Penobscot Investment Management Company Inc. Decreases Stake in Nucor Corporation $NUE

Penobscot Investment Management Company Inc. reduced its stake in Nucor Corporation (NYSE:NUE) by 3.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,619 shares of the basic materials company’s stock after selling 453 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Nucor were worth $1,894,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of NUE. Matrix Trust Co increased its stake in 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 purchasing an additional 84 shares during the period. MV Capital Management Inc. increased its stake in Nucor by 73.5% in the 1st quarter. MV Capital Management Inc. now owns 281 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 119 shares during the period. Geneos Wealth Management Inc. increased its stake in Nucor by 81.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 340 shares of the basic materials company’s stock worth $41,000 after purchasing an additional 153 shares during the period. Spirit of America Management Corp NY purchased a new position in Nucor in the 1st quarter worth approximately $48,000. Finally, Meeder Asset Management Inc. increased its stake in Nucor by 209.6% in the 1st quarter. Meeder Asset Management Inc. now owns 418 shares of the basic materials company’s stock worth $50,000 after purchasing an additional 283 shares during the period. 76.48% of the stock is owned by hedge funds and other institutional investors.

Nucor Trading Down 0.7%

Nucor stock opened at $137.98 on Friday. The company has a current ratio of 2.83, a quick ratio of 1.51 and a debt-to-equity ratio of 0.31. The business’s fifty day simple moving average is $141.84 and its two-hundred day simple moving average is $129.01. Nucor Corporation has a 12 month low of $97.59 and a 12 month high of $170.52. 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.

Nucor (NYSE:NUE) last announced its quarterly earnings results on Monday, July 28th. The basic materials company reported $2.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.54 by $0.06. The firm had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.47 billion. Nucor had a return on equity of 6.65% and a net margin of 4.21%.The company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the company posted $2.68 earnings per share. As a group, equities analysts predict that Nucor Corporation will post 7.64 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Tuesday, September 30th will be paid a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Tuesday, September 30th. Nucor’s dividend payout ratio is 39.71%.

Analyst Ratings Changes

NUE has been the topic of several research analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Nucor in a research note on Saturday, September 27th. JPMorgan Chase & Co. boosted their target price on Nucor from $143.00 to $162.00 and gave the company an “overweight” rating in a research note on Monday, July 14th. Bank of America boosted their target price on Nucor from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Monday, September 15th. The Goldman Sachs Group reduced their target price on Nucor from $182.00 to $173.00 and set a “buy” rating on the stock in a research note on Monday, September 22nd. Finally, Morgan Stanley boosted their target price on Nucor from $134.00 to $149.00 and gave the company an “overweight” rating in a research note on Friday, June 20th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $156.60.

Insider Buying and Selling at Nucor

In other news, EVP Daniel R. Needham sold 7,200 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $146.00, for a total value of $1,051,200.00. Following the transaction, the executive vice president owned 92,179 shares in the company, valued at $13,458,134. This represents a 7.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Kenneth Rex Query sold 10,000 shares of the company’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $144.90, for a total value of $1,449,000.00. Following the completion of the sale, the executive vice president owned 84,080 shares of the company’s stock, valued at approximately $12,183,192. The trade was a 10.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 31,309 shares of company stock worth $4,553,771 over the last quarter. Company insiders own 0.46% of the company’s stock.

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.