CNB Bank Sells 585 Shares of Nucor Corporation $NUE

CNB Bank lowered its stake in shares of Nucor Corporation (NYSE:NUE) by 52.4% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 532 shares of the basic materials company’s stock after selling 585 shares during the period. CNB Bank’s holdings in Nucor were worth $69,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NUE. Mirae Asset Global Investments Co. Ltd. raised its position in Nucor by 17.8% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,595 shares of the basic materials company’s stock valued at $3,853,000 after purchasing an additional 4,763 shares in the last quarter. Hudson Capital Management LLC raised its stake in shares of Nucor by 6.6% during the second quarter. Hudson Capital Management LLC now owns 34,784 shares of the basic materials company’s stock worth $4,506,000 after acquiring an additional 2,154 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Nucor by 138.5% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 121,543 shares of the basic materials company’s stock worth $15,745,000 after acquiring an additional 70,581 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Nucor by 12.4% in the 1st quarter. Envestnet Asset Management Inc. now owns 305,006 shares of the basic materials company’s stock valued at $36,704,000 after purchasing an additional 33,700 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Nucor by 48.6% in the 1st quarter. GAMMA Investing LLC now owns 4,203 shares of the basic materials company’s stock valued at $506,000 after purchasing an additional 1,375 shares in the last quarter. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Nucor

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

Nucor Trading Up 0.2%

NUE opened at $138.79 on Friday. Nucor Corporation has a one year low of $97.59 and a one year high of $170.52. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.83 and a quick ratio of 1.51. The business has a 50 day simple moving average of $140.44 and a two-hundred day simple moving average of $130.92. The firm has a market capitalization of $31.86 billion, a price-to-earnings ratio of 25.05, a PEG ratio of 0.99 and a beta of 1.75.

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

Nucor Announces Dividend

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

Analysts Set New Price Targets

Several research firms have weighed in on NUE. Bank of America boosted their price target on shares of Nucor from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Monday, September 15th. The Goldman Sachs Group decreased their price objective on Nucor from $182.00 to $173.00 and set a “buy” rating on the stock in a report on Monday, September 22nd. Jefferies Financial Group upgraded Nucor from a “hold” rating to a “buy” rating and increased their target price for the company from $135.00 to $170.00 in a report on Thursday, July 31st. Wells Fargo & Company decreased their price target on Nucor from $146.00 to $140.00 and set an “equal weight” rating on the stock in a research note on Thursday, September 18th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Nucor in a research report on Saturday. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $157.60.

Nucor Company 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.