Nucor Co. (NYSE:NUE) Shares Sold by Traynor Capital Management Inc.

Traynor Capital Management Inc. lowered its position in Nucor Co. (NYSE:NUE) by 5.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,418 shares of the basic materials company’s stock after selling 818 shares during the period. Traynor Capital Management Inc.’s holdings in Nucor were worth $2,168,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in NUE. GPS Wealth Strategies Group LLC increased its holdings in Nucor by 4.1% in the second quarter. GPS Wealth Strategies Group LLC now owns 1,630 shares of the basic materials company’s stock valued at $258,000 after buying an additional 64 shares in the last quarter. Chilton Capital Management LLC increased its holdings in Nucor by 94.2% in the first quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock valued at $27,000 after buying an additional 65 shares in the last quarter. Aptus Capital Advisors LLC increased its holdings in Nucor by 2.1% in the second quarter. Aptus Capital Advisors LLC now owns 3,457 shares of the basic materials company’s stock valued at $546,000 after buying an additional 71 shares in the last quarter. Brighton Jones LLC increased its holdings in Nucor by 3.3% in the second quarter. Brighton Jones LLC now owns 2,218 shares of the basic materials company’s stock valued at $351,000 after buying an additional 71 shares in the last quarter. Finally, Salomon & Ludwin LLC increased its holdings in Nucor by 45.6% in the third quarter. Salomon & Ludwin LLC now owns 230 shares of the basic materials company’s stock valued at $35,000 after buying an additional 72 shares in the last quarter. Institutional investors and hedge funds own 76.48% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on NUE shares. BMO Capital Markets dropped their target price on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating for the company in a report on Wednesday, September 18th. Morgan Stanley dropped their price objective on shares of Nucor from $170.00 to $166.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Argus raised shares of Nucor to a “strong-buy” rating in a research note on Monday, August 26th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Nucor from $170.00 to $168.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Three 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.com, the company currently has an average rating of “Moderate Buy” and an average price target of $190.57.

Insiders Place Their Bets

In other Nucor news, EVP Daniel R. Needham sold 8,624 shares of Nucor stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total value of $1,379,840.00. Following the transaction, the executive vice president now owns 99,049 shares in the company, valued at $15,847,840. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.64% of the stock is owned by corporate insiders.

Nucor Stock Up 4.4 %

NUE stock opened at $147.73 on Tuesday. The stock has a market capitalization of $35.06 billion, a P/E ratio of 14.27 and a beta of 1.55. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.61 and a current ratio of 2.59. Nucor Co. has a one year low of $133.42 and a one year high of $203.00. The company has a 50 day moving average price of $147.73 and a two-hundred day moving average price of $157.94.

Nucor (NYSE:NUE) last released its earnings results on Monday, October 21st. The basic materials company reported $1.49 EPS 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%. Nucor’s revenue for the quarter was down 15.2% on a year-over-year basis. During the same period in the previous year, the company earned $4.57 EPS. As a group, sell-side analysts expect that Nucor Co. will post 8.65 EPS for the current year.

Nucor Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Friday, September 27th will be paid a $0.54 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.16 annualized dividend and a yield of 1.46%. Nucor’s payout ratio is currently 20.87%.

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.