Asset Dedication LLC Sells 3,509 Shares of Nucor Co. (NYSE:NUE)

Asset Dedication LLC cut its stake in Nucor Co. (NYSE:NUE) by 32.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,429 shares of the basic materials company’s stock after selling 3,509 shares during the period. Asset Dedication LLC’s holdings in Nucor were worth $1,117,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of NUE. Dimensional Fund Advisors LP boosted its position in Nucor by 2.2% in the second quarter. Dimensional Fund Advisors LP now owns 3,909,388 shares of the basic materials company’s stock valued at $617,915,000 after buying an additional 84,558 shares in the last quarter. Pacer Advisors Inc. raised its stake in shares of Nucor by 29.7% in the second quarter. Pacer Advisors Inc. now owns 2,884,802 shares of the basic materials company’s stock valued at $456,030,000 after acquiring an additional 660,866 shares during the last quarter. Legal & General Group Plc boosted its holdings in shares of Nucor by 3.2% in the 2nd quarter. Legal & General Group Plc now owns 2,160,803 shares of the basic materials company’s stock worth $341,580,000 after acquiring an additional 67,974 shares in the last quarter. Nordea Investment Management AB grew its position in Nucor by 6.5% during the 1st quarter. Nordea Investment Management AB now owns 1,165,094 shares of the basic materials company’s stock worth $230,572,000 after acquiring an additional 70,917 shares during the last quarter. Finally, Hsbc Holdings PLC increased its holdings in Nucor by 11.6% during the 2nd quarter. Hsbc Holdings PLC now owns 1,069,920 shares of the basic materials company’s stock valued at $169,433,000 after purchasing an additional 111,177 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 Daniel R. Needham sold 8,624 shares of the stock in a transaction on 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 owns 99,049 shares of the company’s stock, valued at $15,847,840. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on NUE shares. Morgan Stanley decreased their price objective on shares of Nucor from $176.00 to $170.00 and set an “overweight” rating on the stock in a report on Wednesday, September 18th. JPMorgan Chase & Co. dropped their target price on Nucor from $174.00 to $170.00 and set an “overweight” rating for the company in a research report on Wednesday, October 9th. BMO Capital Markets decreased their price target on Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a report on Wednesday, September 18th. Bank of America dropped their price objective on Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. Finally, Argus raised shares of Nucor to a “strong-buy” rating in a research note on Monday, August 26th. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Nucor currently has a consensus rating of “Moderate Buy” and an average target price of $191.43.

Nucor Trading Up 1.7 %

NYSE:NUE opened at $154.26 on Thursday. The firm has a market capitalization of $36.99 billion, a price-to-earnings ratio of 9.07 and a beta of 1.55. Nucor Co. has a 1-year low of $133.42 and a 1-year high of $203.00. The business’s 50-day moving average price is $146.93 and its two-hundred day moving average price is $161.06. The company has a current ratio of 2.93, a quick ratio of 1.85 and a debt-to-equity ratio of 0.26.

Nucor (NYSE:NUE) last released its quarterly earnings data on Monday, July 22nd. The basic materials company reported $2.68 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.37. The business 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%. The firm’s quarterly revenue was down 15.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.81 EPS. On average, equities analysts expect that Nucor Co. will post 9.1 earnings per share for the current year.

Nucor Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Friday, September 27th will be issued a dividend of $0.54 per share. The ex-dividend date is Friday, September 27th. This represents a $2.16 annualized dividend and a yield of 1.40%. Nucor’s dividend payout ratio (DPR) is currently 12.71%.

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.