Nucor Corporation $NUE Stock Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lowered its position in shares of Nucor Corporation (NYSE:NUE) by 3.8% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 518,217 shares of the basic materials company’s stock after selling 20,338 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.23% of Nucor worth $121,133,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in NUE. BlackRock Inc. purchased a new stake in shares of Nucor in the second quarter valued at about $4,452,563,000. Bank of America Corp DE acquired a new position in shares of Nucor during the second quarter worth about $462,886,000. Berkshire Hathaway Inc purchased a new position in Nucor during the second quarter worth about $413,814,000. Bank of New York Mellon Corp purchased a new position in Nucor during the second quarter worth about $330,902,000. Finally, Legal & General Group Plc purchased a new position in Nucor during the second quarter worth about $324,154,000. Institutional investors and hedge funds own 76.48% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Morgan Stanley set a $270.00 price objective on shares of Nucor in a research report on Wednesday, July 29th. JPMorgan Chase & Co. boosted their target price on Nucor from $296.00 to $304.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 28th. Wells Fargo & Company boosted their target price on Nucor from $280.00 to $305.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 28th. KeyCorp reduced their price target on Nucor from $288.00 to $286.00 and set an “overweight” rating for the company in a report on Monday, October 5th. Finally, Zacks Research upgraded Nucor from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 13th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $286.44.

Insider Transactions at Nucor

In other news, EVP Noah C. Hanners sold 5,190 shares of the business’s stock in a transaction that occurred on Thursday, October 29th. The stock was sold at an average price of $275.03, for a total transaction of $1,427,405.70. Following the sale, the executive vice president owned 44,073 shares of the company’s stock, valued at $12,121,397.19. The trade was a 10.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Allen Behr sold 11,846 shares of the company’s stock in a transaction that occurred on Thursday, October 29th. The stock was sold at an average price of $272.90, for a total value of $3,232,773.40. Following the completion of the sale, the executive vice president owned 58,022 shares in the company, valued at approximately $15,834,203.80. This represents a 16.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.62% of the company’s stock.

Nucor Stock Performance

NYSE:NUE opened at $277.74 on Tuesday. The firm’s fifty day simple moving average is $254.47 and its 200-day simple moving average is $223.97. The company has a quick ratio of 1.36, a current ratio of 2.46 and a debt-to-equity ratio of 0.26. The stock has a market cap of $63.01 billion, a PE ratio of 17.68, a price-to-earnings-growth ratio of 0.67 and a beta of 1.84. Nucor Corporation has a fifty-two week low of $140.93 and a fifty-two week high of $287.70.

Nucor (NYSE:NUE) last announced its quarterly earnings data on Monday, October 26th. The basic materials company reported $5.80 EPS for the quarter, missing the consensus estimate of $5.84 by ($0.04). The company had revenue of $11.25 billion during the quarter, compared to analyst estimates of $10.84 billion. Nucor had a net margin of 9.26% and a return on equity of 15.53%. The firm’s revenue for the quarter was up 32.0% on a year-over-year basis. During the same quarter last year, the business earned $2.63 EPS. Analysts expect that Nucor Corporation will post 19.61 earnings per share for the current fiscal year.

Nucor Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 10th. Shareholders of record on Wednesday, September 30th will be issued a $0.56 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $2.24 dividend on an annualized basis and a yield of 0.8%. Nucor’s dividend payout ratio (DPR) is 14.26%.

Nucor Profile

Nucor Corporation is a steel producer headquartered in Charlotte, North Carolina. Through its operating subsidiaries, the company manufactures steel and steel products for customers in construction, automotive, energy, heavy equipment, transportation and other industrial markets.

Nucor’s operations include electric arc furnace steel mills, which produce carbon, alloy and galvanized steel products. Its product portfolio includes sheet steel, plate, beams, bars, wire and wire mesh, steel joists, deck, piling, fabricated concrete reinforcing steel and other downstream products.