Linscomb Wealth Inc. Sells 744 Shares of Nucor Co. (NYSE:NUE)

Linscomb Wealth Inc. lessened its stake in Nucor Co. (NYSE:NUE) by 7.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 9,231 shares of the basic materials company’s stock after selling 744 shares during the quarter. Linscomb Wealth Inc.’s holdings in Nucor were worth $1,459,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. CX Institutional raised its holdings in shares of Nucor by 52.8% in the 2nd quarter. CX Institutional now owns 17,245 shares of the basic materials company’s stock worth $2,726,000 after purchasing an additional 5,960 shares during the period. Newbridge Financial Services Group Inc. raised its holdings in Nucor by 94.2% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,855 shares of the basic materials company’s stock valued at $323,000 after acquiring an additional 900 shares during the period. Nomura Asset Management Co. Ltd. raised its holdings in Nucor by 6.1% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 262,385 shares of the basic materials company’s stock valued at $45,665,000 after acquiring an additional 15,058 shares during the period. Norden Group LLC bought a new stake in Nucor during the 1st quarter valued at $1,847,000. Finally, Banco Santander S.A. raised its holdings in Nucor by 86.2% during the 1st quarter. Banco Santander S.A. now owns 12,895 shares of the basic materials company’s stock valued at $2,552,000 after acquiring an additional 5,971 shares during the period. Institutional investors own 76.48% of the company’s stock.

Insider Buying and Selling

In related news, EVP Daniel R. Needham sold 8,624 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total value of $1,379,840.00. Following the completion of the transaction, the executive vice president now directly owns 99,049 shares of the company’s stock, valued at $15,847,840. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.46% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on NUE. Morgan Stanley raised shares of Nucor from an “equal weight” rating to an “overweight” rating and lowered their target price for the company from $187.00 to $176.00 in a report on Thursday, August 15th. JPMorgan Chase & Co. raised shares of Nucor from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $170.00 to $174.00 in a report on Monday. Argus raised shares of Nucor to a “strong-buy” rating in a report on Monday, August 26th. BMO Capital Markets decreased their price target on shares of Nucor from $185.00 to $175.00 and set a “market perform” rating on the stock in a report on Monday, June 17th. Finally, Bank of America decreased their price target on shares of Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $195.00.

Nucor Stock Performance

Nucor stock opened at $137.77 on Thursday. The company has a current ratio of 2.93, a quick ratio of 1.85 and a debt-to-equity ratio of 0.26. The firm has a 50-day moving average of $151.24 and a 200-day moving average of $168.29. The firm has a market cap of $33.03 billion, a P/E ratio of 8.10 and a beta of 1.55. Nucor Co. has a 1-year low of $133.42 and a 1-year high of $203.00.

Nucor (NYSE:NUE) last released its quarterly earnings results on Monday, July 22nd. The basic materials company reported $2.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.37. Nucor had a net margin of 10.45% and a return on equity of 15.69%. The company had revenue of $8.08 billion during the quarter, compared to the consensus estimate of $7.69 billion. During the same period in the prior year, the firm earned $5.81 earnings per share. Nucor’s revenue was down 15.2% on a year-over-year basis. Sell-side analysts expect that Nucor Co. will post 9.91 EPS for the current year.

Nucor 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.