Mediolanum International Funds Ltd Cuts Stock Position in Nucor Corporation (NYSE:NUE)

Key Points

• Mediolanum International Funds Ltd reduced its holdings in Nucor Corporation by 14.6%, owning 56,023 shares worth approximately $6.83 million after selling 9,542 shares during the first quarter.
• Nucor's CEO, Leon J. Topalian, sold 34,238 shares, representing a 17.36% decrease in his ownership, while other executives also engaged in stock sales during the same period.
• Analysts have varying insights on Nucor's outlook, with JPMorgan raising its price target from $143 to $162, while Wall Street Zen downgraded the stock from a "hold" to a "sell" rating.

Mediolanum International Funds Ltd decreased its stake in shares of Nucor Corporation (NYSE:NUE - Free Report) by 14.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 56,023 shares of the basic materials company's stock after selling 9,542 shares during the period. Mediolanum International Funds Ltd's holdings in Nucor were worth $6,832,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NUE. Canal Capital Management LLC increased its holdings in Nucor by 2.5% during the fourth quarter. Canal Capital Management LLC now owns 3,075 shares of the basic materials company's stock valued at $359,000 after buying an additional 75 shares during the last quarter. Highline Wealth Partners LLC increased its holdings in Nucor by 2.6% during the first quarter. Highline Wealth Partners LLC now owns 3,512 shares of the basic materials company's stock valued at $423,000 after buying an additional 90 shares during the last quarter. Diligent Investors LLC increased its holdings in Nucor by 4.6% during the first quarter. Diligent Investors LLC now owns 2,296 shares of the basic materials company's stock valued at $276,000 after buying an additional 102 shares during the last quarter. Denali Advisors LLC increased its holdings in Nucor by 2.5% during the first quarter. Denali Advisors LLC now owns 4,117 shares of the basic materials company's stock valued at $495,000 after buying an additional 102 shares during the last quarter. Finally, Horizon Advisory Services Inc. increased its stake in shares of Nucor by 6.1% in the first quarter. Horizon Advisory Services Inc. now owns 1,962 shares of the basic materials company's stock worth $236,000 after purchasing an additional 112 shares in the last quarter. Institutional investors own 76.48% of the company's stock.

Nucor Trading Up 1.3%

NUE traded up $1.89 on Wednesday, reaching $142.53. 516,169 shares of the company traded hands, compared to its average volume of 2,562,026. Nucor Corporation has a one year low of $97.59 and a one year high of $170.52. The firm has a fifty day simple moving average of $128.74 and a two-hundred day simple moving average of $125.35. The company has a market cap of $32.89 billion, a P/E ratio of 25.71, a price-to-earnings-growth ratio of 0.92 and a beta of 1.70. The company has a quick ratio of 1.48, a current ratio of 2.52 and a debt-to-equity ratio of 0.32.

Nucor (NYSE:NUE - Get Free Report) last announced its quarterly earnings data 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. Nucor had a net margin of 4.21% and a return on equity of 6.66%. The company had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.47 billion. During the same quarter last year, the business posted $2.68 EPS. The firm's revenue for the quarter was up 4.7% on a year-over-year basis. As a group, equities research analysts expect that Nucor Corporation will post 7.64 earnings per share for the current year.

Nucor Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 11th. Investors of record on Monday, June 30th will be issued a dividend of $0.55 per share. The ex-dividend date is Monday, June 30th. This represents a $2.20 dividend on an annualized basis and a yield of 1.54%. Nucor's payout ratio is 39.71%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on NUE shares. Wall Street Zen cut shares of Nucor from a "hold" rating to a "sell" rating in a research note on Wednesday, April 30th. The Goldman Sachs Group lowered their price objective on shares of Nucor from $175.00 to $169.00 and set a "buy" rating for the company in a research report on Monday, April 7th. JPMorgan Chase & Co. increased their price objective 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. UBS Group lowered their price objective on shares of Nucor from $153.00 to $147.00 and set a "buy" rating for the company in a research report on Thursday, May 29th. Finally, BMO Capital Markets upgraded shares of Nucor from a "market perform" rating to an "outperform" rating and raised their target price for the stock from $140.00 to $145.00 in a report on Monday, June 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating, six have given a buy rating and one has issued a strong buy 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 $152.75.

Insider Activity at Nucor

In other Nucor news, EVP Kenneth Rex Query sold 10,000 shares of the firm's stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $130.37, for a total transaction of $1,303,700.00. Following the transaction, the executive vice president owned 94,080 shares of the company's stock, valued at approximately $12,265,209.60. This trade represents a 9.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Leon J. Topalian sold 34,238 shares of the firm's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $120.19, for a total transaction of $4,115,065.22. Following the transaction, the chief executive officer directly owned 162,993 shares in the company, valued at $19,590,128.67. This trade represents a 17.36% decrease in their position. The disclosure for this sale can be found here. Insiders sold 51,326 shares of company stock worth $6,325,108 in the last 90 days. 0.71% of the stock is owned by corporate insiders.

About Nucor

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.