Nucor Corporation $NUE Shares Sold by Legacy CG LLC

Legacy CG LLC reduced its stake in Nucor Corporation (NYSE:NUE) by 9.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,018 shares of the basic materials company’s stock after selling 2,455 shares during the quarter. Legacy CG LLC’s holdings in Nucor were worth $5,614,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of NUE. BlackRock Inc. purchased a new stake in shares of Nucor in the second quarter valued at about $4,452,563,000. Bank of America Corp DE acquired a new stake in Nucor during the second quarter worth about $462,886,000. Dimensional Fund Advisors LP increased its position in Nucor by 0.9% during the first quarter. Dimensional Fund Advisors LP now owns 2,539,044 shares of the basic materials company’s stock worth $429,298,000 after purchasing an additional 22,718 shares during the last quarter. Berkshire Hathaway Inc purchased a new position in Nucor during the second quarter worth about $413,814,000. Finally, Bank of New York Mellon Corp purchased a new position in Nucor during the second quarter worth about $330,902,000. 76.48% of the stock is owned by institutional investors and hedge funds.

Nucor Trading Down 1.5%

NYSE NUE opened at $273.38 on Wednesday. The firm’s 50-day moving average is $255.05 and its two-hundred day moving average is $224.47. Nucor Corporation has a 12 month low of $140.93 and a 12 month high of $287.70. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.46 and a quick ratio of 1.43. The stock has a market capitalization of $62.03 billion, a P/E ratio of 17.40, a PEG ratio of 0.68 and a beta of 1.81.

Nucor (NYSE:NUE) last announced its earnings results on Monday, October 26th. The basic materials company reported $5.80 earnings per share for the quarter, missing the consensus estimate of $5.84 by ($0.04). Nucor had a return on equity of 15.53% and a net margin of 9.26%. The company had revenue of $11.25 billion for the quarter, compared to analysts’ expectations of $10.84 billion. During the same period last year, the business earned $2.63 EPS. The company’s quarterly revenue was up 32.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Nucor Corporation will post 19.61 earnings per share for the current year.

Nucor Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 10th. Investors of record on Wednesday, September 30th will be given a dividend of $0.56 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 0.8%. Nucor’s dividend payout ratio (DPR) is presently 14.26%.

Analysts Set New Price Targets

Several research firms have weighed in on NUE. BMO Capital Markets boosted their target price on shares of Nucor from $285.00 to $295.00 and gave the company an “outperform” rating in a report on Wednesday, July 29th. UBS Group raised their price target on shares of Nucor from $224.00 to $256.00 and gave the stock a “neutral” rating in a report on Tuesday, July 28th. Weiss Ratings raised shares of Nucor from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 15th. Citigroup reiterated a “buy” rating on shares of Nucor in a report on Wednesday, July 29th. Finally, Piper Sandler set a $304.00 price objective on Nucor in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $286.44.

Insider Buying and Selling

In other Nucor news, insider Michael D. Keller sold 1,136 shares of the business’s stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $279.33, for a total value of $317,318.88. Following the sale, the insider owned 15,588 shares of the company’s stock, valued at $4,354,196.04. The trade was a 6.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Noah C. Hanners sold 5,190 shares of the company’s stock in a transaction on Thursday, October 29th. The stock was sold at an average price of $275.03, for a total value of $1,427,405.70. Following the transaction, the executive vice president owned 44,073 shares in the company, valued at $12,121,397.19. This trade represents a 10.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 18,172 shares of company stock valued at $4,977,498. Company insiders own 0.62% of the company’s stock.

Key Nucor News

Here are the key news stories impacting Nucor this week:

• Positive Sentiment: Nucor’s third-quarter revenue rose 32% year over year to $11.25 billion, topping estimates, while earnings per share of $5.80 came in just below consensus. Fourth-quarter guidance was described as steady to slightly better than recent results. Article: Nucor Could Be 5% Undervalued After Strong Earnings And Steady Guidance
• Positive Sentiment: A strong balance sheet and cash flow are supporting shareholder returns—reported at $1.36 billion—and leave room for continued investment, buybacks and dividend growth. Article: Can NUE’s Strong Balance Sheet Power Bigger Shareholder Returns Ahead?
• Neutral Sentiment: Despite the quarterly EPS miss, revenue exceeded expectations, and the results point to substantial year-over-year improvement. The mixed beat-and-miss may temper the otherwise positive earnings read-through.
• Negative Sentiment: Two executives recently disclosed stock sales: EVP Allen Behr sold 11,846 shares, reducing his holdings by 16.95%, and Michael Keller sold 1,136 shares, trimming his position by 6.79%. Insider sales can be planned or personal, but may add near-term caution among investors. SEC filing for Allen Behr sale SEC filing for Michael Keller sale

Nucor Company Profile

Nucor Corporation is a steel producer headquartered in Charlotte, North Carolina. Through its operating subsidiaries, the company manufactures steel and steel products for customers in construction, automotive, energy, heavy equipment, transportation and other industrial markets.

Nucor’s operations include electric arc furnace steel mills, which produce carbon, alloy and galvanized steel products. Its product portfolio includes sheet steel, plate, beams, bars, wire and wire mesh, steel joists, deck, piling, fabricated concrete reinforcing steel and other downstream products.