Oppenheimer & Co. Inc. Has $1.88 Million Stake in Nucor Co. (NYSE:NUE)

Oppenheimer & Co. Inc. lowered its holdings in shares of Nucor Co. (NYSE:NUE) by 32.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,518 shares of the basic materials company’s stock after selling 6,019 shares during the period. Oppenheimer & Co. Inc.’s holdings in Nucor were worth $1,882,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. National Pension Service lifted its position in shares of Nucor by 3.2% during the 3rd quarter. National Pension Service now owns 652,502 shares of the basic materials company’s stock worth $98,097,000 after buying an additional 20,258 shares during the period. CX Institutional lifted its holdings in shares of Nucor by 52.8% during the second quarter. CX Institutional now owns 17,245 shares of the basic materials company’s stock valued at $2,726,000 after acquiring an additional 5,960 shares during the period. Ascension Asset Management LLC acquired a new stake in shares of Nucor in the 2nd quarter valued at $885,000. Kimelman & Baird LLC bought a new stake in shares of Nucor in the 2nd quarter worth about $6,655,000. Finally, DRW Securities LLC acquired a new stake in shares of Nucor during the 2nd quarter worth about $728,000. Institutional investors own 76.48% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Morgan Stanley decreased their price objective on shares of Nucor from $170.00 to $166.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. BMO Capital Markets cut their price objective on Nucor from $175.00 to $160.00 and set a “market perform” rating for the company in a research report on Wednesday, September 18th. Argus raised Nucor to a “strong-buy” rating in a research note on Monday, August 26th. Finally, JPMorgan Chase & Co. lowered their target price on Nucor from $170.00 to $168.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $190.57.

Nucor Stock Performance

Shares of Nucor stock opened at $147.08 on Monday. Nucor Co. has a 52 week low of $133.42 and a 52 week high of $203.00. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.61 and a current ratio of 2.59. The stock has a market capitalization of $34.54 billion, a price-to-earnings ratio of 14.21 and a beta of 1.55. The firm has a fifty day moving average of $148.88 and a two-hundred day moving average of $154.87.

Nucor (NYSE:NUE) last issued its earnings results on Monday, October 21st. The basic materials company reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.09. The firm had revenue of $7.44 billion for the quarter, compared to analysts’ expectations of $7.28 billion. Nucor had a return on equity of 12.06% and a net margin of 8.05%. The company’s revenue was down 15.2% compared to the same quarter last year. During the same quarter last year, the business earned $4.57 earnings per share. As a group, equities research analysts predict that Nucor Co. will post 8.52 EPS for the current year.

Nucor Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 8th. Investors of record on Friday, September 27th were paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date was Friday, September 27th. Nucor’s payout ratio is presently 20.87%.

Insiders Place Their Bets

In other news, CFO Stephen D. Laxton sold 4,712 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $169.53, for a total transaction of $798,825.36. Following the completion of the transaction, the chief financial officer now directly owns 82,132 shares of the company’s stock, valued at $13,923,837.96. This trade represents a 5.43 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Allen C. Behr sold 4,968 shares of Nucor stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $159.72, for a total transaction of $793,488.96. Following the completion of the sale, the executive vice president now owns 85,376 shares in the company, valued at $13,636,254.72. This trade represents a 5.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 29,680 shares of company stock worth $4,773,724. Corporate insiders own 0.46% of the company’s stock.

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.