WealthPLAN Partners LLC Trims Position in Nucor Co. (NYSE:NUE)

WealthPLAN Partners LLC decreased its holdings in shares of Nucor Co. (NYSE:NUE) by 3.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 36,615 shares of the basic materials company’s stock after selling 1,226 shares during the period. WealthPLAN Partners LLC’s holdings in Nucor were worth $5,788,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in Nucor during the 4th quarter worth $377,631,000. Global Assets Advisory LLC purchased a new position in Nucor during the first quarter worth about $90,216,000. Swedbank AB acquired a new stake in Nucor in the first quarter valued at about $37,395,000. Captrust Financial Advisors boosted its holdings in Nucor by 23.5% in the 1st quarter. Captrust Financial Advisors now owns 804,150 shares of the basic materials company’s stock valued at $159,141,000 after purchasing an additional 153,077 shares in the last quarter. Finally, Trinity Street Asset Management LLP acquired a new position in Nucor during the 2nd quarter worth approximately $19,213,000. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on NUE. JPMorgan Chase & Co. upgraded Nucor from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $170.00 to $174.00 in a research note on Monday, September 9th. Jefferies Financial Group started coverage on shares of Nucor in a research note on Monday, May 20th. They set a “hold” rating and a $190.00 price target on the stock. BMO Capital Markets reduced their price objective 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. Bank of America lowered their target price on shares of Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, June 26th. Finally, Argus upgraded shares of Nucor to a “strong-buy” rating in a research report on Monday, August 26th. Three investment 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $195.00.

Nucor Stock Down 0.5 %

Shares of NYSE NUE opened at $142.92 on Tuesday. The firm’s 50-day moving average is $150.52 and its two-hundred day moving average is $167.06. The company has a market capitalization of $34.27 billion, a PE ratio of 8.41 and a beta of 1.55. Nucor Co. has a 12-month low of $133.42 and a 12-month high of $203.00. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.93 and a quick ratio of 1.85.

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. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The firm had revenue of $8.08 billion for the quarter, compared to analyst estimates of $7.69 billion. During the same quarter in the prior year, the company earned $5.81 EPS. Nucor’s revenue was down 15.2% on a year-over-year basis. Equities analysts anticipate that Nucor Co. will post 9.95 EPS for the current fiscal year.

Nucor Announces Dividend

The company 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 yield of 1.51%. The ex-dividend date of this dividend is Friday, September 27th. Nucor’s payout ratio is 12.71%.

Insider Buying and Selling at Nucor

In other news, EVP Daniel R. Needham sold 8,624 shares of Nucor stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total transaction of $1,379,840.00. Following the completion of the sale, the executive vice president now directly owns 99,049 shares in the company, valued at $15,847,840. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.46% of the stock is owned by 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.