NewEdge Advisors LLC Sells 3,181 Shares of Nucor Co. (NYSE:NUE)

NewEdge Advisors LLC trimmed its position in Nucor Co. (NYSE:NUE) by 17.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,782 shares of the basic materials company’s stock after selling 3,181 shares during the period. NewEdge Advisors LLC’s holdings in Nucor were worth $2,337,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Pacer Advisors Inc. boosted its stake in Nucor by 29.7% during the second 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 during the period. Global Assets Advisory LLC bought a new stake in shares of Nucor during the 1st quarter valued at about $90,216,000. Swedbank AB purchased a new position in shares of Nucor during the first quarter worth about $37,395,000. Captrust Financial Advisors raised its stake in Nucor by 23.5% in the first 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 in the last quarter. Finally, Trinity Street Asset Management LLP purchased a new stake in Nucor in the second quarter valued at approximately $19,213,000. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Nucor

In related news, EVP Daniel R. Needham sold 8,624 shares of Nucor stock in a transaction on 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 sale, the executive vice president now owns 99,049 shares in the company, valued at $15,847,840. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.46% of the stock is owned by corporate insiders.

Nucor Trading Down 0.1 %

NYSE:NUE opened at $151.29 on Friday. The firm has a market capitalization of $36.27 billion, a P/E ratio of 8.90 and a beta of 1.55. The company has a quick ratio of 1.85, a current ratio of 2.93 and a debt-to-equity ratio of 0.26. The company has a fifty day moving average of $147.52 and a 200 day moving average of $163.99. Nucor Co. has a 52 week low of $133.42 and a 52 week high of $203.00.

Nucor (NYSE:NUE) last issued its quarterly earnings data on Monday, July 22nd. The basic materials company reported $2.68 EPS for the quarter, beating the consensus estimate of $2.31 by $0.37. The firm had revenue of $8.08 billion during 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 company’s quarterly revenue was down 15.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.81 earnings per share. On average, research analysts predict that Nucor Co. will post 9.28 earnings per share for the current year.

Nucor Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Friday, September 27th will be paid a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.16 annualized dividend and a dividend yield of 1.43%. Nucor’s dividend payout ratio (DPR) is presently 12.71%.

Wall Street Analysts Forecast Growth

NUE has been the topic of a number of research analyst reports. BMO Capital Markets decreased their price target on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a report on Wednesday, September 18th. Bank of America reduced their price objective on Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, June 26th. JPMorgan Chase & Co. upgraded Nucor from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $170.00 to $174.00 in a research report on Monday, September 9th. Morgan Stanley reduced their price target on shares of Nucor from $176.00 to $170.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 18th. Finally, Argus raised shares of Nucor to a “strong-buy” rating in a research note on Monday, August 26th. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $192.00.

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.