Nucor Corporation $NUE Stock Position Cut by Oppenheimer & Co. Inc.

Key Points

• Oppenheimer & Co. cut its Nucor stake by 43.4% in the third quarter, selling 9,311 shares and retaining 12,166 shares valued at approximately $2.84 million. Institutional investors collectively own 76.48% of Nucor.
• Nucor reported quarterly revenue of $11.25 billion, up 32% year over year and above estimates, while adjusted earnings of $5.80 per share slightly missed consensus by $0.04.
• The stock opened at $273.47, near its 52-week high of $280.11. Analysts maintain a “Moderate Buy” consensus with an average price target of $284, and Nucor declared a quarterly dividend of $0.56 per share.

Oppenheimer & Co. Inc. lowered its stake in Nucor Corporation (NYSE:NUE - Free Report) by 43.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,166 shares of the basic materials company's stock after selling 9,311 shares during the quarter. Oppenheimer & Co. Inc.'s holdings in Nucor were worth $2,844,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new position in Nucor in the second quarter valued at about $4,452,563,000. Bank of America Corp DE purchased a new stake in shares of Nucor during the 2nd quarter valued at about $462,886,000. Dimensional Fund Advisors LP lifted 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 purchasing an additional 22,718 shares during the period. Berkshire Hathaway Inc purchased a new position in shares of Nucor in the second quarter worth approximately $413,814,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Nucor in the second quarter worth approximately $330,902,000. Institutional investors own 76.48% of the company's stock.

Nucor Stock Performance

Shares of NYSE NUE opened at $273.47 on Friday. The firm has a fifty day moving average price of $253.79 and a 200-day moving average price of $223.43. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.46 and a quick ratio of 1.36. The stock has a market cap of $62.04 billion, a PE ratio of 17.41, a price-to-earnings-growth ratio of 0.68 and a beta of 1.84. Nucor Corporation has a 1 year low of $140.93 and a 1 year high of $280.11.

Nucor (NYSE:NUE - Get Free Report) last announced its quarterly earnings data on Monday, October 26th. The basic materials company reported $5.80 EPS for the quarter, missing the consensus estimate of $5.84 by ($0.04). Nucor had a net margin of 9.26% and a return on equity of 15.53%. The firm had revenue of $11.25 billion for the quarter, compared to the consensus estimate of $10.84 billion. During the same quarter in the previous year, the business earned $2.63 earnings per share. The firm's revenue for the quarter was up 32.0% on a year-over-year basis. Equities analysts anticipate that Nucor Corporation will post 19.61 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 10th. Stockholders of record on Wednesday, September 30th will be given a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Wednesday, September 30th. Nucor's payout ratio is presently 14.26%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on NUE. KeyCorp dropped their price target on shares of Nucor from $288.00 to $286.00 and set an "overweight" rating on the stock in a research note on Monday, October 5th. Weiss Ratings upgraded Nucor from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, October 15th. JPMorgan Chase & Co. raised their target price on Nucor from $296.00 to $304.00 and gave the stock an "overweight" rating in a report on Wednesday. Wall Street Zen lowered Nucor from a "strong-buy" rating to a "buy" rating in a report on Saturday. Finally, BMO Capital Markets upped their price target on Nucor from $285.00 to $295.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 29th. One investment 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. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $284.00.

Insider Transactions at Nucor

In related news, EVP Thomas Batterbee sold 4,000 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $261.02, for a total transaction of $1,044,080.00. Following the completion of the sale, the executive vice president owned 16,138 shares in the company, valued at approximately $4,212,340.76. This trade represents a 19.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Noah Hanners sold 5,190 shares of Nucor stock in a transaction that occurred on Thursday, October 29th. The shares were sold at an average price of $275.03, for a total value of $1,427,405.70. Following the sale, the executive vice president directly owned 44,073 shares in the company, valued at $12,121,397.19. This trade represents a 10.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.62% of the company's stock.

Nucor Profile

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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