Nucor Corporation $NUE Shares Sold by Park Avenue Securities LLC

Park Avenue Securities LLC cut its stake in shares of Nucor Corporation (NYSE:NUE) by 28.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,378 shares of the basic materials company’s stock after selling 2,123 shares during the quarter. Park Avenue Securities LLC’s holdings in Nucor were worth $697,000 at the end of the most recent reporting period.

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

Insider Buying and Selling

In other news, EVP Kenneth Rex Query sold 10,000 shares of the company’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 completion of the sale, the executive vice president owned 84,080 shares in the company, valued at $12,183,192. This represents a 10.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Michael D. Keller sold 6,088 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $148.41, for a total value of $903,520.08. Following the sale, the insider owned 22,464 shares of the company’s stock, valued at $3,333,882.24. This trade represents a 21.32% decrease in their position. 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 three months. 0.46% of the stock is owned by company insiders.

Nucor Price Performance

Shares of NYSE NUE opened at $138.13 on Friday. The company has a current ratio of 2.83, a quick ratio of 1.51 and a debt-to-equity ratio of 0.31. Nucor Corporation has a twelve month low of $97.59 and a twelve month high of $170.52. The stock has a 50 day moving average of $142.54 and a two-hundred day moving average of $128.78. The stock has a market cap of $31.71 billion, a P/E ratio of 24.93, a P/E/G ratio of 0.95 and a beta of 1.76.

Nucor (NYSE:NUE) last issued its quarterly earnings data 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. Nucor had a return on equity of 6.65% and a net margin of 4.21%.The company had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.47 billion. During the same quarter in the previous year, the business earned $2.68 earnings per share. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. On average, research analysts forecast that Nucor Corporation will post 7.64 earnings per share for the current year.

Nucor Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Stockholders 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 dividend yield of 1.6%. The ex-dividend date is Tuesday, September 30th. Nucor’s dividend payout ratio is 39.71%.

Analyst Ratings Changes

A number of brokerages recently issued reports on NUE. BMO Capital Markets raised Nucor from a “market perform” rating to an “outperform” rating and upped their price target for the company from $140.00 to $145.00 in a report on Monday, June 2nd. Jefferies Financial Group raised Nucor from a “hold” rating to a “buy” rating and upped their price target for the company from $135.00 to $170.00 in a report on Thursday, July 31st. Bank of America upped their price target on Nucor from $150.00 to $165.00 and gave the company a “buy” rating in a report on Monday, September 15th. The Goldman Sachs Group lowered their price target on Nucor from $182.00 to $173.00 and set a “buy” rating for the company in a report on Monday, September 22nd. Finally, Morgan Stanley upped their price target on Nucor from $134.00 to $149.00 and gave the company an “overweight” rating in a report on Friday, June 20th. Eight investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $156.60.

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.