Nucor (NYSE:NUE) EVP Noah Hanners Sells 5,190 Shares of Stock

Nucor Corporation (NYSE:NUE) 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 transaction of $1,427,405.70. Following the completion of the sale, the executive vice president directly owned 44,073 shares of the company’s stock, valued at approximately $12,121,397.19. The trade was a 10.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Nucor Trading Down 1.9%

Shares of NUE traded down $5.09 during mid-day trading on Friday, reaching $270.20. 559,214 shares of the company’s stock traded hands, compared to its average volume of 1,536,730. The stock has a market cap of $61.30 billion, a P/E ratio of 17.18, a P/E/G ratio of 0.67 and a beta of 1.84. The stock’s 50-day moving average is $253.14 and its two-hundred day moving average is $222.89. Nucor Corporation has a 12 month low of $140.93 and a 12 month high of $280.11. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.46 and a quick ratio of 1.36.

Nucor (NYSE:NUE) last issued its quarterly 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). Nucor had a return on equity of 15.53% and a net margin of 9.26%. The business had revenue of $11.25 billion for the quarter, compared to the consensus estimate of $10.84 billion. During the same period in the prior year, the business posted $2.63 earnings per share. Nucor’s revenue was up 32.0% on a year-over-year basis. Research analysts forecast that Nucor Corporation will post 19.59 earnings per share for the current fiscal year.

Nucor Announces Dividend

The company 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 $0.56 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 0.8%. Nucor’s payout ratio is presently 14.26%.

Institutional Investors Weigh In On Nucor

Several institutional investors have recently modified their holdings of NUE. BlackRock Inc. bought a new position in Nucor during the second quarter worth $4,452,563,000. Dimensional Fund Advisors LP grew its stake in Nucor by 0.9% in the first quarter. Dimensional Fund Advisors LP now owns 2,539,044 shares of the basic materials company’s stock valued at $429,298,000 after acquiring an additional 22,718 shares during the period. Bank of America Corp DE acquired a new position in shares of Nucor during the second quarter worth approximately $462,886,000. Berkshire Hathaway Inc acquired a new position in shares of Nucor during the second quarter worth approximately $413,814,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Nucor by 1.7% in the 1st quarter. Bank of New York Mellon Corp now owns 1,809,899 shares of the basic materials company’s stock worth $306,054,000 after purchasing an additional 29,476 shares in the last quarter. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on NUE. JPMorgan Chase & Co. lifted their target price on Nucor from $296.00 to $304.00 and gave the stock an “overweight” rating in a report on Wednesday. Bank of America lowered their target price on Nucor from $290.00 to $280.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. Morgan Stanley set a $270.00 price target on Nucor in a report on Wednesday, July 29th. Zacks Research raised Nucor from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 13th. Finally, Weiss Ratings raised shares of Nucor from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $284.00.

About Nucor

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.