Cornerstone Advisors LLC Decreases Stock Holdings in Nucor Co. (NYSE:NUE)

Cornerstone Advisors LLC lessened its stake in Nucor Co. (NYSE:NUE) by 13.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,200 shares of the basic materials company’s stock after selling 800 shares during the quarter. Cornerstone Advisors LLC’s holdings in Nucor were worth $822,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in NUE. EverSource Wealth Advisors LLC increased its stake in shares of Nucor by 6.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 865 shares of the basic materials company’s stock worth $151,000 after purchasing an additional 54 shares in the last quarter. Fortitude Family Office LLC increased its stake in Nucor by 54.1% during the 1st quarter. Fortitude Family Office LLC now owns 168 shares of the basic materials company’s stock worth $33,000 after buying an additional 59 shares in the last quarter. GPS Wealth Strategies Group LLC raised its holdings in shares of Nucor by 4.1% during the second quarter. GPS Wealth Strategies Group LLC now owns 1,630 shares of the basic materials company’s stock valued at $258,000 after acquiring an additional 64 shares during the last quarter. Chilton Capital Management LLC lifted its position in shares of Nucor by 94.2% in the first quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 65 shares in the last quarter. Finally, Integrated Advisors Network LLC boosted its stake in shares of Nucor by 3.4% in the fourth quarter. Integrated Advisors Network LLC now owns 2,141 shares of the basic materials company’s stock worth $373,000 after acquiring an additional 70 shares during the last quarter. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on NUE shares. JPMorgan Chase & Co. upgraded shares of Nucor from a “neutral” rating to an “overweight” rating and increased their target price for the company from $170.00 to $174.00 in a research report on Monday, September 9th. Morgan Stanley raised shares of Nucor from an “equal weight” rating to an “overweight” rating and lowered their price target for the company from $187.00 to $176.00 in a research report on Thursday, August 15th. Bank of America reduced their target price on shares of Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a research note on Wednesday, June 26th. BMO Capital Markets cut their target price on Nucor from $185.00 to $175.00 and set a “market perform” rating for the company in a research note on Monday, June 17th. Finally, Argus upgraded shares of Nucor to a “strong-buy” rating in a report on Monday, August 26th. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $195.00.

Insider Activity

In other Nucor news, EVP Daniel R. Needham sold 8,624 shares of the firm’s stock in a transaction that occurred 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 sale, the executive vice president now owns 99,049 shares of the company’s stock, valued at $15,847,840. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.46% of the company’s stock.

Nucor Stock Performance

Shares of NUE stock opened at $142.18 on Wednesday. Nucor Co. has a 52 week low of $133.42 and a 52 week high of $203.00. The stock has a market capitalization of $34.09 billion, a PE ratio of 8.36 and a beta of 1.55. The company has a quick ratio of 1.85, a current ratio of 2.93 and a debt-to-equity ratio of 0.26. The firm has a 50 day moving average of $150.36 and a two-hundred day moving average of $166.72.

Nucor (NYSE:NUE) last announced its quarterly earnings data on Monday, July 22nd. The basic materials company reported $2.68 EPS for the quarter, topping 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 business had revenue of $8.08 billion during the quarter, compared to the consensus estimate of $7.69 billion. During the same period in the previous year, the company posted $5.81 earnings per share. The business’s revenue for the quarter was down 15.2% on a year-over-year basis. On average, research analysts predict that Nucor Co. will post 9.95 EPS for the current fiscal year.

Nucor Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Friday, September 27th will be given a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.16 annualized dividend and a dividend yield of 1.52%. Nucor’s dividend payout ratio 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.