Nucor (NYSE:NUE) EVP Daniel Needham Sells 7,200 Shares

Key Points

• Daniel Needham, EVP of Nucor, sold 7,200 shares of the company's stock for a total of $1,051,200, leading to a 7.24% decrease in his ownership.
• Nucor's stock recently traded at $144.11, down 1.2%, with a market cap of $33.08 billion and a P/E ratio of 26.00.
• The company announced a quarterly dividend of $0.55, yielding 1.5%, and reported an EPS of $2.60 for the last quarter, exceeding analyst expectations.

Nucor Corporation (NYSE:NUE - Get Free Report) EVP Daniel Needham sold 7,200 shares of the business's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $146.00, for a total transaction of $1,051,200.00. Following the completion of the sale, the executive vice president directly owned 92,179 shares in the company, valued at $13,458,134. This trade represents a 7.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Nucor Stock Down 1.2%

Shares of NYSE NUE traded down $1.80 during mid-day trading on Wednesday, reaching $144.11. The company had a trading volume of 304,584 shares, compared to its average volume of 2,458,070. The stock has a market cap of $33.08 billion, a P/E ratio of 26.00, a PEG ratio of 0.92 and a beta of 1.74. The firm has a 50 day simple moving average of $136.64 and a two-hundred day simple moving average of $127.15. The company has a current ratio of 2.83, a quick ratio of 1.51 and a debt-to-equity ratio of 0.31. Nucor Corporation has a 52-week low of $97.59 and a 52-week high of $170.52.

Nucor (NYSE:NUE - Get Free Report) last released its earnings results on Monday, July 28th. The basic materials company reported $2.60 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $8.47 billion. During the same quarter last year, the business earned $2.68 EPS. The business's revenue was up 4.7% on a year-over-year basis. Sell-side analysts predict that Nucor Corporation will post 7.64 earnings per share for the current year.

Nucor Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 11th. Investors of record on Monday, June 30th were issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date was Monday, June 30th. Nucor's payout ratio is presently 39.71%.

Institutional Investors Weigh In On Nucor

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Nucor by 0.7% during the 2nd quarter. Vanguard Group Inc. now owns 29,171,068 shares of the basic materials company's stock worth $3,778,820,000 after buying an additional 211,741 shares in the last quarter. State Street Corp increased its holdings in Nucor by 3.1% in the 2nd quarter. State Street Corp now owns 12,501,779 shares of the basic materials company's stock worth $1,626,321,000 after acquiring an additional 371,911 shares during the last quarter. Berkshire Hathaway Inc purchased a new stake in Nucor in the 2nd quarter worth about $856,792,000. Norges Bank purchased a new stake in Nucor in the 2nd quarter worth about $479,858,000. Finally, Price T Rowe Associates Inc. MD increased its holdings in Nucor by 18.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,309,452 shares of the basic materials company's stock worth $277,920,000 after acquiring an additional 355,364 shares during the last quarter. Institutional investors own 76.48% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. BMO Capital Markets raised Nucor from a "market perform" rating to an "outperform" rating and boosted their price objective for the company from $140.00 to $145.00 in a report on Monday, June 2nd. UBS Group lowered their price objective on shares of Nucor from $153.00 to $147.00 and set a "buy" rating on the stock in a research report on Thursday, May 29th. Jefferies Financial Group raised shares of Nucor from a "hold" rating to a "buy" rating and boosted their target price for the stock from $135.00 to $170.00 in a research report on Thursday, July 31st. JPMorgan Chase & Co. boosted their price objective 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. Finally, Wells Fargo & Company upgraded shares of Nucor to a "hold" rating in a research note on Thursday, August 14th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price 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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