Global Assets Advisory LLC Sells 2,430 Shares of Nucor Corporation $NUE

Global Assets Advisory LLC lessened its stake in Nucor Corporation (NYSE:NUE) by 53.6% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 2,103 shares of the basic materials company’s stock after selling 2,430 shares during the quarter. Global Assets Advisory LLC’s holdings in Nucor were worth $282,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Matrix Trust Co grew its position in shares of Nucor by 53.8% during the second quarter. Matrix Trust Co now owns 240 shares of the basic materials company’s stock valued at $31,000 after purchasing an additional 84 shares in the last quarter. MV Capital Management Inc. boosted its stake in Nucor by 73.5% during the first quarter. MV Capital Management Inc. now owns 281 shares of the basic materials company’s stock valued at $34,000 after buying an additional 119 shares during the last quarter. Geneos Wealth Management Inc. grew its holdings in Nucor by 81.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 340 shares of the basic materials company’s stock valued at $41,000 after buying an additional 153 shares in the last quarter. Spirit of America Management Corp NY bought a new stake in Nucor in the 1st quarter worth approximately $48,000. Finally, Meeder Asset Management Inc. increased its stake in Nucor by 209.6% in the 1st quarter. Meeder Asset Management Inc. now owns 418 shares of the basic materials company’s stock worth $50,000 after acquiring an additional 283 shares during the last quarter. 76.48% of the stock is owned by hedge funds and other institutional investors.

Nucor Price Performance

NUE stock opened at $135.57 on Tuesday. The stock has a market cap of $31.12 billion, a PE ratio of 24.47, a P/E/G ratio of 0.95 and a beta of 1.75. Nucor Corporation has a 12 month low of $97.59 and a 12 month high of $170.52. The company has a 50-day moving average price of $141.66 and a 200 day moving average price of $129.09. The company has a current ratio of 2.83, a quick ratio of 1.51 and a debt-to-equity ratio of 0.31.

Nucor (NYSE:NUE) last posted its quarterly earnings data on Monday, July 28th. The basic materials company reported $2.60 earnings per share for the quarter, topping analysts’ consensus estimates of $2.54 by $0.06. The company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.47 billion. Nucor had a net margin of 4.21% and a return on equity of 6.65%. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the prior year, the company posted $2.68 EPS. Equities research analysts anticipate that Nucor Corporation will post 7.64 earnings per share for the current year.

Nucor Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Tuesday, September 30th will be given a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Tuesday, September 30th. Nucor’s dividend payout ratio is 39.71%.

Wall Street Analyst Weigh In

NUE has been the subject of a number of recent research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Nucor in a report on Saturday, September 27th. Jefferies Financial Group raised shares of Nucor from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $135.00 to $170.00 in a research note on Thursday, July 31st. Wells Fargo & Company reduced their target price on shares of Nucor from $146.00 to $140.00 and set an “equal weight” rating on the stock in a report on Thursday, September 18th. JPMorgan Chase & Co. increased their price target on shares of Nucor from $143.00 to $162.00 and gave the company an “overweight” rating in a report on Monday, July 14th. Finally, The Goldman Sachs Group reduced their price objective on Nucor from $182.00 to $173.00 and set a “buy” rating on the stock in a research note on Monday, September 22nd. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Nucor has an average rating of “Moderate Buy” and a consensus target price of $156.60.

Insiders Place Their Bets

In related news, EVP Daniel R. Needham sold 7,200 shares of the firm’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $146.00, for a total value of $1,051,200.00. Following the transaction, the executive vice president owned 92,179 shares of the company’s stock, valued at $13,458,134. This trade represents a 7.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Kenneth Rex Query sold 10,000 shares of the business’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $144.90, for a total transaction of $1,449,000.00. Following the completion of the sale, the executive vice president directly owned 84,080 shares of the company’s stock, valued at approximately $12,183,192. This trade represents a 10.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 31,309 shares of company stock worth $4,553,771. 0.71% of the stock is currently owned by company insiders.

Nucor Company 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.