Rhumbline Advisers Trims Stock Holdings in Nucor Corporation $NUE

Rhumbline Advisers lessened its holdings in shares of Nucor Corporation (NYSE:NUE) by 0.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 428,686 shares of the basic materials company’s stock after selling 3,074 shares during the quarter. Rhumbline Advisers’ holdings in Nucor were worth $58,057,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. IMA Advisory Services Inc. grew its position in shares of Nucor by 51.4% during the second quarter. IMA Advisory Services Inc. now owns 221 shares of the basic materials company’s stock worth $29,000 after buying an additional 75 shares in the last quarter. AXS Investments LLC acquired a new stake in Nucor in the third quarter valued at $37,000. Vision Financial Markets LLC boosted its stake in Nucor by 281.7% during the 3rd quarter. Vision Financial Markets LLC now owns 271 shares of the basic materials company’s stock valued at $37,000 after acquiring an additional 200 shares during the last quarter. Elevation Point Wealth Partners LLC acquired a new position in Nucor during the 2nd quarter worth $39,000. Finally, Geneos Wealth Management Inc. increased its position in shares of Nucor by 81.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 340 shares of the basic materials company’s stock worth $41,000 after purchasing an additional 153 shares during the last quarter. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on NUE. Jefferies Financial Group lifted their price target on Nucor from $190.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, January 12th. JPMorgan Chase & Co. increased their target price on Nucor from $175.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, December 5th. The Goldman Sachs Group boosted their price target on Nucor from $182.00 to $196.00 and gave the company a “buy” rating in a report on Friday, January 16th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $180.00 price objective (up previously from $165.00) on shares of Nucor in a report on Friday, January 9th. Finally, Seaport Research Partners increased their target price on shares of Nucor from $170.00 to $185.00 and gave the stock a “buy” rating in a report on Friday, January 30th. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $179.36.

Insiders Place Their Bets

In other news, EVP Daniel R. Needham sold 3,881 shares of the business’s stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $178.00, for a total transaction of $690,818.00. Following the completion of the transaction, the executive vice president directly owned 88,298 shares in the company, valued at approximately $15,717,044. The trade was a 4.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Thomas J. Batterbee sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 23rd. The shares were sold at an average price of $165.28, for a total value of $330,560.00. Following the completion of the sale, the executive vice president owned 17,952 shares in the company, valued at approximately $2,967,106.56. This represents a 10.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 34,351 shares of company stock worth $6,206,158. 0.46% of the stock is currently owned by corporate insiders.

Nucor Price Performance

Shares of NYSE NUE opened at $182.97 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.94 and a quick ratio of 1.57. The firm has a market capitalization of $41.87 billion, a PE ratio of 24.27, a P/E/G ratio of 0.68 and a beta of 1.86. Nucor Corporation has a 1-year low of $97.59 and a 1-year high of $196.90. The business’s fifty day moving average price is $172.29 and its two-hundred day moving average price is $153.86.

Nucor (NYSE:NUE) last released its quarterly earnings results on Monday, January 26th. The basic materials company reported $1.73 EPS for the quarter, missing the consensus estimate of $1.91 by ($0.18). The firm had revenue of $7.69 billion for the quarter, compared to the consensus estimate of $7.93 billion. Nucor had a return on equity of 8.26% and a net margin of 5.37%.The firm’s revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.22 EPS. On average, research analysts expect that Nucor Corporation will post 7.64 EPS for the current year.

Nucor Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 11th. Stockholders of record on Wednesday, December 31st were issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 1.2%. This is a boost from Nucor’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Wednesday, December 31st. Nucor’s dividend payout ratio is presently 29.71%.

About Nucor

Nucor Corporation (NYSE: NUE) is an American steel producer headquartered in Charlotte, North Carolina. The company is primarily engaged in the manufacture and sale of steel and steel products, operating a network of steel mills, recycling facilities and fabrication plants across the United States and North America. Nucor’s operations emphasize electric arc furnace steelmaking using recycled scrap metal, which supports a decentralized, mill-based production model focused on efficiency and flexibility.

Product offerings span a broad range of basic and value?added steel items, including sheet, plate, merchant bar, structural beams, reinforcing bar, tubing, fasteners and fabricated components.