Park Avenue Securities LLC decreased its stake in shares of Nucor Co. (NYSE:NUE – Free Report) by 21.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,985 shares of the basic materials company’s stock after selling 1,929 shares during the period. Park Avenue Securities LLC’s holdings in Nucor were worth $1,050,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Rise Advisors LLC purchased a new position in shares of Nucor in the 1st quarter worth $27,000. Chilton Capital Management LLC boosted its position in Nucor by 94.2% in the first quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 65 shares during the last quarter. Central Pacific Bank Trust Division bought a new stake in shares of Nucor during the 1st quarter valued at about $28,000. Tompkins Financial Corp increased its position in shares of Nucor by 208.0% during the 1st quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 104 shares during the last quarter. Finally, Salomon & Ludwin LLC bought a new position in shares of Nucor in the 1st quarter worth approximately $31,000. Hedge funds and other institutional investors own 76.48% of the company’s stock.
Insiders Place Their Bets
In other news, EVP Daniel R. Needham sold 8,624 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $160.00, for a total transaction of $1,379,840.00. Following the completion of the transaction, the executive vice president now owns 99,049 shares in the company, valued at $15,847,840. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.46% of the company’s stock.
Nucor Price Performance
Nucor (NYSE:NUE – Get Free Report) last posted its quarterly earnings results on Monday, July 22nd. The basic materials company reported $2.68 EPS for the quarter, topping analysts’ consensus estimates of $2.31 by $0.37. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The company had revenue of $8.08 billion for the quarter, compared to analysts’ expectations of $7.69 billion. During the same period in the previous year, the firm earned $5.81 EPS. The firm’s revenue was down 15.2% compared to the same quarter last year. As a group, analysts forecast that Nucor Co. will post 9.28 EPS for the current fiscal year.
Nucor Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Friday, September 27th will be issued a $0.54 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.16 dividend on an annualized basis and a yield of 1.46%. Nucor’s dividend payout ratio is currently 12.71%.
Wall Street Analyst Weigh In
A number of analysts have commented on NUE shares. JPMorgan Chase & Co. raised shares of Nucor from a “neutral” rating to an “overweight” rating and upped their target price for the company from $170.00 to $174.00 in a report on Monday, September 9th. Argus raised Nucor to a “strong-buy” rating in a report on Monday, August 26th. Bank of America lowered their target price on Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, June 26th. Morgan Stanley reduced their price target on Nucor from $176.00 to $170.00 and set an “overweight” rating for the company in a research report on Wednesday, September 18th. Finally, BMO Capital Markets lowered their price objective on Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a research report on Wednesday, September 18th. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Nucor has a consensus rating of “Moderate Buy” and a consensus price target of $192.00.
View Our Latest Report on Nucor
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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