Diligent Investors LLC Trims Stock Position in Nucor Corporation $NUE

Diligent Investors LLC cut its holdings in shares of Nucor Corporation (NYSE:NUE) by 26.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,696 shares of the basic materials company’s stock after selling 600 shares during the period. Diligent Investors LLC’s holdings in Nucor were worth $220,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NUE. Matrix Trust Co grew its holdings in 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 acquiring an additional 84 shares during the period. MV Capital Management Inc. grew its stake in shares of Nucor by 73.5% during the 1st quarter. MV Capital Management Inc. now owns 281 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 119 shares during the period. Geneos Wealth Management Inc. increased its holdings in shares of Nucor by 81.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 340 shares of the basic materials company’s stock valued at $41,000 after purchasing an additional 153 shares in the last quarter. Spirit of America Management Corp NY acquired a new position in shares of Nucor in the 1st quarter valued at $48,000. Finally, Meeder Asset Management Inc. boosted its holdings in Nucor by 209.6% during the first quarter. Meeder Asset Management Inc. now owns 418 shares of the basic materials company’s stock worth $50,000 after buying an additional 283 shares in the last quarter. 76.48% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Daniel R. Needham sold 7,200 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $146.00, for a total transaction of $1,051,200.00. Following the completion of the sale, the executive vice president owned 92,179 shares in the company, valued at $13,458,134. This trade represents a 7.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael D. Keller sold 6,088 shares of Nucor stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $148.41, for a total transaction of $903,520.08. Following the sale, the insider directly owned 22,464 shares in the company, valued at approximately $3,333,882.24. The trade was a 21.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 31,309 shares of company stock valued at $4,553,771 in the last ninety days. 0.46% of the stock is currently owned by company insiders.

Nucor Trading Down 0.7%

NUE opened at $137.98 on Friday. The firm has a market capitalization of $31.67 billion, a price-to-earnings ratio of 24.91, a price-to-earnings-growth ratio of 0.95 and a beta of 1.75. The company’s 50 day simple moving average is $141.84 and its two-hundred day simple moving average is $129.00. Nucor Corporation has a 1-year low of $97.59 and a 1-year high of $170.52. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.83 and a quick ratio of 1.51.

Nucor (NYSE:NUE) last posted its quarterly earnings results on Monday, July 28th. The basic materials company reported $2.60 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $8.47 billion. During the same quarter last year, the firm earned $2.68 earnings per share. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. Analysts expect that Nucor Corporation will post 7.64 EPS for the current fiscal year.

Nucor Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Investors of record on Tuesday, September 30th will be issued a $0.55 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.6%. Nucor’s dividend payout ratio is currently 39.71%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on NUE. Jefferies Financial Group upgraded shares of Nucor from a “hold” rating to a “buy” rating and upped their price objective for the stock from $135.00 to $170.00 in a research report on Thursday, July 31st. Morgan Stanley upped their price target on Nucor from $134.00 to $149.00 and gave the stock an “overweight” rating in a report on Friday, June 20th. JPMorgan Chase & Co. raised their price objective on Nucor from $143.00 to $162.00 and gave the company an “overweight” rating in a report on Monday, July 14th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nucor in a research note on Saturday, September 27th. Finally, The Goldman Sachs Group dropped their price target on shares of Nucor from $182.00 to $173.00 and set a “buy” rating on the stock in a research note on Monday, September 22nd. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Nucor has an average rating of “Moderate Buy” and a consensus price target of $156.60.

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.