Moran Wealth Management LLC Decreases Stock Position in Nucor Co. (NYSE:NUE)

Moran Wealth Management LLC cut its holdings in Nucor Co. (NYSE:NUE) by 1.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,590 shares of the basic materials company’s stock after selling 69 shares during the quarter. Moran Wealth Management LLC’s holdings in Nucor were worth $690,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. National Pension Service raised its holdings in Nucor by 3.2% during the 3rd quarter. National Pension Service now owns 652,502 shares of the basic materials company’s stock valued at $98,097,000 after buying an additional 20,258 shares during the period. CX Institutional boosted its position in Nucor by 52.8% during the 2nd quarter. CX Institutional now owns 17,245 shares of the basic materials company’s stock valued at $2,726,000 after acquiring an additional 5,960 shares in the last quarter. Ascension Asset Management LLC bought a new position in Nucor in the second quarter worth about $885,000. BIP Wealth LLC purchased a new stake in Nucor during the third quarter valued at approximately $681,000. Finally, Kimelman & Baird LLC acquired a new stake in shares of Nucor in the 2nd quarter worth $6,655,000. 76.48% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Nucor news, CEO Leon J. Topalian sold 11,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $169.11, for a total transaction of $1,860,210.00. Following the sale, the chief executive officer now owns 172,136 shares in the company, valued at $29,109,918.96. This represents a 6.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Kenneth Rex Query sold 9,000 shares of Nucor stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $146.80, for a total transaction of $1,321,200.00. Following the completion of the transaction, the executive vice president now owns 98,770 shares of the company’s stock, valued at $14,499,436. This represents a 8.35 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,680 shares of company stock valued at $4,773,724. Company insiders own 0.46% of the company’s stock.

Nucor Stock Up 1.2 %

Shares of NYSE:NUE opened at $149.99 on Friday. Nucor Co. has a 52-week low of $133.42 and a 52-week high of $203.00. The stock has a market cap of $35.22 billion, a P/E ratio of 14.49 and a beta of 1.55. The business has a fifty day moving average of $149.51 and a two-hundred day moving average of $154.33. The company has a quick ratio of 1.61, a current ratio of 2.59 and a debt-to-equity ratio of 0.26.

Nucor (NYSE:NUE) last posted its earnings results on Monday, October 21st. The basic materials company reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.09. Nucor had a return on equity of 12.06% and a net margin of 8.05%. The company had revenue of $7.44 billion during the quarter, compared to analysts’ expectations of $7.28 billion. During the same quarter last year, the firm earned $4.57 earnings per share. The firm’s quarterly revenue was down 15.2% compared to the same quarter last year. On average, research analysts expect that Nucor Co. will post 8.52 earnings per share for the current year.

Nucor Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 8th. Stockholders of record on Friday, September 27th were issued a $0.54 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.16 annualized dividend and a dividend yield of 1.44%. Nucor’s dividend payout ratio is currently 20.87%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on NUE shares. Argus raised shares of Nucor to a “strong-buy” rating in a report on Monday, August 26th. BMO Capital Markets lowered their price target on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a report on Wednesday, September 18th. Morgan Stanley cut their price objective on Nucor from $170.00 to $166.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. decreased their price target on shares of Nucor from $170.00 to $168.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $190.57.

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.