Voya Investment Management LLC Reduces Stock Position in Nucor Corporation $NUE

Key Points

• Voya Investment Management LLC has significantly reduced its stake in Nucor Corporation, decreasing its holdings by 33.9% to 335,467 shares, valued at approximately $40.4 million.
• Several large investors, including Highline Wealth Partners LLC and Dorsey & Whitney Trust CO LLC, have increased their positions in Nucor, demonstrating continued interest in the company's stock despite Voya's sell-off.
• Nucor recently reported quarterly earnings of $2.60 per share, exceeding expectations, with revenue up 4.7% year-over-year, and announced a dividend of $0.55 to be paid in November.

Voya Investment Management LLC lowered its holdings in shares of Nucor Corporation (NYSE:NUE - Free Report) by 33.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 335,467 shares of the basic materials company's stock after selling 172,248 shares during the quarter. Voya Investment Management LLC owned 0.15% of Nucor worth $40,370,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Highline Wealth Partners LLC raised its position in Nucor by 2.6% during the 1st quarter. Highline Wealth Partners LLC now owns 3,512 shares of the basic materials company's stock valued at $423,000 after purchasing an additional 90 shares in the last quarter. Dorsey & Whitney Trust CO LLC raised its position in Nucor by 2.2% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 4,247 shares of the basic materials company's stock valued at $511,000 after purchasing an additional 93 shares in the last quarter. Diligent Investors LLC raised its position in Nucor by 4.6% during the 1st quarter. Diligent Investors LLC now owns 2,296 shares of the basic materials company's stock valued at $276,000 after purchasing an additional 102 shares in the last quarter. Denali Advisors LLC raised its position in Nucor by 2.5% during the 1st quarter. Denali Advisors LLC now owns 4,117 shares of the basic materials company's stock valued at $495,000 after purchasing an additional 102 shares in the last quarter. Finally, Horizon Advisory Services Inc. raised its position in Nucor by 6.1% during the 1st quarter. Horizon Advisory Services Inc. now owns 1,962 shares of the basic materials company's stock valued at $236,000 after purchasing an additional 112 shares in the last quarter. Hedge funds and other institutional investors own 76.48% of the company's stock.

Insiders Place Their Bets

In other Nucor news, insider Michael D. Keller sold 6,088 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $148.41, for a total transaction of $903,520.08. Following the completion of the transaction, the insider owned 22,464 shares of the company's stock, valued at $3,333,882.24. This represents a 21.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kenneth Rex Query sold 10,000 shares of the stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $130.37, for a total value of $1,303,700.00. Following the completion of the sale, the executive vice president directly owned 94,080 shares of the company's stock, valued at approximately $12,265,209.60. This represents a 9.61% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 48,397 shares of company stock worth $6,763,814. 0.46% of the stock is owned by company insiders.

Nucor Trading Down 1.6%

Shares of NYSE:NUE opened at $141.47 on Friday. The business's 50-day moving average is $143.11 and its 200 day moving average is $128.41. Nucor Corporation has a 1 year low of $97.59 and a 1 year high of $170.52. The firm has a market capitalization of $32.47 billion, a P/E ratio of 25.54, a P/E/G ratio of 0.91 and a beta of 1.76. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.83 and a quick ratio of 1.51.

Nucor (NYSE:NUE - Get Free Report) last posted its quarterly earnings results on Monday, July 28th. The basic materials company reported $2.60 earnings per share for the quarter, beating the consensus estimate of $2.54 by $0.06. The business 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 company's quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.68 EPS. On average, research analysts predict that Nucor Corporation will post 7.64 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Investors of record on Tuesday, September 30th will be issued a $0.55 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $2.20 dividend on an annualized basis and a yield of 1.6%. Nucor's dividend payout ratio is presently 39.71%.

Analyst Ratings Changes

NUE has been the subject of a number of research analyst reports. JPMorgan Chase & Co. lifted their target price on Nucor from $143.00 to $162.00 and gave the company an "overweight" rating in a research report on Monday, July 14th. BMO Capital Markets raised 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. Jefferies Financial Group raised 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. Morgan Stanley boosted their price target on Nucor from $134.00 to $149.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. Finally, UBS Group reduced their price target on Nucor from $153.00 to $147.00 and set a "buy" rating for the company in a research report on Thursday, May 29th. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Nucor has an average rating of "Moderate Buy" and a consensus price target 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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