Nucor Co. (NYSE:NUE) Shares Sold by Old North State Trust LLC

Old North State Trust LLC trimmed its holdings in shares of Nucor Co. (NYSE:NUE) by 6.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,787 shares of the basic materials company’s stock after selling 118 shares during the period. Old North State Trust LLC’s holdings in Nucor were worth $269,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Nucor by 2.9% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 6,832 shares of the basic materials company’s stock valued at $1,080,000 after purchasing an additional 194 shares during the last quarter. Assenagon Asset Management S.A. increased its position in shares of Nucor by 5.9% in the second quarter. Assenagon Asset Management S.A. now owns 20,945 shares of the basic materials company’s stock worth $3,311,000 after acquiring an additional 1,167 shares in the last quarter. Blue Trust Inc. increased its position in shares of Nucor by 145.6% in the second quarter. Blue Trust Inc. now owns 2,016 shares of the basic materials company’s stock worth $319,000 after acquiring an additional 1,195 shares in the last quarter. Rovin Capital UT ADV purchased a new stake in shares of Nucor in the 2nd quarter valued at approximately $456,000. Finally, Brookstone Capital Management grew its position in Nucor by 3.3% during the 2nd quarter. Brookstone Capital Management now owns 2,401 shares of the basic materials company’s stock worth $394,000 after purchasing an additional 76 shares in the last quarter. Institutional investors and hedge funds own 76.48% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on NUE. The Goldman Sachs Group started coverage on Nucor in a research note on Monday, December 2nd. They issued a “buy” rating and a $190.00 price objective for the company. BMO Capital Markets decreased their price target on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating for the company in a report on Wednesday, September 18th. UBS Group reaffirmed a “neutral” rating and set a $156.00 price objective (down from $171.00) on shares of Nucor in a research report on Thursday. JPMorgan Chase & Co. decreased their target price on shares of Nucor from $170.00 to $168.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Finally, Argus upgraded shares of Nucor to a “strong-buy” rating in a report on Monday, August 26th. Four analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $183.75.

Insider Buying and Selling

In other Nucor news, EVP Kenneth Rex Query sold 9,000 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $146.80, for a total value of $1,321,200.00. Following the completion of the sale, the executive vice president now owns 98,770 shares in the company, valued at approximately $14,499,436. This trade represents a 8.35 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Stephen D. Laxton sold 4,712 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $169.53, for a total transaction of $798,825.36. Following the sale, the chief financial officer now directly owns 82,132 shares in the company, valued at $13,923,837.96. This trade represents a 5.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,680 shares of company stock worth $4,773,724 in the last 90 days. 0.46% of the stock is owned by company insiders.

Nucor Trading Down 5.1 %

Nucor stock opened at $131.42 on Friday. Nucor Co. has a 12 month low of $130.65 and a 12 month high of $203.00. The stock has a market cap of $30.86 billion, a price-to-earnings ratio of 12.70 and a beta of 1.55. The business has a 50 day moving average price of $150.05 and a two-hundred day moving average price of $151.98. The company has a quick ratio of 1.61, a current ratio of 2.59 and a debt-to-equity ratio of 0.26.

Nucor (NYSE:NUE) last announced its quarterly earnings results on Monday, October 21st. The basic materials company reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.09. The firm had revenue of $7.44 billion for the quarter, compared to analyst estimates of $7.28 billion. Nucor had a net margin of 8.05% and a return on equity of 12.06%. The business’s revenue for the quarter was down 15.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.57 EPS. As a group, equities analysts forecast that Nucor Co. will post 8.5 EPS for the current year.

Nucor Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 11th. Stockholders of record on Tuesday, December 31st will be issued a $0.55 dividend. The ex-dividend date is Tuesday, December 31st. This is a boost from Nucor’s previous quarterly dividend of $0.54. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.67%. Nucor’s dividend payout ratio is presently 20.87%.

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.