Oppenheimer & Co. Inc. Sells 9,311 Shares of Nucor Corporation $NUE

Oppenheimer & Co. Inc. cut its stake in Nucor Corporation (NYSE:NUE) by 43.4% during the third quarter, HoldingsChannel reports. The fund owned 12,166 shares of the basic materials company’s stock after selling 9,311 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Nucor were worth $2,844,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in NUE. Park Avenue Securities LLC increased its stake in Nucor by 36.9% during the 3rd quarter. Park Avenue Securities LLC now owns 15,626 shares of the basic materials company’s stock valued at $3,653,000 after purchasing an additional 4,209 shares in the last quarter. WESPAC Advisors LLC lifted its stake in shares of Nucor by 13.8% during the third quarter. WESPAC Advisors LLC now owns 3,866 shares of the basic materials company’s stock worth $904,000 after buying an additional 468 shares during the period. Verdence Capital Advisors LLC grew its holdings in shares of Nucor by 7.2% during the third quarter. Verdence Capital Advisors LLC now owns 4,119 shares of the basic materials company’s stock valued at $963,000 after buying an additional 277 shares during the last quarter. B.O.S.S. Retirement Advisors LLC purchased a new stake in shares of Nucor during the third quarter valued at $251,000. Finally, Apollon Wealth Management LLC grew its holdings in shares of Nucor by 4.0% during the third quarter. Apollon Wealth Management LLC now owns 6,429 shares of the basic materials company’s stock valued at $1,503,000 after buying an additional 246 shares during the last quarter. 76.48% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on NUE. KeyCorp reduced their target price on Nucor from $288.00 to $286.00 and set an “overweight” rating for the company in a research note on Monday, October 5th. Zacks Research upgraded Nucor from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 13th. Wall Street Zen downgraded Nucor from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Piper Sandler set a $304.00 price objective on Nucor in a report on Friday. Finally, Citigroup restated a “buy” rating on shares of Nucor in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Nucor currently has a consensus rating of “Moderate Buy” and an average target price of $284.00.

Nucor Stock Down 0.7%

NYSE:NUE opened at $273.47 on Friday. The firm has a market capitalization of $62.04 billion, a P/E ratio of 17.41, a PEG ratio of 0.68 and a beta of 1.84. Nucor Corporation has a 1-year low of $140.93 and a 1-year high of $280.11. The company’s fifty day moving average price is $253.79 and its 200-day moving average price is $223.43. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.46 and a quick ratio of 1.36.

Nucor (NYSE:NUE) last posted its earnings results on Monday, October 26th. The basic materials company reported $5.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.84 by ($0.04). The business had revenue of $11.25 billion for the quarter, compared to analyst estimates of $10.84 billion. Nucor had a net margin of 9.26% and a return on equity of 15.53%. The company’s revenue for the quarter was up 32.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.63 earnings per share. As a group, equities research analysts anticipate that Nucor Corporation will post 19.61 EPS for the current year.

Nucor Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 10th. Shareholders of record on Wednesday, September 30th will be paid a dividend of $0.56 per share. The ex-dividend date is Wednesday, September 30th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 0.8%. Nucor’s dividend payout ratio (DPR) is presently 14.26%.

Insider Transactions at Nucor

In other news, EVP Noah Hanners sold 5,190 shares of the company’s stock in a transaction dated Thursday, October 29th. The stock was sold at an average price of $275.03, for a total value of $1,427,405.70. Following the sale, the executive vice president owned 44,073 shares in the company, valued at $12,121,397.19. This represents a 10.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Thomas Batterbee sold 4,000 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $261.02, for a total value of $1,044,080.00. Following the sale, the executive vice president directly owned 16,138 shares in the company, valued at approximately $4,212,340.76. This trade represents a 19.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.62% of the company’s stock.

About Nucor

Nucor Corporation is a steel producer headquartered in Charlotte, North Carolina. Through its operating subsidiaries, the company manufactures steel and steel products for customers in construction, automotive, energy, heavy equipment, transportation and other industrial markets.

Nucor’s operations include electric arc furnace steel mills, which produce carbon, alloy and galvanized steel products. Its product portfolio includes sheet steel, plate, beams, bars, wire and wire mesh, steel joists, deck, piling, fabricated concrete reinforcing steel and other downstream products.