Hudson Valley Investment Advisors Inc. ADV Trims Stake in Nucor Corporation $NUE

Hudson Valley Investment Advisors Inc. ADV reduced its holdings in shares of Nucor Corporation (NYSE:NUE) by 3.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 29,970 shares of the basic materials company’s stock after selling 959 shares during the period. Hudson Valley Investment Advisors Inc. ADV’s holdings in Nucor were worth $3,882,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in NUE. Matrix Trust Co lifted its holdings in shares of Nucor by 53.8% in the 2nd quarter. Matrix Trust Co now owns 240 shares of the basic materials company’s stock worth $31,000 after acquiring an additional 84 shares during the last quarter. Highline Wealth Partners LLC increased its stake in Nucor by 2.6% in the 1st quarter. Highline Wealth Partners LLC now owns 3,512 shares of the basic materials company’s stock worth $423,000 after buying an additional 90 shares during the period. Dorsey & Whitney Trust CO LLC increased its stake in Nucor by 2.2% in the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 4,247 shares of the basic materials company’s stock worth $511,000 after buying an additional 93 shares during the period. Diligent Investors LLC increased its stake in Nucor by 4.6% in the 1st quarter. Diligent Investors LLC now owns 2,296 shares of the basic materials company’s stock worth $276,000 after buying an additional 102 shares during the period. Finally, Denali Advisors LLC increased its stake in Nucor by 2.5% in the 1st quarter. Denali Advisors LLC now owns 4,117 shares of the basic materials company’s stock worth $495,000 after buying an additional 102 shares during the period. 76.48% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Michael D. Keller sold 6,088 shares of the firm’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $148.41, for a total value of $903,520.08. Following the sale, the insider directly owned 22,464 shares in the company, valued at approximately $3,333,882.24. This trade represents a 21.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Allen C. Behr sold 8,021 shares of the firm’s stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $143.38, for a total transaction of $1,150,050.98. Following the completion of the sale, the executive vice president owned 82,703 shares in the company, valued at $11,857,956.14. This represents a 8.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 31,309 shares of company stock valued at $4,553,771 over the last 90 days. 0.46% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Wells Fargo & Company reduced their price target on shares of Nucor from $146.00 to $140.00 and set an “equal weight” rating on the stock in a research note on Thursday, September 18th. JPMorgan Chase & Co. raised their price target on shares of Nucor from $143.00 to $162.00 and gave the stock an “overweight” rating in a research note on Monday, July 14th. Bank of America raised their price target on shares of Nucor from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Monday, September 15th. Morgan Stanley raised their target price on shares of Nucor from $134.00 to $149.00 and gave the company an “overweight” rating in a research report on Friday, June 20th. Finally, Jefferies Financial Group raised shares of Nucor from a “hold” rating to a “buy” rating and raised their target price for the company from $135.00 to $170.00 in a research report on Thursday, July 31st. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Nucor currently has an average rating of “Moderate Buy” and an average target price of $156.60.

Nucor Trading Down 0.7%

NYSE NUE opened at $137.98 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.51 and a current ratio of 2.83. The company has a market capitalization of $31.67 billion, a price-to-earnings ratio of 24.91, a price-to-earnings-growth ratio of 0.96 and a beta of 1.75. The company’s 50-day simple moving average is $141.84 and its two-hundred day simple moving average is $129.01. Nucor Corporation has a one year low of $97.59 and a one year high of $170.52.

Nucor (NYSE:NUE) last released its quarterly earnings results on Monday, July 28th. The basic materials company reported $2.60 earnings per share for the quarter, beating analysts’ consensus estimates of $2.54 by $0.06. Nucor had a net margin of 4.21% and a return on equity of 6.65%. The business had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.47 billion. During the same period last year, the business earned $2.68 EPS. The company’s revenue was up 4.7% compared to the same quarter last year. Equities analysts forecast that Nucor Corporation will post 7.64 EPS for the current fiscal year.

Nucor Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Tuesday, September 30th will be issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Tuesday, September 30th. Nucor’s dividend payout ratio (DPR) is currently 39.71%.

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.