AE Wealth Management LLC Trims Holdings in Nucor Co. (NYSE:NUE)

AE Wealth Management LLC lowered its holdings in Nucor Co. (NYSE:NUE) by 6.0% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 2,608 shares of the basic materials company’s stock after selling 166 shares during the quarter. AE Wealth Management LLC’s holdings in Nucor were worth $412,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Rise Advisors LLC purchased a new stake in Nucor in the first quarter worth $27,000. Chilton Capital Management LLC raised its holdings in Nucor by 94.2% in the 1st 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 in the last quarter. Central Pacific Bank Trust Division purchased a new stake in shares of Nucor in the 1st quarter worth about $28,000. Tompkins Financial Corp boosted its stake 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 in the last quarter. Finally, Salomon & Ludwin LLC purchased a new position in shares of Nucor during the first quarter valued at about $31,000. 76.48% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on NUE shares. BMO Capital Markets lowered their price objective on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating for the company in a report on Wednesday, September 18th. Bank of America lowered their target price on Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. JPMorgan Chase & Co. raised 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 research note on Monday, September 9th. Morgan Stanley lowered their price objective 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, Argus raised shares of Nucor to a “strong-buy” rating in a research report on Monday, August 26th. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Nucor presently has a consensus rating of “Moderate Buy” and an average target price of $192.00.

Nucor Price Performance

NUE opened at $150.53 on Friday. The firm has a market cap of $36.09 billion, a PE ratio of 8.88 and a beta of 1.55. The stock has a 50-day moving average price of $148.69 and a 200-day moving average price of $165.25. Nucor Co. has a 1 year low of $133.42 and a 1 year high of $203.00. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.93 and a quick ratio of 1.85.

Nucor (NYSE:NUE) last issued its earnings results on Monday, July 22nd. The basic materials company reported $2.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.37. The firm had revenue of $8.08 billion for the quarter, compared to the consensus estimate of $7.69 billion. Nucor had a net margin of 10.45% and a return on equity of 15.69%. The business’s revenue was down 15.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $5.81 earnings per share. Sell-side analysts predict that Nucor Co. will post 9.28 earnings per share for the current fiscal year.

Nucor Announces Dividend

The firm 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. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date of this dividend is Friday, September 27th. Nucor’s payout ratio is 12.71%.

Insider Transactions at Nucor

In other Nucor news, EVP Daniel R. Needham sold 8,624 shares of the business’s stock in a transaction dated 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 completion of the transaction, the executive vice president now owns 99,049 shares of the company’s stock, valued at approximately $15,847,840. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.46% of the company’s stock.

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.