CGN Advisors LLC Sells 879 Shares of Nucor Corporation $NUE

CGN Advisors LLC cut its stake in Nucor Corporation (NYSE:NUE) by 6.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,779 shares of the basic materials company’s stock after selling 879 shares during the period. CGN Advisors LLC’s holdings in Nucor were worth $1,526,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Matrix Trust Co grew its holdings in shares of Nucor by 53.8% in the second quarter. Matrix Trust Co now owns 240 shares of the basic materials company’s stock worth $31,000 after purchasing an additional 84 shares during the last quarter. Highline Wealth Partners LLC grew its holdings in shares of Nucor by 2.6% in the first quarter. Highline Wealth Partners LLC now owns 3,512 shares of the basic materials company’s stock worth $423,000 after purchasing an additional 90 shares during the last quarter. Dorsey & Whitney Trust CO LLC grew its holdings in shares of Nucor by 2.2% in the first quarter. Dorsey & Whitney Trust CO LLC now owns 4,247 shares of the basic materials company’s stock worth $511,000 after purchasing an additional 93 shares during the last quarter. Diligent Investors LLC grew its holdings in shares of Nucor by 4.6% in the first quarter. Diligent Investors LLC now owns 2,296 shares of the basic materials company’s stock worth $276,000 after purchasing an additional 102 shares during the last quarter. Finally, Denali Advisors LLC grew its holdings in shares of Nucor by 2.5% in the first quarter. Denali Advisors LLC now owns 4,117 shares of the basic materials company’s stock worth $495,000 after purchasing an additional 102 shares during the last quarter. 76.48% of the stock is currently owned by institutional investors.

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 directly owned 82,703 shares of the company’s stock, valued at $11,857,956.14. This trade represents a 8.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michael D. Keller sold 6,088 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $148.41, for a total transaction of $903,520.08. Following the completion of the transaction, the insider owned 22,464 shares in the company, valued at approximately $3,333,882.24. This trade represents a 21.32% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 41,309 shares of company stock valued at $5,857,471. Company insiders own 0.71% of the company’s stock.

Nucor Stock Performance

NUE stock opened at $135.30 on Wednesday. The firm has a market cap of $31.05 billion, a price-to-earnings ratio of 24.42, a PEG ratio of 0.92 and a beta of 1.76. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.51 and a current ratio of 2.83. The firm has a 50-day simple moving average of $142.74 and a two-hundred day simple moving average of $128.63. Nucor Corporation has a one year low of $97.59 and a one year high of $170.52.

Nucor (NYSE:NUE) last announced its quarterly earnings data on Monday, July 28th. The basic materials company reported $2.60 EPS for the quarter, beating the consensus estimate of $2.54 by $0.06. The firm had revenue of $8.46 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period last year, the firm posted $2.68 EPS. On average, equities analysts forecast that Nucor Corporation will post 7.64 EPS for the current fiscal year.

Nucor Dividend Announcement

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 given a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Tuesday, September 30th. Nucor’s dividend payout ratio (DPR) is presently 39.71%.

Analysts Set New Price Targets

A number of research firms recently weighed in on NUE. Morgan Stanley upped their price objective on shares of Nucor from $134.00 to $149.00 and gave the stock an “overweight” rating in a research note on Friday, June 20th. BMO Capital Markets raised shares of Nucor from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $140.00 to $145.00 in a research note on Monday, June 2nd. Bank of America upped their price objective on shares of Nucor from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Monday, September 15th. Wells Fargo & Company lowered their price objective on shares of Nucor from $146.00 to $140.00 and set an “equal weight” rating for the company in a research note on Thursday, September 18th. Finally, UBS Group lowered their price objective on shares of Nucor from $153.00 to $147.00 and set a “buy” rating for the company in a research note on Thursday, May 29th. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $156.20.

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.