Nucor Co. (NYSE:NUE) Shares Sold by Old Port Advisors

Old Port Advisors trimmed its holdings in Nucor Co. (NYSE:NUE) by 3.0% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,310 shares of the basic materials company’s stock after selling 103 shares during the quarter. Old Port Advisors’ holdings in Nucor were worth $498,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Pacer Advisors Inc. boosted its holdings in shares of Nucor by 29.7% in the 2nd quarter. Pacer Advisors Inc. now owns 2,884,802 shares of the basic materials company’s stock valued at $456,030,000 after buying an additional 660,866 shares in the last quarter. International Assets Investment Management LLC grew its holdings in shares of Nucor by 14,525.9% during the third quarter. International Assets Investment Management LLC now owns 326,889 shares of the basic materials company’s stock worth $49,144,000 after purchasing an additional 324,654 shares during the last quarter. Swedbank AB acquired a new stake in shares of Nucor during the first quarter worth about $37,395,000. Captrust Financial Advisors lifted its holdings in shares of Nucor by 23.5% in the 1st quarter. Captrust Financial Advisors now owns 804,150 shares of the basic materials company’s stock valued at $159,141,000 after purchasing an additional 153,077 shares during the last quarter. Finally, Trinity Street Asset Management LLP acquired a new stake in shares of Nucor in the 2nd quarter valued at about $19,213,000. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NUE has been the subject of a number of research reports. Morgan Stanley reduced their price objective on Nucor from $170.00 to $166.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Argus upgraded shares of Nucor to a “strong-buy” rating in a research report on Monday, August 26th. BMO Capital Markets lowered their price objective on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a research report on Wednesday, September 18th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Nucor from $170.00 to $168.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Nucor has a consensus rating of “Moderate Buy” and a consensus price target of $190.57.

Nucor Stock Performance

NYSE NUE opened at $147.73 on Tuesday. The stock has a market capitalization of $35.06 billion, a price-to-earnings ratio of 14.27 and a beta of 1.55. The business’s 50 day moving average is $147.73 and its two-hundred day moving average is $157.94. Nucor Co. has a 12-month low of $133.42 and a 12-month high of $203.00. The company has a current ratio of 2.59, a quick ratio of 1.61 and a debt-to-equity ratio of 0.26.

Nucor (NYSE:NUE) last released its quarterly earnings data on Monday, October 21st. The basic materials company reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.09. Nucor had a return on equity of 12.06% and a net margin of 8.05%. The firm had revenue of $7.44 billion during the quarter, compared to analysts’ expectations of $7.28 billion. During the same quarter in the prior year, the business posted $4.57 earnings per share. Nucor’s revenue was down 15.2% compared to the same quarter last year. Research analysts expect that Nucor Co. will post 8.65 EPS for the current year.

Nucor Announces Dividend

The business also recently announced 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 (DPR) is presently 20.87%.

Insider Activity

In related news, EVP Daniel R. Needham sold 8,624 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $160.00, for a total value of $1,379,840.00. Following the sale, the executive vice president now owns 99,049 shares in the company, valued at $15,847,840. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.64% of the company’s stock.

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.