Nucor Corporation $NUE Shares Sold by Legacy CG LLC

Legacy CG LLC lowered its holdings in Nucor Corporation (NYSE:NUE) by 9.3% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 24,018 shares of the basic materials company’s stock after selling 2,455 shares during the period. Legacy CG LLC’s holdings in Nucor were worth $5,614,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Nucor in the 2nd quarter valued at approximately $4,452,563,000. Bank of America Corp DE acquired a new position in shares of Nucor in the second quarter worth $462,886,000. Berkshire Hathaway Inc purchased a new stake in shares of Nucor during the second quarter worth $413,814,000. Bank of New York Mellon Corp purchased a new stake in shares of Nucor during the second quarter worth $330,902,000. Finally, Legal & General Group Plc purchased a new stake in shares of Nucor during the second quarter worth $324,154,000. 76.48% of the stock is owned by hedge funds and other institutional investors.

Nucor Stock Performance

Shares of NUE stock opened at $273.38 on Wednesday. The company has a current ratio of 2.46, a quick ratio of 1.43 and a debt-to-equity ratio of 0.26. The firm has a fifty day moving average price of $255.05 and a 200 day moving average price of $224.47. The company has a market cap of $62.03 billion, a P/E ratio of 17.40, a PEG ratio of 0.68 and a beta of 1.81. Nucor Corporation has a 12 month low of $140.93 and a 12 month high of $287.70.

Nucor (NYSE:NUE) last posted its earnings results on Monday, October 26th. The basic materials company reported $5.80 EPS for the quarter, missing the consensus estimate of $5.84 by ($0.04). Nucor had a net margin of 9.26% and a return on equity of 15.53%. The business had revenue of $11.25 billion during the quarter, compared to analysts’ expectations of $10.84 billion. During the same period last year, the company earned $2.63 EPS. The business’s quarterly revenue was up 32.0% compared to the same quarter last year. Sell-side analysts predict that Nucor Corporation will post 19.61 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 10th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Wednesday, September 30th. Nucor’s dividend payout ratio is currently 14.26%.

Insider Activity

In other news, EVP Allen C. Behr sold 11,846 shares of the stock in a transaction dated Thursday, October 29th. The stock was sold at an average price of $272.90, for a total value of $3,232,773.40. Following the transaction, the executive vice president owned 58,022 shares in the company, valued at approximately $15,834,203.80. This represents a 16.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Noah Hanners sold 5,190 shares of the firm’s stock in a transaction dated Thursday, October 29th. The stock was sold at an average price of $275.03, for a total value of $1,427,405.70. Following the sale, the executive vice president directly owned 44,073 shares in the company, valued at $12,121,397.19. This trade represents a 10.54% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 18,172 shares of company stock worth $4,977,498. 0.62% of the stock is currently owned by insiders.

Trending Headlines about Nucor

Here are the key news stories impacting Nucor this week:

• Positive Sentiment: Nucor’s third-quarter revenue rose 32% year over year to $11.25 billion, topping estimates, while earnings per share of $5.80 came in just below consensus. Fourth-quarter guidance was described as steady to slightly better than recent results. Article: Nucor Could Be 5% Undervalued After Strong Earnings And Steady Guidance
• Positive Sentiment: A strong balance sheet and cash flow are supporting shareholder returns—reported at $1.36 billion—and leave room for continued investment, buybacks and dividend growth. Article: Can NUE’s Strong Balance Sheet Power Bigger Shareholder Returns Ahead?
• Neutral Sentiment: Despite the quarterly EPS miss, revenue exceeded expectations, and the results point to substantial year-over-year improvement. The mixed beat-and-miss may temper the otherwise positive earnings read-through.
• Negative Sentiment: Two executives recently disclosed stock sales: EVP Allen Behr sold 11,846 shares, reducing his holdings by 16.95%, and Michael Keller sold 1,136 shares, trimming his position by 6.79%. Insider sales can be planned or personal, but may add near-term caution among investors. SEC filing for Allen Behr sale SEC filing for Michael Keller sale

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Barclays increased their price objective on Nucor from $306.00 to $320.00 and gave the company an “overweight” rating in a research note on Wednesday, October 28th. Wells Fargo & Company boosted their target price on Nucor from $280.00 to $305.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 28th. Morgan Stanley set a $270.00 price target on Nucor in a report on Wednesday, July 29th. Wedbush set a $304.00 price target on Nucor in a research report on Monday. Finally, Piper Sandler set a $304.00 price objective on Nucor in a research note on Friday. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Nucor has an average rating of “Moderate Buy” and a consensus target price of $286.44.

Nucor Company Profile

Nucor Corporation is a steel producer headquartered in Charlotte, North Carolina. Through its operating subsidiaries, the company manufactures steel and steel products for customers in construction, automotive, energy, heavy equipment, transportation and other industrial markets.

Nucor’s operations include electric arc furnace steel mills, which produce carbon, alloy and galvanized steel products. Its product portfolio includes sheet steel, plate, beams, bars, wire and wire mesh, steel joists, deck, piling, fabricated concrete reinforcing steel and other downstream products.