Nucor Corporation (NYSE:NUE) Shares Sold by Spirepoint Private Client LLC

Spirepoint Private Client LLC cut its holdings in shares of Nucor Corporation (NYSE:NUE) by 4.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,065 shares of the basic materials company’s stock after selling 180 shares during the period. Spirepoint Private Client LLC’s holdings in Nucor were worth $489,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Nucor during the 4th quarter valued at about $25,000. Putney Financial Group LLC purchased a new position in Nucor during the fourth quarter valued at approximately $29,000. MV Capital Management Inc. raised its position 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 acquiring an additional 119 shares in the last quarter. Fourth Dimension Wealth LLC acquired a new position in Nucor in the fourth quarter valued at approximately $41,000. Finally, Park Square Financial Group LLC purchased a new stake in Nucor in the 4th quarter worth approximately $48,000. 76.48% of the stock is owned by hedge funds and other institutional investors.

Nucor Stock Up 1.5%

Nucor stock opened at $126.14 on Tuesday. The stock has a 50 day moving average of $116.62 and a two-hundred day moving average of $122.27. Nucor Corporation has a twelve month low of $97.59 and a twelve month high of $170.52. The stock has a market capitalization of $29.11 billion, a price-to-earnings ratio of 22.44, a PEG ratio of 0.78 and a beta of 1.68. The company has a current ratio of 2.52, a quick ratio of 1.48 and a debt-to-equity ratio of 0.32.

Nucor (NYSE:NUE) last issued its earnings results on Monday, April 28th. The basic materials company reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.92 by ($0.15). The firm had revenue of $7.83 billion during the quarter, compared to analysts’ expectations of $7.25 billion. Nucor had a net margin of 4.40% and a return on equity of 6.82%. The firm’s revenue was down 3.8% on a year-over-year basis. During the same period in the previous year, the firm earned $3.46 EPS. As a group, research analysts expect that Nucor Corporation will post 7.64 earnings per share for the current year.

Nucor Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 11th. Investors of record on Monday, June 30th will be paid a $0.55 dividend. The ex-dividend date is Monday, June 30th. This represents a $2.20 annualized dividend and a yield of 1.74%. Nucor’s payout ratio is currently 39.15%.

Wall Street Analysts Forecast Growth

NUE has been the subject of several recent analyst reports. The Goldman Sachs Group cut their price target on Nucor from $175.00 to $169.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Argus set a $155.00 price objective on Nucor in a research report on Wednesday, March 5th. BMO Capital Markets upgraded Nucor from a “market perform” rating to an “outperform” rating and increased their target price for the company from $140.00 to $145.00 in a research report on Monday, June 2nd. Wall Street Zen cut shares of Nucor from a “hold” rating to a “sell” rating in a research note on Wednesday, April 30th. Finally, UBS Group reduced their price objective on shares of Nucor from $153.00 to $147.00 and set a “buy” rating for the company in a research report on Thursday, May 29th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Nucor currently has an average rating of “Moderate Buy” and an average target price of $155.56.

Insider Buying and Selling

In related news, CEO Leon J. Topalian sold 34,238 shares of the company’s stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $120.19, for a total transaction of $4,115,065.22. Following the completion of the transaction, the chief executive officer now owns 162,993 shares of the company’s stock, valued at approximately $19,590,128.67. This represents a 17.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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.