Nucor (NYSE:NUE) COO Sells 10,560 Shares of Stock

Nucor Corporation (NYSE:NUE) COO Stephen Laxton sold 10,560 shares of Nucor stock in a transaction that occurred on Tuesday, November 3rd. The stock was sold at an average price of $274.98, for a total transaction of $2,903,788.80. Following the completion of the transaction, the chief operating officer owned 77,867 shares of the company’s stock, valued at $21,411,867.66. This represents a 11.94% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Nucor Stock Down 2.9%

Shares of NYSE:NUE traded down $7.82 during trading hours on Wednesday, reaching $265.71. The stock had a trading volume of 1,310,704 shares, compared to its average volume of 1,540,436. Nucor Corporation has a 1 year low of $140.93 and a 1 year high of $287.70. The firm’s 50 day moving average is $255.05 and its 200-day moving average is $224.47. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.43 and a current ratio of 2.46. The stock has a market capitalization of $60.28 billion, a price-to-earnings ratio of 16.90, a P/E/G ratio of 0.68 and a beta of 1.81.

Nucor (NYSE:NUE) last posted its earnings results on Monday, October 26th. The basic materials company reported $5.80 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $10.84 billion. During the same period last year, the company earned $2.63 EPS. The business’s quarterly revenue was up 32.0% compared to the same quarter last year. Research analysts predict that Nucor Corporation will post 19.61 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 10th. Shareholders of record on Wednesday, September 30th will be paid a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 0.8%. The ex-dividend date is Wednesday, September 30th. Nucor’s dividend payout ratio is currently 14.26%.

Analyst Ratings Changes

Several brokerages have recently issued reports on NUE. Weiss Ratings upgraded shares of Nucor from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 15th. Citigroup reiterated a “buy” rating on shares of Nucor in a research note on Wednesday, July 29th. Bank of America reduced their price target on shares of Nucor from $290.00 to $280.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. Wall Street Zen downgraded shares of Nucor from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Finally, UBS Group raised their price objective on Nucor from $224.00 to $256.00 and gave the stock a “neutral” rating in a report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $287.38.

Trending Headlines about Nucor

Here are the key news stories impacting Nucor this week:

• Positive Sentiment: KeyCorp raised its price target to $301 and maintained an “overweight” rating. CFRA also upgraded Nucor from “strong sell” to “hold,” a less-negative stance. Analyst rating coverage
• Positive Sentiment: Recent quarterly revenue grew 32% year over year and beat estimates, while fourth-quarter guidance was described as steady to slightly better than recent results. Earnings per share narrowly missed consensus, tempering the report. Nucor earnings and guidance
• Positive Sentiment: Nucor’s strong cash flow and balance sheet, along with moderating capital spending, are supporting shareholder returns, including buybacks and dividends. Nucor long-term investor takeaways
• Neutral Sentiment: Nucor had recently shown strong relative performance and reached a 52-week high, making the reported single-session pullback consistent with possible profit-taking after a substantial rally. Nucor share-price swing
• Negative Sentiment: Several insiders have sold shares. Most recently, COO Stephen Laxton sold 10,560 shares, reducing his position by 11.94%; Michael Keller and EVP Allen Behr also reported sales. Such transactions may add caution, though they do not by themselves establish a negative business outlook. Laxton SEC filing

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of NUE. Transamerica Financial Advisors LLC acquired a new position in Nucor in the 2nd quarter valued at about $25,000. Manning & Napier Advisors LLC acquired a new stake in Nucor during the 2nd quarter worth approximately $27,000. Bell Investment Advisors Inc acquired a new stake in Nucor during the 2nd quarter worth approximately $28,000. GK Wealth Management LLC purchased a new position in shares of Nucor in the 3rd quarter valued at approximately $28,000. Finally, Next Level Wealth Planning LLC purchased a new position in shares of Nucor in the 3rd quarter valued at approximately $28,000. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Nucor Company 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.