Wellington Management Group LLP Sells 24,697 Shares of Nucor Corporation $NUE

Key Points

• Wellington Management Group LLP reduced its stake in Nucor Corporation by 9.8%, now owning approximately 0.10% of the company, valued at $27,277,000.
• Nucor reported earnings of $2.60 per share for the last quarter, exceeding the consensus estimate, with a year-over-year revenue increase of 4.7%.
• The company declared a quarterly dividend of $0.55 per share, representing a 1.5% yield, with a dividend payout ratio of 39.71%.

Wellington Management Group LLP lessened its holdings in shares of Nucor Corporation (NYSE:NUE - Free Report) by 9.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 226,667 shares of the basic materials company's stock after selling 24,697 shares during the quarter. Wellington Management Group LLP owned approximately 0.10% of Nucor worth $27,277,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. Brooklyn Investment Group boosted its stake in shares of Nucor by 120.1% during the 1st quarter. Brooklyn Investment Group now owns 1,202 shares of the basic materials company's stock worth $145,000 after acquiring an additional 656 shares during the last quarter. FCG Investment Co purchased a new position in shares of Nucor during the 1st quarter worth $1,270,000. Corient IA LLC purchased a new position in shares of Nucor during the 1st quarter worth $301,000. Raymond James Financial Inc. boosted its stake in shares of Nucor by 33.7% during the 1st quarter. Raymond James Financial Inc. now owns 443,419 shares of the basic materials company's stock worth $53,361,000 after acquiring an additional 111,709 shares during the last quarter. Finally, Cresset Asset Management LLC boosted its stake in shares of Nucor by 18.6% during the 1st quarter. Cresset Asset Management LLC now owns 111,561 shares of the basic materials company's stock worth $13,486,000 after acquiring an additional 17,514 shares during the last quarter. Hedge funds and other institutional investors own 76.48% of the company's stock.

Insider Buying and Selling at Nucor

In other news, EVP Daniel R. Needham sold 7,200 shares of the business'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 sale, the executive vice president directly owned 92,179 shares in the company, valued at $13,458,134. The trade was a 7.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 transaction of $1,150,050.98. Following the completion of the sale, the executive vice president owned 82,703 shares in the company, valued at approximately $11,857,956.14. This trade represents a 8.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 48,397 shares of company stock valued at $6,763,814. Corporate insiders own 0.46% of the company's stock.

Nucor Price Performance

NYSE NUE traded down $1.18 on Friday, reaching $148.62. The company had a trading volume of 419,025 shares, compared to its average volume of 2,404,125. The company has a quick ratio of 1.51, a current ratio of 2.83 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $34.12 billion, a PE ratio of 26.81, a price-to-earnings-growth ratio of 0.96 and a beta of 1.74. The firm's 50 day moving average price is $140.21 and its 200 day moving average price is $127.90. 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 announced its quarterly earnings results 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. Nucor had a net margin of 4.21% and a return on equity of 6.65%. The company had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.47 billion. During the same period in the previous year, the firm posted $2.68 EPS. Nucor's revenue for the quarter was up 4.7% compared to the same quarter last year. As a group, equities analysts predict that Nucor Corporation will post 7.64 earnings per share for the current year.

Nucor Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 11th. Stockholders of record on Monday, June 30th were issued a $0.55 dividend. The ex-dividend date 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 39.71%.

Analyst Ratings Changes

Several research analysts have recently weighed in on NUE shares. JPMorgan Chase & Co. lifted their price target on shares of Nucor from $143.00 to $162.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. UBS Group lowered their target price on shares of Nucor from $153.00 to $147.00 and set a "buy" rating on the stock in a research note on Thursday, May 29th. Morgan Stanley lifted their target price on shares of Nucor from $134.00 to $149.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. BMO Capital Markets upgraded shares of Nucor from a "market perform" rating to an "outperform" rating and lifted their target price for the company from $140.00 to $145.00 in a research note on Monday, June 2nd. Finally, Jefferies Financial Group upgraded shares of Nucor from a "hold" rating to a "buy" rating and lifted their target price for the company from $135.00 to $170.00 in a research note on Thursday, July 31st. Seven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $155.78.

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.