Procyon Advisors LLC Has $2.30 Million Stock Holdings in Nucor Corporation $NUE

Procyon Advisors LLC cut its position in shares of Nucor Corporation (NYSE:NUE) by 9.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,724 shares of the basic materials company’s stock after selling 1,932 shares during the period. Procyon Advisors LLC’s holdings in Nucor were worth $2,296,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Putney Financial Group LLC acquired a new position in shares of Nucor during the 4th quarter worth about $29,000. MV Capital Management Inc. increased its stake in shares of Nucor by 73.5% during the 1st quarter. MV Capital Management Inc. now owns 281 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 119 shares during the last quarter. Fourth Dimension Wealth LLC acquired a new position in shares of Nucor during the 4th quarter worth about $41,000. Geneos Wealth Management Inc. increased its stake in shares of Nucor by 81.8% during 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. Finally, Park Square Financial Group LLC acquired a new position in shares of Nucor during the 4th quarter worth about $48,000. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on NUE shares. Wells Fargo & Company boosted their price objective on shares of Nucor from $145.00 to $146.00 and gave the stock an “equal weight” rating in a research note on Monday. BMO Capital Markets raised shares of Nucor from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $140.00 to $145.00 in a report on Monday, June 2nd. Morgan Stanley lifted their target price on shares of Nucor from $134.00 to $149.00 and gave the stock an “overweight” rating in a report on Friday, June 20th. Jefferies Financial Group raised shares of Nucor from a “hold” rating to a “buy” rating and lifted their target price for the stock from $135.00 to $170.00 in a report on Thursday, July 31st. Finally, Bank of America lifted their target price on shares of Nucor from $150.00 to $165.00 and gave the stock a “buy” rating in a report on Monday. Eight research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $156.80.

Nucor Stock Performance

Shares of Nucor stock opened at $143.04 on Wednesday. The company has a 50 day moving average of $143.26 and a 200-day moving average of $128.50. Nucor Corporation has a 1-year low of $97.59 and a 1-year high of $170.52. The company has a current ratio of 2.83, a quick ratio of 1.51 and a debt-to-equity ratio of 0.31. The company has a market cap of $32.83 billion, a PE ratio of 25.82, a price-to-earnings-growth ratio of 0.89 and a beta of 1.76.

Nucor (NYSE:NUE) last issued its quarterly earnings results 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. Nucor had a net margin of 4.21% and a return on equity of 6.65%. The company had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.47 billion. During the same quarter in the prior year, the firm posted $2.68 EPS. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. As a group, equities research analysts forecast that Nucor Corporation will post 7.64 earnings per share for the current fiscal year.

Nucor Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Investors of record on Tuesday, September 30th will be paid a $0.55 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $2.20 annualized dividend and a yield of 1.5%. Nucor’s dividend payout ratio is presently 39.71%.

Insider Activity at Nucor

In related news, EVP Allen C. Behr sold 8,021 shares of the stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $143.38, for a total value of $1,150,050.98. Following the completion of the transaction, the executive vice president owned 82,703 shares of the company’s stock, valued at $11,857,956.14. This represents a 8.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Daniel R. Needham sold 7,200 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $146.00, for a total transaction of $1,051,200.00. Following the completion of the transaction, the executive vice president directly owned 92,179 shares of the company’s stock, valued at approximately $13,458,134. The trade was a 7.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold 48,397 shares of company stock worth $6,763,814 in the last 90 days. 0.71% of the stock is currently owned by company insiders.

Nucor 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.