Nucor Corporation (NYSE:NUE) Shares Sold by Gulf International Bank UK Ltd

Key Points

• Gulf International Bank UK Ltd has reduced its stake in Nucor Corporation by 34.0%, now owning 12,943 shares valued at approximately $1.56 million.
• Nucor recently reported earnings of $2.60 per share, exceeding estimates, and generated $8.46 billion in revenue for the quarter.
• The company's stock currently has an average price target of $155.78, with several analysts upgrading their ratings, including a boost from JPMorgan Chase & Co. to $162.00.

Gulf International Bank UK Ltd reduced its stake in shares of Nucor Corporation (NYSE:NUE - Free Report) by 34.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,943 shares of the basic materials company's stock after selling 6,672 shares during the quarter. Gulf International Bank UK Ltd's holdings in Nucor were worth $1,557,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Nucor during the fourth quarter valued at about $25,000. Putney Financial Group LLC bought a new stake in shares of Nucor during the fourth quarter valued at about $29,000. MV Capital Management Inc. raised its stake in shares of Nucor by 73.5% during the first quarter. MV Capital Management Inc. now owns 281 shares of the basic materials company's stock valued at $34,000 after purchasing an additional 119 shares in the last quarter. Fourth Dimension Wealth LLC bought a new stake in shares of Nucor during the fourth quarter valued at about $41,000. Finally, Park Square Financial Group LLC bought a new stake in shares of Nucor during the fourth quarter valued at about $48,000. 76.48% of the stock is currently owned by institutional investors.

Nucor Stock Performance

Shares of NUE stock opened at $144.48 on Friday. The company has a market capitalization of $33.34 billion, a price-to-earnings ratio of 26.08, a P/E/G ratio of 0.93 and a beta of 1.74. Nucor Corporation has a 1-year low of $97.59 and a 1-year 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 stock's fifty day simple moving average is $135.30 and its 200-day simple moving average is $126.78.

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 for the quarter, beating analysts' consensus estimates of $2.54 by $0.06. The company had revenue of $8.46 billion for 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 quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.68 EPS. On average, sell-side analysts predict that Nucor Corporation will post 7.64 earnings per share for the current fiscal year.

Nucor Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 11th. Shareholders of record on Monday, June 30th were paid a dividend of $0.55 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.5%. Nucor's dividend payout ratio (DPR) is 39.71%.

Insider Buying and Selling at Nucor

In other Nucor news, EVP Allen C. Behr sold 8,021 shares of the business's stock in a transaction dated 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 transaction, the executive vice president owned 82,703 shares in the company, valued at $11,857,956.14. The trade was a 8.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Daniel R. Needham sold 7,088 shares of the business's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $127.87, for a total value of $906,342.56. Following the completion of the transaction, the executive vice president owned 99,379 shares in the company, valued at $12,707,592.73. This trade represents a 6.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold 25,109 shares of company stock valued at $3,360,094 in the last quarter. Company insiders own 0.46% of the company's stock.

Analyst Upgrades and Downgrades

NUE has been the topic of several research reports. JPMorgan Chase & Co. boosted their price target on shares of Nucor from $143.00 to $162.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Wells Fargo & Company initiated coverage on shares of Nucor in a research report on Wednesday. They issued an "equal weight" rating and a $145.00 price target on the stock. UBS Group dropped 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. BMO Capital Markets upgraded shares of Nucor from a "market perform" rating to an "outperform" rating and boosted their price target for the stock from $140.00 to $145.00 in a research report on Monday, June 2nd. Finally, Jefferies Financial Group upgraded shares of Nucor from a "hold" rating to a "buy" rating and boosted their price target for the stock from $135.00 to $170.00 in a research report on Thursday, July 31st. One investment analyst has rated the stock with a sell rating, one has given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $155.78.

Nucor Company 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.

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