2,531 Nucor Corporation $NUE Shares Sold by Profund Advisors LLC

Profund Advisors LLC trimmed its position in Nucor Corporation (NYSE:NUE) by 31.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,461 shares of the basic materials company’s stock after selling 2,531 shares during the period. Profund Advisors LLC’s holdings in Nucor were worth $1,277,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Nucor during the second quarter worth about $4,452,563,000. Bank of America Corp DE purchased a new stake in shares of Nucor in the second quarter valued at $462,886,000. Berkshire Hathaway Inc purchased a new stake in shares of Nucor in the second quarter valued at $413,814,000. Bank of New York Mellon Corp acquired a new position in Nucor in the second quarter valued at $330,902,000. Finally, Legal & General Group Plc acquired a new position in Nucor in the second quarter valued at $324,154,000. 76.48% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on NUE shares. Weiss Ratings upgraded Nucor from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 15th. Citigroup restated a “buy” rating on shares of Nucor in a report on Wednesday, July 29th. BMO Capital Markets increased their price objective on shares of Nucor from $285.00 to $295.00 and gave the stock an “outperform” rating in a report on Wednesday, July 29th. Zacks Research raised shares of Nucor from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 13th. Finally, Wells Fargo & Company raised their target price on shares of Nucor from $280.00 to $305.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $286.44.

Nucor Stock Performance

NYSE NUE opened at $277.74 on Tuesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.46 and a quick ratio of 1.36. Nucor Corporation has a 1-year low of $140.93 and a 1-year high of $287.70. The firm has a market capitalization of $63.01 billion, a P/E ratio of 17.42, a P/E/G ratio of 0.67 and a beta of 1.84. The business’s 50-day simple moving average is $254.47 and its 200-day simple moving average is $223.97.

Nucor (NYSE:NUE) last announced its quarterly earnings results on Monday, October 26th. The basic materials company reported $5.80 earnings per share for the quarter, missing analysts’ consensus estimates of $5.84 by ($0.04). Nucor had a net margin of 9.26% and a return on equity of 15.53%. The business had revenue of $11.25 billion for the quarter, compared to analyst estimates of $10.84 billion. During the same period last year, the firm earned $2.63 earnings per share. The company’s quarterly revenue was up 32.0% on a year-over-year basis. Equities analysts predict that Nucor Corporation will post 19.61 EPS for the current year.

Nucor Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 10th. Investors of record on Wednesday, September 30th will be issued a dividend of $0.56 per share. The ex-dividend date is Wednesday, September 30th. This represents a $2.24 annualized dividend and a dividend yield of 0.8%. Nucor’s payout ratio is presently 14.26%.

Insider Buying and Selling at Nucor

In related news, EVP Noah Hanners sold 5,190 shares of the company’s stock in a transaction on Thursday, October 29th. The shares were sold at an average price of $275.03, for a total transaction of $1,427,405.70. Following the completion of the sale, the executive vice president directly owned 44,073 shares of the company’s stock, valued at approximately $12,121,397.19. This represents a 10.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Allen C. Behr sold 11,846 shares of the stock in a transaction on Thursday, October 29th. The shares were sold at an average price of $272.90, for a total value of $3,232,773.40. Following the completion of the sale, the executive vice president owned 58,022 shares of the company’s stock, valued at approximately $15,834,203.80. This represents a 16.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.62% of the company’s stock.

Nucor Profile

Nucor Corporation is a steel producer headquartered in Charlotte, North Carolina. Through its operating subsidiaries, the company manufactures steel and steel products for customers in construction, automotive, energy, heavy equipment, transportation and other industrial markets.

Nucor’s operations include electric arc furnace steel mills, which produce carbon, alloy and galvanized steel products. Its product portfolio includes sheet steel, plate, beams, bars, wire and wire mesh, steel joists, deck, piling, fabricated concrete reinforcing steel and other downstream products.