Fmr LLC Reduces Stock Position in Nucor Co. (NYSE:NUE)

Fmr LLC trimmed its holdings in shares of Nucor Co. (NYSE:NUE) by 59.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,266,632 shares of the basic materials company’s stock after selling 3,316,617 shares during the quarter. Fmr LLC owned 0.97% of Nucor worth $340,765,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Dimensional Fund Advisors LP raised its position in Nucor by 2.2% during the second quarter. Dimensional Fund Advisors LP now owns 3,909,388 shares of the basic materials company’s stock valued at $617,915,000 after purchasing an additional 84,558 shares during the period. Pacer Advisors Inc. lifted its stake in shares of Nucor by 19.8% in the 3rd quarter. Pacer Advisors Inc. now owns 3,456,484 shares of the basic materials company’s stock valued at $519,648,000 after purchasing an additional 571,682 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of Nucor by 3.2% in the 2nd quarter. Legal & General Group Plc now owns 2,160,803 shares of the basic materials company’s stock valued at $341,580,000 after purchasing an additional 67,974 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Nucor by 2.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,612,216 shares of the basic materials company’s stock valued at $242,381,000 after purchasing an additional 45,467 shares during the last quarter. Finally, Mizuho Securities USA LLC lifted its stake in shares of Nucor by 8,530.1% in the 3rd quarter. Mizuho Securities USA LLC now owns 1,595,179 shares of the basic materials company’s stock valued at $239,819,000 after purchasing an additional 1,576,695 shares during the last quarter. Institutional investors own 76.48% of the company’s stock.

Insider Activity at Nucor

In other news, CFO Stephen D. Laxton sold 4,712 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $169.53, for a total value of $798,825.36. Following the sale, the chief financial officer now directly owns 82,132 shares in the company, valued at approximately $13,923,837.96. This trade represents a 5.43 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 directly owns 98,770 shares in the company, valued at approximately $14,499,436. The trade was a 8.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,680 shares of company stock valued at $4,773,724 over the last quarter. 0.46% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

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

Nucor Stock Performance

Shares of Nucor stock opened at $154.69 on Friday. Nucor Co. has a 12 month low of $133.42 and a 12 month high of $203.00. The stock’s fifty day moving average price is $150.64 and its 200-day moving average price is $153.42. The firm has a market cap of $36.32 billion, a P/E ratio of 14.95 and a beta of 1.55. The company has a current ratio of 2.59, a quick ratio of 1.61 and a debt-to-equity ratio of 0.26.

Nucor (NYSE:NUE) last announced its quarterly earnings results on Monday, October 21st. The basic materials company reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.09. The firm had revenue of $7.44 billion during the quarter, compared to analysts’ expectations of $7.28 billion. Nucor had a net margin of 8.05% and a return on equity of 12.06%. The company’s revenue was down 15.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.57 EPS. On average, equities research analysts expect that Nucor Co. will post 8.5 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 8th. Investors of record on Friday, September 27th were paid a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.40%. The ex-dividend date was Friday, September 27th. Nucor’s dividend payout ratio (DPR) is currently 20.87%.

Nucor Profile

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.