Dover Advisors LLC Cuts Holdings in Nucor Corporation $NUE

Dover Advisors LLC trimmed its position in Nucor Corporation (NYSE:NUE) by 43.1% in the 2nd quarter, Holdings Channel.com reports. The fund owned 2,069 shares of the basic materials company’s stock after selling 1,567 shares during the quarter. Dover Advisors LLC’s holdings in Nucor were worth $268,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NUE. Highline Wealth Partners LLC increased its holdings in Nucor by 2.6% in the first quarter. Highline Wealth Partners LLC now owns 3,512 shares of the basic materials company’s stock valued at $423,000 after buying an additional 90 shares in the last quarter. Dorsey & Whitney Trust CO LLC lifted its holdings in shares of Nucor by 2.2% in the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 4,247 shares of the basic materials company’s stock worth $511,000 after acquiring an additional 93 shares during the last quarter. Diligent Investors LLC increased its stake in Nucor by 4.6% during the 1st quarter. Diligent Investors LLC now owns 2,296 shares of the basic materials company’s stock worth $276,000 after buying an additional 102 shares during the period. Denali Advisors LLC increased its stake in Nucor by 2.5% during the 1st quarter. Denali Advisors LLC now owns 4,117 shares of the basic materials company’s stock worth $495,000 after buying an additional 102 shares during the period. Finally, Horizon Advisory Services Inc. raised its holdings in shares of Nucor by 6.1% in the 1st quarter. Horizon Advisory Services Inc. now owns 1,962 shares of the basic materials company’s stock valued at $236,000 after purchasing an additional 112 shares in the last quarter. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on NUE shares. UBS Group dropped their target price on shares of Nucor from $153.00 to $147.00 and set a “buy” rating on the stock in a research report on Thursday, May 29th. Wells Fargo & Company upgraded shares of Nucor to a “hold” rating in a research note on Thursday, August 14th. JPMorgan Chase & Co. raised their price objective on shares of Nucor from $143.00 to $162.00 and gave the company an “overweight” rating in a research note on Monday, July 14th. BMO Capital Markets upgraded shares of Nucor from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $140.00 to $145.00 in a research note on Monday, June 2nd. Finally, Morgan Stanley raised their target price on shares of Nucor from $134.00 to $149.00 and gave the company an “overweight” rating in a report on Friday, June 20th. Seven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $155.78.

Nucor Trading Down 1.6%

Shares of NUE stock opened at $141.47 on Monday. The stock has a market cap of $32.47 billion, a price-to-earnings ratio of 25.54, a price-to-earnings-growth ratio of 0.89 and a beta of 1.76. The company has a quick ratio of 1.51, a current ratio of 2.83 and a debt-to-equity ratio of 0.31. Nucor Corporation has a fifty-two week low of $97.59 and a fifty-two week high of $170.52. The firm’s 50 day moving average price is $143.11 and its two-hundred day moving average price is $128.37.

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

Nucor Dividend Announcement

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

Insider Buying and Selling at Nucor

In other news, insider Michael D. Keller sold 6,088 shares of the business’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $148.41, for a total transaction of $903,520.08. Following the transaction, the insider directly owned 22,464 shares of the company’s stock, valued at approximately $3,333,882.24. The trade was a 21.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Allen C. Behr sold 8,021 shares of the business’s stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $143.38, for a total transaction of $1,150,050.98. Following the transaction, the executive vice president directly owned 82,703 shares in the company, valued at approximately $11,857,956.14. The trade was a 8.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 48,397 shares of company stock valued at $6,763,814. 0.71% of the stock is currently owned by corporate insiders.

About Nucor

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.