Allen Capital Group LLC Sells 489 Shares of Nucor Co. (NYSE:NUE)

Allen Capital Group LLC lessened its stake in shares of Nucor Co. (NYSE:NUE) by 9.7% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 4,543 shares of the basic materials company’s stock after selling 489 shares during the period. Allen Capital Group LLC’s holdings in Nucor were worth $683,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. National Pension Service raised its stake in shares of Nucor by 3.2% during the third quarter. National Pension Service now owns 652,502 shares of the basic materials company’s stock valued at $98,097,000 after acquiring an additional 20,258 shares in the last quarter. CX Institutional increased its holdings in Nucor by 52.8% during the second quarter. CX Institutional now owns 17,245 shares of the basic materials company’s stock valued at $2,726,000 after buying an additional 5,960 shares during the period. BIP Wealth LLC purchased a new position in Nucor during the third quarter valued at approximately $681,000. Ascension Asset Management LLC purchased a new position in Nucor during the second quarter valued at approximately $885,000. Finally, Kimelman & Baird LLC purchased a new position in Nucor during the second quarter valued at approximately $6,655,000. Institutional investors own 76.48% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on NUE. Argus raised shares of Nucor to a “strong-buy” rating in a report on Monday, August 26th. Morgan Stanley cut their price objective on shares of Nucor from $170.00 to $166.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. JPMorgan Chase & Co. cut their price objective on shares of Nucor from $170.00 to $168.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Finally, BMO Capital Markets cut their price objective on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a report on Wednesday, September 18th. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $190.57.

Nucor Price Performance

NYSE NUE opened at $151.90 on Friday. The firm’s fifty day simple moving average is $149.67 and its two-hundred day simple moving average is $154.20. The company has a current ratio of 2.59, a quick ratio of 1.61 and a debt-to-equity ratio of 0.26. Nucor Co. has a 12-month low of $133.42 and a 12-month high of $203.00. The firm has a market capitalization of $35.67 billion, a P/E ratio of 14.68 and a beta of 1.55.

Nucor (NYSE:NUE) last posted its quarterly earnings data on Monday, October 21st. The basic materials company reported $1.49 EPS for the quarter, topping the consensus estimate of $1.40 by $0.09. Nucor had a net margin of 8.05% and a return on equity of 12.06%. The business had revenue of $7.44 billion during the quarter, compared to the consensus estimate of $7.28 billion. During the same period in the previous year, the firm posted $4.57 earnings per share. The business’s revenue for the quarter was down 15.2% compared to the same quarter last year. Analysts forecast that Nucor Co. will post 8.52 EPS for the current fiscal year.

Nucor Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 8th. Stockholders of record on Friday, September 27th were paid a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.16 annualized dividend and a dividend yield of 1.42%. Nucor’s payout ratio is currently 20.87%.

Insider Activity at Nucor

In other news, EVP Allen C. Behr sold 4,968 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $159.72, for a total transaction of $793,488.96. Following the completion of the sale, the executive vice president now owns 85,376 shares of the company’s stock, valued at $13,636,254.72. The trade was a 5.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Stephen D. Laxton sold 4,712 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $169.53, for a total transaction of $798,825.36. Following the sale, the chief financial officer now directly owns 82,132 shares of the company’s stock, valued at $13,923,837.96. This represents a 5.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,680 shares of company stock worth $4,773,724 over the last three months. Company insiders own 0.46% of the company’s stock.

Nucor Company 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.