King Luther Capital Management Corp Sells 2,089 Shares of Nucor Corporation (NYSE:NUE)

Key Points

• King Luther Capital Management Corp reduced its stake in Nucor Corporation by 19.4% to 8,688 shares, worth approximately $1,046,000, according to its recent SEC filing.
• Nucor's recent quarterly earnings showed $2.60 earnings per share, surpassing analyst expectations of $2.54, while revenue reached $8.46 billion.
• The company declared a quarterly dividend of $0.55, resulting in an annual yield of 1.6%, with a dividend payout ratio of 39.71%.

King Luther Capital Management Corp reduced its position in shares of Nucor Corporation (NYSE:NUE - Free Report) by 19.4% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,688 shares of the basic materials company's stock after selling 2,089 shares during the quarter. King Luther Capital Management Corp's holdings in Nucor were worth $1,046,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Nucor by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 28,959,327 shares of the basic materials company's stock worth $3,484,965,000 after acquiring an additional 745,671 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Nucor by 24.6% during the 4th quarter. First Trust Advisors LP now owns 2,404,477 shares of the basic materials company's stock worth $280,627,000 after acquiring an additional 474,274 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Nucor by 5.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,772,831 shares of the basic materials company's stock worth $213,342,000 after acquiring an additional 92,363 shares in the last quarter. Diamond Hill Capital Management Inc. bought a new stake in shares of Nucor during the 1st quarter worth $194,804,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Nucor by 7.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,384,590 shares of the basic materials company's stock worth $161,595,000 after acquiring an additional 96,375 shares in the last quarter. 76.48% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Nucor news, EVP Daniel R. Needham sold 7,088 shares of the business's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $127.87, for a total value of $906,342.56. Following the completion of the sale, the executive vice president owned 99,379 shares of the company's stock, valued at $12,707,592.73. The trade was a 6.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 completion of the sale, the executive vice president directly owned 82,703 shares of the company's stock, valued at $11,857,956.14. This represents a 8.84% 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 over the last quarter. Insiders own 0.46% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. BMO Capital Markets raised Nucor from a "market perform" rating to an "outperform" rating and raised their price objective for the stock from $140.00 to $145.00 in a research note on Monday, June 2nd. UBS Group reduced their price objective on Nucor from $153.00 to $147.00 and set a "buy" rating for the company in a research note on Thursday, May 29th. Wall Street Zen lowered Nucor from a "hold" rating to a "sell" rating in a research note on Wednesday, April 30th. Jefferies Financial Group raised Nucor from a "hold" rating to a "buy" rating and raised their price objective for the stock from $135.00 to $170.00 in a research note on Thursday, July 31st. Finally, JPMorgan Chase & Co. increased their target price on Nucor from $143.00 to $162.00 and gave the company an "overweight" rating in a report on Monday, July 14th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Nucor presently has a consensus rating of "Moderate Buy" and an average price target of $155.78.

Nucor Stock Up 0.8%

NUE traded up $1.14 during trading on Friday, reaching $145.49. 2,177,819 shares of the stock traded hands, compared to its average volume of 1,710,382. The stock has a market cap of $33.40 billion, a price-to-earnings ratio of 26.26, a price-to-earnings-growth ratio of 0.92 and a beta of 1.74. Nucor Corporation has a fifty-two week low of $97.59 and a fifty-two week high of $170.52. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.83 and a quick ratio of 1.51. The stock's 50-day simple moving average is $135.77 and its two-hundred day simple moving average is $126.91.

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

Nucor Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 11th. Shareholders of record on Monday, June 30th were given a $0.55 dividend. 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 payout ratio is currently 39.71%.

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.