Sequoia Financial Advisors LLC Lowers Position in Nucor Corporation $NUE

Sequoia Financial Advisors LLC cut its stake in shares of Nucor Corporation (NYSE:NUE) by 1.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,631 shares of the basic materials company’s stock after selling 115 shares during the period. Sequoia Financial Advisors LLC’s holdings in Nucor were worth $859,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. MGO One Seven LLC lifted its position in Nucor by 1.4% during the second quarter. MGO One Seven LLC now owns 17,423 shares of the basic materials company’s stock valued at $2,257,000 after purchasing an additional 248 shares in the last quarter. Bill Few Associates Inc. raised its holdings in Nucor by 7.0% during the second quarter. Bill Few Associates Inc. now owns 3,045 shares of the basic materials company’s stock valued at $394,000 after acquiring an additional 200 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in Nucor by 355.7% during the second quarter. Allspring Global Investments Holdings LLC now owns 539,310 shares of the basic materials company’s stock valued at $72,327,000 after acquiring an additional 420,970 shares during the period. Bull Street Advisors LLC raised its holdings in Nucor by 14.4% during the second quarter. Bull Street Advisors LLC now owns 10,947 shares of the basic materials company’s stock valued at $1,418,000 after acquiring an additional 1,375 shares during the period. Finally, SPC Financial Inc. raised its holdings in Nucor by 5.2% during the second quarter. SPC Financial Inc. now owns 10,182 shares of the basic materials company’s stock valued at $1,319,000 after acquiring an additional 500 shares during the period. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Nucor Trading Down 0.7%

Shares of NUE stock opened at $131.70 on Friday. 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 stock’s 50-day moving average price is $140.92 and its 200-day moving average price is $129.76. The stock has a market capitalization of $30.23 billion, a price-to-earnings ratio of 23.77, a price-to-earnings-growth ratio of 0.94 and a beta of 1.75.

Nucor (NYSE:NUE) last issued its earnings results on Monday, July 28th. The basic materials company reported $2.60 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $8.47 billion. During the same period in the previous year, the firm posted $2.68 earnings per share. The business’s revenue was up 4.7% compared to the same quarter last year. Equities research analysts predict that Nucor Corporation will post 7.64 EPS for the current fiscal year.

Nucor Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Tuesday, September 30th. Nucor’s payout ratio is presently 39.71%.

Insider Buying and Selling

In other Nucor news, EVP Allen C. Behr sold 8,021 shares of the business’s stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $143.38, for a total transaction of $1,150,050.98. Following the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Daniel R. Needham sold 7,200 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $146.00, for a total value of $1,051,200.00. Following the sale, the executive vice president directly owned 92,179 shares in the company, valued at $13,458,134. The trade was a 7.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 31,309 shares of company stock valued at $4,553,771. Insiders own 0.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on NUE shares. Weiss Ratings reissued a “hold (c)” rating on shares of Nucor in a report on Wednesday, October 8th. JPMorgan Chase & Co. raised their price target on Nucor from $165.00 to $172.00 and gave the company an “overweight” rating in a report on Monday, October 13th. Bank of America raised their price target on Nucor from $150.00 to $165.00 and gave the company a “buy” rating in a report on Monday, September 15th. Jefferies Financial Group raised Nucor from a “hold” rating to a “buy” rating and raised their price target for the company from $135.00 to $170.00 in a report on Thursday, July 31st. Finally, The Goldman Sachs Group reduced their target price on Nucor from $182.00 to $173.00 and set a “buy” rating on the stock in a report on Monday, September 22nd. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $157.60.

About Nucor

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.