratio (DPR) is currently 17.86%.

Analysts Set New Price Targets

Several brokerages recently weighed in on NUE. Barclays boosted their price target on shares of Nucor from $272.00 to $295.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 29th. Zacks Research upgraded shares of Nucor from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, October 13th. Citigroup reiterated a "buy" rating on shares of Nucor in a research report on Wednesday, July 29th. KeyCorp dropped their price objective on shares of Nucor from $288.00 to $286.00 and set an "overweight" rating for the company in a research note on Monday, October 5th. Finally, BMO Capital Markets boosted their target price on shares of Nucor from $285.00 to $295.00 and gave the stock an "outperform" rating in a report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Nucor has a consensus rating of "Moderate Buy" and a consensus price target of $276.07.

Nucor Profile

Nucor Corporation is a Charlotte, North Carolina-based steel producer and one of the largest steel companies in North America. The company operates electric arc furnace (EAF) steel mills that use recycled scrap steel as a primary raw material, along with facilities that manufacture and process steel products for construction, manufacturing, transportation, energy and other industrial markets.

Nucor's product portfolio includes carbon and alloy steel in sheet, plate, bar and structural forms, as well as reinforcing steel, wire and wire mesh.

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