Plato Investment Management Ltd Sells 5,818 Shares of Nucor Co. (NYSE:NUE)

Plato Investment Management Ltd lowered its stake in shares of Nucor Co. (NYSE:NUE) by 94.8% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 321 shares of the basic materials company’s stock after selling 5,818 shares during the period. Plato Investment Management Ltd’s holdings in Nucor were worth $51,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. McClarren Financial Advisors Inc. raised its position in shares of Nucor by 129.0% during the second quarter. McClarren Financial Advisors Inc. now owns 158 shares of the basic materials company’s stock valued at $25,000 after buying an additional 89 shares during the last quarter. Rise Advisors LLC acquired a new position in shares of Nucor during the first quarter valued at about $27,000. Chilton Capital Management LLC raised its position in shares of Nucor by 94.2% during 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 during the last quarter. Central Pacific Bank Trust Division acquired a new position in shares of Nucor during the first quarter valued at about $28,000. Finally, Tompkins Financial Corp raised its position in shares of Nucor by 208.0% during the first quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock valued at $30,000 after buying an additional 104 shares during the last quarter. Institutional investors and hedge funds own 76.48% of the company’s stock.

Nucor Stock Performance

NYSE:NUE opened at $142.92 on Tuesday. Nucor Co. has a 1 year low of $133.42 and a 1 year high of $203.00. The firm has a 50 day moving average of $150.52 and a 200-day moving average of $167.06. The company has a current ratio of 2.93, a quick ratio of 1.85 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $34.27 billion, a P/E ratio of 8.41 and a beta of 1.55.

Nucor (NYSE:NUE) last posted its earnings results on Monday, July 22nd. The basic materials company reported $2.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.37. The company had revenue of $8.08 billion during the quarter, compared to analysts’ expectations of $7.69 billion. Nucor had a net margin of 10.45% and a return on equity of 15.69%. Nucor’s quarterly revenue was down 15.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.81 earnings per share. As a group, sell-side analysts anticipate that Nucor Co. will post 9.95 EPS for the current fiscal year.

Nucor Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Friday, September 27th will be issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date of this dividend is Friday, September 27th. Nucor’s dividend payout ratio is currently 12.71%.

Insider Activity at Nucor

In related news, EVP Daniel R. Needham sold 8,624 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 99,049 shares of the company’s stock, valued at $15,847,840. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.46% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on NUE shares. Argus raised shares of Nucor to a “strong-buy” rating in a research report on Monday, August 26th. Jefferies Financial Group initiated coverage on shares of Nucor in a research note on Monday, May 20th. They set a “hold” rating and a $190.00 price target for the company. Morgan Stanley upgraded shares of Nucor from an “equal weight” rating to an “overweight” rating and cut their price target for the stock from $187.00 to $176.00 in a research note on Thursday, August 15th. Bank of America cut their price target on shares of Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. Finally, BMO Capital Markets cut their price target on shares of Nucor from $185.00 to $175.00 and set a “market perform” rating for the company in a research note on Monday, June 17th. Three 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 company’s stock. According to data from MarketBeat, Nucor currently has an average rating of “Moderate Buy” and a consensus price target of $195.00.

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.