Lakeside Advisors INC. trimmed its position in shares of Nucor Corporation (NYSE:NUE – Free Report) by 2.4% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 48,052 shares of the basic materials company’s stock after selling 1,185 shares during the quarter. Nucor comprises about 4.0% of Lakeside Advisors INC.’s investment portfolio, making the stock its 4th largest holding. Lakeside Advisors INC.’s holdings in Nucor were worth $6,225,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Matrix Trust Co lifted its position in shares of Nucor by 53.8% during the second quarter. Matrix Trust Co now owns 240 shares of the basic materials company’s stock valued at $31,000 after buying an additional 84 shares during the last quarter. MV Capital Management Inc. raised its position in shares of Nucor by 73.5% in the 1st quarter. MV Capital Management Inc. now owns 281 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 119 shares during the last quarter. Geneos Wealth Management Inc. raised its position in shares of Nucor by 81.8% in 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 during the last quarter. Spirit of America Management Corp NY purchased a new position in shares of Nucor in the 1st quarter valued at approximately $48,000. Finally, Meeder Asset Management Inc. raised its position in shares of Nucor by 209.6% in the 1st quarter. Meeder Asset Management Inc. now owns 418 shares of the basic materials company’s stock valued at $50,000 after purchasing an additional 283 shares during the last quarter. 76.48% of the stock is owned by hedge funds and other institutional investors.
Nucor Stock Performance
NUE opened at $135.71 on Wednesday. Nucor Corporation has a 12-month low of $97.59 and a 12-month high of $170.52. 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 firm has a market capitalization of $31.15 billion, a PE ratio of 24.50, a P/E/G ratio of 0.94 and a beta of 1.75. The firm has a 50 day moving average of $141.55 and a two-hundred day moving average of $129.13.
Nucor Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Tuesday, September 30th. Nucor’s payout ratio is 39.71%.
Wall Street Analyst Weigh In
Several brokerages recently commented on NUE. The Goldman Sachs Group decreased their price objective on shares of Nucor from $182.00 to $173.00 and set a “buy” rating for the company in a research report on Monday, September 22nd. JPMorgan Chase & Co. increased their price objective on shares of Nucor from $143.00 to $162.00 and gave the company an “overweight” rating in a research report on Monday, July 14th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nucor in a research report on Saturday, September 27th. Morgan Stanley increased their price objective on shares of Nucor from $134.00 to $149.00 and gave the company an “overweight” rating in a research report on Friday, June 20th. Finally, Wells Fargo & Company decreased their price objective on shares of Nucor from $146.00 to $140.00 and set an “equal weight” rating for the company in a research report on Thursday, September 18th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $156.60.
Check Out Our Latest Stock Report on Nucor
Insider Activity
In other news, EVP Allen C. Behr sold 8,021 shares of Nucor stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $143.38, for a total transaction of $1,150,050.98. Following the completion of the transaction, the executive vice president directly owned 82,703 shares of the company’s stock, valued at $11,857,956.14. The trade was a 8.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 transaction, the insider directly owned 22,464 shares of the company’s stock, valued at approximately $3,333,882.24. This trade represents a 21.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 31,309 shares of company stock valued at $4,553,771 in the last quarter. Company insiders own 0.71% 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.
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