Sequoia Financial Advisors LLC Has $941,000 Stock Holdings in Nucor Co. (NYSE:NUE)

Sequoia Financial Advisors LLC cut its stake in Nucor Co. (NYSE:NUE) by 1.9% during the third quarter, HoldingsChannel reports. The fund owned 6,257 shares of the basic materials company’s stock after selling 121 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Nucor were worth $941,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. DeDora Capital Inc. increased its stake in shares of Nucor by 4.6% in the third quarter. DeDora Capital Inc. now owns 3,031 shares of the basic materials company’s stock worth $456,000 after acquiring an additional 134 shares during the last quarter. Grace & White Inc. NY increased its position in Nucor by 1.9% during the third quarter. Grace & White Inc. NY now owns 109,239 shares of the basic materials company’s stock worth $16,423,000 after buying an additional 2,012 shares during the last quarter. Waterway Wealth Management LLC increased its position in Nucor by 7.6% during the third quarter. Waterway Wealth Management LLC now owns 3,740 shares of the basic materials company’s stock worth $562,000 after buying an additional 264 shares during the last quarter. Whittier Trust Co. increased its position in Nucor by 384.6% during the third quarter. Whittier Trust Co. now owns 1,260 shares of the basic materials company’s stock worth $189,000 after buying an additional 1,000 shares during the last quarter. Finally, Carolina Wealth Advisors LLC acquired a new position in Nucor during the third quarter worth $43,000. 76.48% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have commented on NUE. BMO Capital Markets lowered their target price on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a research report on Wednesday, September 18th. Argus raised shares of Nucor to a “strong-buy” rating in a research report on Monday, August 26th. JPMorgan Chase & Co. lowered their target price on shares of Nucor from $170.00 to $168.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, Morgan Stanley lowered their price target on Nucor from $170.00 to $166.00 and set an “overweight” rating on the stock in a research report on Wednesday. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Nucor has a consensus rating of “Moderate Buy” and an average price target of $190.57.

Nucor Trading Up 0.1 %

Shares of NYSE:NUE opened at $141.47 on Friday. The company has a market cap of $33.58 billion, a P/E ratio of 13.67 and a beta of 1.55. The stock’s 50-day moving average is $147.73 and its 200-day moving average is $159.27. Nucor Co. has a 52-week low of $133.42 and a 52-week high of $203.00. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.85 and a current ratio of 2.59.

Nucor (NYSE:NUE) last released its earnings results on Monday, October 21st. The basic materials company reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.09. Nucor had a net margin of 8.05% and a return on equity of 12.06%. The business had revenue of $7.44 billion during the quarter, compared to analysts’ expectations of $7.28 billion. During the same quarter last year, the company earned $4.57 earnings per share. The firm’s revenue was down 15.2% on a year-over-year basis. Equities research analysts predict that Nucor Co. will post 9.08 earnings per share for the current year.

Nucor Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Friday, September 27th will be paid a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 1.53%. The ex-dividend date of this dividend is Friday, September 27th. Nucor’s payout ratio is presently 20.87%.

Insider Activity at Nucor

In related news, EVP Daniel R. Needham sold 8,624 shares of the stock in a transaction dated 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 completion of the sale, the executive vice president now owns 99,049 shares in the company, valued at approximately $15,847,840. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.46% of the stock is owned by corporate insiders.

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.