Procyon Advisors LLC Reduces Stock Position in Nucor Corporation $NUE

Key Points

• Procyon Advisors LLC decreased its holdings in Nucor Corporation by 9.8%, now owning 17,724 shares valued at approximately $2.30 million.
• Nucor recently reported earnings of $2.60 per share, exceeding estimates, with revenue of $8.46 billion for the quarter.
• The firm declared a $0.55 quarterly dividend scheduled for payment on November 10th, representing an annual yield of 1.5%.

Procyon Advisors LLC lowered its holdings in shares of Nucor Corporation (NYSE:NUE - Free Report) by 9.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,724 shares of the basic materials company's stock after selling 1,932 shares during the quarter. Procyon Advisors LLC's holdings in Nucor were worth $2,296,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in NUE. Putney Financial Group LLC purchased a new position in Nucor during the 4th quarter valued at approximately $29,000. MV Capital Management Inc. grew its holdings in Nucor by 73.5% during the 1st quarter. MV Capital Management Inc. now owns 281 shares of the basic materials company's stock valued at $34,000 after buying an additional 119 shares in the last quarter. Fourth Dimension Wealth LLC purchased a new position in Nucor during the 4th quarter valued at approximately $41,000. Geneos Wealth Management Inc. lifted its stake in shares of Nucor by 81.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 340 shares of the basic materials company's stock valued at $41,000 after purchasing an additional 153 shares during the last quarter. Finally, Park Square Financial Group LLC bought a new stake in shares of Nucor in the 4th quarter valued at approximately $48,000. Hedge funds and other institutional investors own 76.48% of the company's stock.

Insider Activity

In related news, EVP Allen C. Behr sold 8,021 shares of the business's stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $143.38, for a total transaction of $1,150,050.98. Following the transaction, the executive vice president directly owned 82,703 shares in the company, valued at $11,857,956.14. The trade was a 8.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Daniel R. Needham sold 7,200 shares of the company's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $146.00, for a total value of $1,051,200.00. Following the transaction, the executive vice president directly owned 92,179 shares in the company, valued at $13,458,134. This represents a 7.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 48,397 shares of company stock valued at $6,763,814 over the last three months. Company insiders own 0.46% of the company's stock.

Analyst Upgrades and Downgrades

NUE has been the topic of several analyst reports. Morgan Stanley upped their price target on shares of Nucor from $134.00 to $149.00 and gave the company an "overweight" rating in a report on Friday, June 20th. Jefferies Financial Group upgraded shares of Nucor from a "hold" rating to a "buy" rating and upped their price target for the company from $135.00 to $170.00 in a report on Thursday, July 31st. UBS Group cut their price target on shares of Nucor from $153.00 to $147.00 and set a "buy" rating on the stock in a report on Thursday, May 29th. JPMorgan Chase & Co. raised their price target on Nucor from $143.00 to $162.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. Finally, Bank of America raised their price target on Nucor from $150.00 to $165.00 and gave the stock a "buy" rating in a research note on Monday. Eight research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $156.20.

Nucor Stock Down 0.9%

NYSE NUE traded down $1.27 on Friday, reaching $133.03. 4,862,886 shares of the stock traded hands, compared to its average volume of 2,366,210. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.51 and a current ratio of 2.83. The company has a fifty day moving average price of $142.95 and a 200-day moving average price of $128.63. The company has a market cap of $30.54 billion, a price-to-earnings ratio of 24.01, a PEG ratio of 0.95 and a beta of 1.76. Nucor Corporation has a 12 month low of $97.59 and a 12 month high of $170.52.

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 business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.47 billion. Nucor had a return on equity of 6.65% and a net margin of 4.21%.Nucor's revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the company posted $2.68 EPS. As a group, research analysts forecast that Nucor Corporation will post 7.64 EPS for the current fiscal year.

Nucor Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Tuesday, September 30th will be paid a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 1.7%. The ex-dividend date is Tuesday, September 30th. Nucor's dividend payout ratio (DPR) is 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.