Nucor Co. (NYSE:NUE) Position Lessened by Prudential PLC

Prudential PLC reduced its stake in shares of Nucor Co. (NYSE:NUE) by 5.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 79,796 shares of the basic materials company’s stock after selling 4,861 shares during the quarter. Prudential PLC’s holdings in Nucor were worth $12,614,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in NUE. Quest Partners LLC acquired a new stake in shares of Nucor in the 2nd quarter worth about $185,000. Hudson Edge Investment Partners Inc. increased its stake in shares of Nucor by 86.5% in the second quarter. Hudson Edge Investment Partners Inc. now owns 28,922 shares of the basic materials company’s stock valued at $4,572,000 after purchasing an additional 13,412 shares during the period. Caprock Group LLC raised its holdings in shares of Nucor by 49.8% during the second quarter. Caprock Group LLC now owns 6,830 shares of the basic materials company’s stock valued at $1,083,000 after buying an additional 2,272 shares during the last quarter. Counterweight Ventures LLC boosted its position in Nucor by 3.5% during the 2nd quarter. Counterweight Ventures LLC now owns 11,809 shares of the basic materials company’s stock worth $1,867,000 after acquiring an additional 404 shares during the period. Finally, Asset Dedication LLC increased its holdings in shares of Nucor by 2.6% during the second quarter. Asset Dedication LLC now owns 10,938 shares of the basic materials company’s stock valued at $1,729,000 after purchasing an additional 278 shares during the period. 76.48% of the stock is owned by institutional investors and hedge funds.

Nucor Stock Up 1.6 %

NUE stock opened at $140.95 on Tuesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.93 and a quick ratio of 1.85. The firm has a market capitalization of $33.45 billion, a P/E ratio of 8.29 and a beta of 1.55. Nucor Co. has a 52-week low of $137.91 and a 52-week high of $203.00. The company’s 50 day simple moving average is $151.95 and its 200-day simple moving average is $168.86.

Nucor (NYSE:NUE) last issued its earnings results on Monday, July 22nd. The basic materials company reported $2.68 EPS for the quarter, topping the consensus estimate of $2.31 by $0.37. The business had revenue of $8.08 billion during the quarter, compared to analysts’ expectations of $7.69 billion. Nucor had a return on equity of 15.69% and a net margin of 10.45%. Nucor’s revenue was down 15.2% compared to the same quarter last year. During the same quarter last year, the firm posted $5.81 earnings per share. As a group, equities research analysts anticipate that Nucor Co. will post 9.91 EPS for the current year.

Insider Buying and Selling at Nucor

In related news, EVP Daniel R. Needham sold 8,624 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total transaction of $1,379,840.00. Following the completion of the sale, the executive vice president now directly owns 99,049 shares in the company, valued at $15,847,840. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.46% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Bank of America reduced their price objective on shares of Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. BMO Capital Markets decreased their price objective on shares of Nucor from $185.00 to $175.00 and set a “market perform” rating for the company in a report on Monday, June 17th. Argus raised Nucor to a “strong-buy” rating in a report on Monday, August 26th. JPMorgan Chase & Co. upgraded Nucor from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $170.00 to $174.00 in a research report on Monday. Finally, Jefferies Financial Group assumed coverage on Nucor in a research report on Monday, May 20th. They set a “hold” rating and a $190.00 price target on the stock. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Nucor has an average rating of “Moderate Buy” and an average price target of $195.00.

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.