Argonautica Private Wealth Management Inc. Sells 520 Shares of Nucor Corporation $NUE

Argonautica Private Wealth Management Inc. lowered its stake in shares of Nucor Corporation (NYSE:NUE) by 14.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,054 shares of the basic materials company’s stock after selling 520 shares during the period. Argonautica Private Wealth Management Inc.’s holdings in Nucor were worth $396,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in NUE. Diamond Hill Capital Management Inc. bought a new stake in shares of Nucor during the 1st quarter worth approximately $194,804,000. Nuveen LLC bought a new stake in shares of Nucor during the 1st quarter worth approximately $141,216,000. Vanguard Group Inc. raised its stake in shares of Nucor by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 28,959,327 shares of the basic materials company’s stock worth $3,484,965,000 after purchasing an additional 745,671 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Nucor by 355.7% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 539,310 shares of the basic materials company’s stock worth $72,327,000 after purchasing an additional 420,970 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Nucor by 18.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,309,452 shares of the basic materials company’s stock worth $277,920,000 after purchasing an additional 355,364 shares in the last quarter. Institutional investors own 76.48% of the company’s stock.

Nucor Stock Up 3.0%

NUE opened at $140.66 on Wednesday. The company has a current ratio of 2.83, a quick ratio of 1.51 and a debt-to-equity ratio of 0.31. The stock’s fifty day simple moving average is $140.89 and its 200 day simple moving average is $130.21. Nucor Corporation has a 1-year low of $97.59 and a 1-year high of $170.52. The stock has a market cap of $32.29 billion, a PE ratio of 25.39, a price-to-earnings-growth ratio of 0.97 and a beta of 1.75.

Nucor (NYSE:NUE) last issued its quarterly earnings data on Monday, July 28th. The basic materials company reported $2.60 EPS 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 firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.47 billion. During the same period in the prior year, the firm posted $2.68 EPS. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. As a group, research analysts expect that Nucor Corporation will post 7.64 earnings per share for the current year.

Nucor Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Tuesday, September 30th will be issued a $0.55 dividend. 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 dividend payout ratio is currently 39.71%.

Insider Transactions at Nucor

In other Nucor news, insider Michael D. Keller sold 6,088 shares of the company’s stock in a transaction 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 transaction, 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 position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Allen C. Behr sold 8,021 shares of the company’s stock in a transaction 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 in the company, valued at approximately $11,857,956.14. This represents a 8.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 31,309 shares of company stock valued at $4,553,771. Corporate insiders own 0.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on NUE. Bank of America upped their price objective on Nucor from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Monday, September 15th. JPMorgan Chase & Co. increased their price target on Nucor from $165.00 to $172.00 and gave the company an “overweight” rating in a research note on Monday, October 13th. Weiss Ratings restated a “hold (c)” rating on shares of Nucor in a research note on Wednesday, October 8th. The Goldman Sachs Group dropped their price target on Nucor from $182.00 to $173.00 and set a “buy” rating on the stock in a research note on Monday, September 22nd. Finally, Jefferies Financial Group upgraded Nucor from a “hold” rating to a “buy” rating and increased their price target for the company from $135.00 to $170.00 in a research note on Thursday, July 31st. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $157.60.

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.