Waverly Advisors LLC Sells 10,405 Shares of Nucor Corporation $NUE

Waverly Advisors LLC lowered its position in Nucor Corporation (NYSE:NUE) by 13.4% during the second quarter, HoldingsChannel reports. The institutional investor owned 67,411 shares of the basic materials company’s stock after selling 10,405 shares during the period. Waverly Advisors LLC’s holdings in Nucor were worth $15,016,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in NUE. Empirical Finance LLC grew its position in Nucor by 3.0% in the second quarter. Empirical Finance LLC now owns 8,887 shares of the basic materials company’s stock worth $1,980,000 after acquiring an additional 256 shares in the last quarter. Nykredit A S acquired a new stake in shares of Nucor in the 2nd quarter valued at $12,771,000. Range Advisory LLC acquired a new stake in shares of Nucor in the 2nd quarter valued at $205,000. California State Teachers Retirement System boosted its holdings in Nucor by 23,029.6% in the second quarter. California State Teachers Retirement System now owns 61,424,649 shares of the basic materials company’s stock worth $13,682,341,000 after purchasing an additional 61,159,082 shares in the last quarter. Finally, Ameritas Advisory Services LLC boosted its holdings in Nucor by 62.5% in the second quarter. Ameritas Advisory Services LLC now owns 3,083 shares of the basic materials company’s stock worth $687,000 after purchasing an additional 1,186 shares in the last quarter. Institutional investors own 76.48% of the company’s stock.

Insider Buying and Selling at Nucor

In other news, EVP Thomas J. Batterbee sold 4,000 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $261.02, for a total transaction of $1,044,080.00. Following the completion of the transaction, the executive vice president owned 16,138 shares of the company’s stock, valued at approximately $4,212,340.76. This represents a 19.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Stephen D. Laxton sold 3,968 shares of the stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $256.96, for a total transaction of $1,019,617.28. Following the completion of the sale, the chief operating officer owned 77,867 shares of the company’s stock, valued at approximately $20,008,704.32. The trade was a 4.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.62% of the company’s stock.

Nucor Stock Down 1.8%

NUE opened at $256.49 on Wednesday. The business has a 50 day moving average of $249.48 and a 200-day moving average of $222.65. The stock has a market capitalization of $58.19 billion, a price-to-earnings ratio of 20.45, a P/E/G ratio of 0.97 and a beta of 1.87. The company has a current ratio of 2.51, a quick ratio of 1.36 and a debt-to-equity ratio of 0.27. Nucor Corporation has a 1-year low of $131.32 and a 1-year high of $280.11.

Nucor (NYSE:NUE) last announced its earnings results on Monday, July 27th. The basic materials company reported $4.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.46 by $0.38. The business had revenue of $10.40 billion for the quarter, compared to analyst estimates of $10.15 billion. Nucor had a net margin of 7.99% and a return on equity of 12.73%. Nucor’s revenue was up 23.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.60 earnings per share. As a group, sell-side analysts anticipate that Nucor Corporation will post 17.95 earnings per share for the current year.

Analyst Ratings Changes

NUE has been the topic of several recent research reports. Seaport Research Partners raised their target price on Nucor from $245.00 to $285.00 and gave the company a “buy” rating in a report on Wednesday, June 10th. Weiss Ratings upgraded Nucor from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 25th. BMO Capital Markets increased their price objective on Nucor from $285.00 to $295.00 and gave the company an “outperform” rating in a report on Wednesday, July 29th. Wells Fargo & Company cut their price objective on Nucor from $297.00 to $285.00 and set an “overweight” rating on the stock in a research note on Monday, August 24th. Finally, Bank of America reduced their target price on Nucor from $290.00 to $280.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Thirteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Nucor currently has a consensus rating of “Moderate Buy” and an average target price of $272.38.

About Nucor

Nucor Corporation is a Charlotte, North Carolina-based steel and steel products company. It manufactures carbon, alloy and stainless steel products, including sheet, plate, bar, structural steel, rail, wire rod, rebar and merchant bar. The company also produces steel joists, deck, beams, piling, wire products, fasteners, grating, metal building systems and other fabricated steel products.

Nucor operates an integrated network of electric arc furnace steel mills, recycling facilities and downstream manufacturing operations.