Insider Selling: Nucor (NYSE:NUE) EVP Sells $3,232,773.40 in Stock

Nucor Corporation (NYSE:NUE) EVP Allen Behr sold 11,846 shares of the company’s stock in a transaction that occurred on Thursday, October 29th. The shares were sold at an average price of $272.90, for a total value of $3,232,773.40. Following the completion of the transaction, the executive vice president owned 58,022 shares in the company, valued at approximately $15,834,203.80. The trade was a 16.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Nucor Price Performance

Shares of NYSE NUE opened at $267.85 on Thursday. The stock has a fifty day simple moving average of $255.45 and a two-hundred day simple moving average of $224.94. Nucor Corporation has a 1-year low of $140.93 and a 1-year high of $287.70. The firm has a market cap of $60.77 billion, a price-to-earnings ratio of 17.53, a price-to-earnings-growth ratio of 0.67 and a beta of 1.81. The company has a current ratio of 2.46, a quick ratio of 1.43 and a debt-to-equity ratio of 0.26.

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

Nucor Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 10th. Investors of record on Wednesday, September 30th will be issued a $0.56 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $2.24 annualized dividend and a yield of 0.8%. Nucor’s dividend payout ratio (DPR) is 14.26%.

Analyst Ratings Changes

Several equities research analysts have commented on NUE shares. Citigroup reaffirmed a “buy” rating on shares of Nucor in a report on Wednesday, July 29th. KeyCorp lifted their target price on shares of Nucor from $286.00 to $301.00 and gave the stock an “overweight” rating in a research note on Wednesday. Zacks Research raised shares of Nucor from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 13th. Wells Fargo & Company boosted their price target on shares of Nucor from $280.00 to $305.00 and gave the company an “overweight” rating in a research report on Wednesday, October 28th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $335.00 price objective on shares of Nucor in a report on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $287.38.

Key Stories Impacting Nucor

Here are the key news stories impacting Nucor this week:

• Positive Sentiment: KeyCorp raised its price target to $301 from $286 and maintained an Overweight rating. CFRA also upgraded Nucor from Strong Sell to Hold, a less pessimistic view. Analyst ratings
• Positive Sentiment: Recent quarterly results showed revenue up 32% year over year and ahead of estimates, though EPS narrowly missed consensus. Steady guidance, moderating capital spending and strong cash flow are also supporting shareholder returns, including buybacks and dividends. Nucor: 3 Key Takeaways for Long-Term Investors
• Neutral Sentiment: Nucor has shown strong relative strength over the past month, but the latest pullback followed a substantial recent share-price advance and a move near its 52-week high. Stocks Showing Impressive Relative Strength
• Negative Sentiment: Several insiders have recently sold shares. COO Stephen Laxton sold 10,560 shares, reducing his position by 11.94%; EVP Allen Behr and insider Michael Keller also disclosed sales. Such transactions can add caution, although they do not necessarily signal a change in the company’s outlook. SEC filing for Stephen Laxton sale
• Negative Sentiment: Nucor fell sharply in the latest session, with the decline reported to have erased about $3 billion in market value. The available report describes the selloff but does not identify a specific catalyst. Nucor Drops 5.4% in a Single Session

Institutional Trading of Nucor

A number of hedge funds and other institutional investors have recently made changes to their positions in NUE. Csenge Advisory Group purchased a new stake in shares of Nucor during the 3rd quarter valued at $237,000. 71 West Capital Partners grew its position in Nucor by 2.8% in the third quarter. 71 West Capital Partners now owns 5,847 shares of the basic materials company’s stock worth $1,367,000 after acquiring an additional 160 shares in the last quarter. Montis Financial LLC purchased a new position in Nucor in the third quarter worth $206,000. Gryphon Financial Partners LLC purchased a new position in Nucor in the third quarter worth $209,000. Finally, Fulcrum Asset Management LLP increased its stake in Nucor by 10,885.7% in the third quarter. Fulcrum Asset Management LLP now owns 1,538 shares of the basic materials company’s stock valued at $363,000 after acquiring an additional 1,524 shares during the last quarter. 76.48% of the stock is currently owned by institutional investors.

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.