Nucor Corporation $NUE Shares Sold by Meyer Handelman Co.

Meyer Handelman Co. decreased its holdings in Nucor Corporation (NYSE:NUE) by 0.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 81,112 shares of the basic materials company’s stock after selling 250 shares during the quarter. Meyer Handelman Co.’s holdings in Nucor were worth $10,507,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of NUE. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Nucor by 17.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,595 shares of the basic materials company’s stock worth $3,853,000 after buying an additional 4,763 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Nucor by 21.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 101,459 shares of the basic materials company’s stock valued at $12,210,000 after acquiring an additional 17,861 shares during the period. Assenagon Asset Management S.A. raised its holdings in Nucor by 20.5% during the first quarter. Assenagon Asset Management S.A. now owns 28,886 shares of the basic materials company’s stock worth $3,476,000 after purchasing an additional 4,914 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in Nucor by 12.4% in the first quarter. Envestnet Asset Management Inc. now owns 305,006 shares of the basic materials company’s stock worth $36,704,000 after purchasing an additional 33,700 shares during the period. Finally, GAMMA Investing LLC boosted its stake in Nucor by 48.6% during the 1st quarter. GAMMA Investing LLC now owns 4,203 shares of the basic materials company’s stock valued at $506,000 after purchasing an additional 1,375 shares in the last quarter. 76.48% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Michael D. Keller sold 6,088 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $148.41, for a total value of $903,520.08. Following the completion of the sale, the insider directly owned 22,464 shares of the company’s stock, valued at $3,333,882.24. This represents a 21.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kenneth Rex Query sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $144.90, for a total transaction of $1,449,000.00. Following the sale, the executive vice president owned 84,080 shares of the company’s stock, valued at approximately $12,183,192. This represents a 10.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 31,309 shares of company stock worth $4,553,771 over the last quarter. Company insiders own 0.46% of the company’s stock.

Nucor Stock Down 1.0%

Shares of NYSE:NUE opened at $134.97 on Friday. The firm has a 50 day simple moving average of $142.59 and a 200 day simple moving average of $128.74. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.51 and a current ratio of 2.83. Nucor Corporation has a 52 week low of $97.59 and a 52 week high of $170.52. The company has a market cap of $30.98 billion, a PE ratio of 24.36, a price-to-earnings-growth ratio of 0.94 and a beta of 1.76.

Nucor (NYSE:NUE) last issued its earnings results on Monday, July 28th. The basic materials company reported $2.60 EPS for the quarter, topping the consensus estimate of $2.54 by $0.06. The business had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.47 billion. Nucor had a return on equity of 6.65% and a net margin of 4.21%.Nucor’s revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the firm posted $2.68 earnings per share. As a group, research analysts expect that Nucor Corporation will post 7.64 earnings per share for the current year.

Nucor Announces Dividend

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

Wall Street Analysts Forecast Growth

NUE has been the topic of several research analyst reports. Morgan Stanley lifted their price target on Nucor from $134.00 to $149.00 and gave the company an “overweight” rating in a research report on Friday, June 20th. BMO Capital Markets raised 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. Bank of America upped their price target on shares of Nucor from $150.00 to $165.00 and gave the company a “buy” rating in a report on Monday, September 15th. Jefferies Financial Group raised shares of Nucor from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $135.00 to $170.00 in a research note on Thursday, July 31st. Finally, JPMorgan Chase & Co. boosted their target price on shares of Nucor from $143.00 to $162.00 and gave the stock an “overweight” rating in a report on Monday, July 14th. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Nucor presently has a consensus rating of “Moderate Buy” and an average target price of $156.20.

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.