Nucor Corporation $NUE Position Decreased by Chapin Davis Inc.

Chapin Davis Inc. trimmed its position in shares of Nucor Corporation (NYSE:NUE) by 49.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,630 shares of the basic materials company’s stock after selling 5,573 shares during the quarter. Chapin Davis Inc.’s holdings in Nucor were worth $1,316,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Nucor during the 2nd quarter worth approximately $4,452,563,000. Dimensional Fund Advisors LP lifted its holdings in shares of Nucor by 0.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,539,044 shares of the basic materials company’s stock valued at $429,298,000 after buying an additional 22,718 shares during the period. Bank of America Corp DE purchased a new stake in shares of Nucor in the second quarter valued at approximately $462,886,000. Berkshire Hathaway Inc purchased a new stake in shares of Nucor in the second quarter valued at approximately $413,814,000. Finally, Bank of New York Mellon Corp grew its holdings in Nucor by 1.7% during the first quarter. Bank of New York Mellon Corp now owns 1,809,899 shares of the basic materials company’s stock worth $306,054,000 after acquiring an additional 29,476 shares during the period. Institutional investors and hedge funds own 76.48% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on the company. BMO Capital Markets increased their price objective on Nucor from $285.00 to $295.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 29th. Freedom Broker lowered shares of Nucor from a “buy” rating to a “hold” rating and decreased their target price for the stock from $305.00 to $285.00 in a research report on Friday, September 18th. Morgan Stanley set a $270.00 price target on shares of Nucor in a research note on Wednesday, July 29th. JPMorgan Chase & Co. increased their price target on shares of Nucor from $294.00 to $308.00 and gave the company an “overweight” rating in a report on Wednesday, September 9th. Finally, Weiss Ratings upgraded shares of Nucor from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 25th. Thirteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $276.93.

Nucor Price Performance

Nucor stock opened at $246.01 on Friday. The firm has a market capitalization of $55.81 billion, a PE ratio of 19.62, a P/E/G ratio of 0.87 and a beta of 1.84. Nucor Corporation has a 52 week low of $131.32 and a 52 week high of $280.11. The firm’s 50-day simple moving average is $255.46 and its 200 day simple moving average is $234.72. The company has a quick ratio of 1.36, a current ratio of 2.51 and a debt-to-equity ratio of 0.27.

Nucor (NYSE:NUE) last announced its earnings results on Monday, July 27th. The basic materials company reported $4.84 earnings per share for the quarter, beating the consensus estimate of $4.46 by $0.38. Nucor had a net margin of 7.99% and a return on equity of 12.73%. The firm had revenue of $10.40 billion during the quarter, compared to the consensus estimate of $10.15 billion. During the same quarter in the previous year, the company posted $2.60 EPS. The firm’s revenue for the quarter was up 23.0% on a year-over-year basis. On average, equities research analysts predict that Nucor Corporation will post 18.89 EPS for the current fiscal year.

Nucor Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 10th. Stockholders of record on Wednesday, September 30th will be paid a dividend of $0.56 per share. The ex-dividend date is Wednesday, September 30th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 0.9%. Nucor’s dividend payout ratio (DPR) is currently 17.86%.

Insiders Place Their Bets

In related news, EVP Thomas Batterbee sold 4,000 shares of Nucor stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $261.02, for a total transaction of $1,044,080.00. Following the sale, the executive vice president owned 16,138 shares of the company’s stock, valued at $4,212,340.76. The trade was a 19.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Stephen Laxton sold 3,968 shares of the business’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $256.96, for a total transaction of $1,019,617.28. Following the completion of the transaction, the chief operating officer owned 77,867 shares in the company, valued at $20,008,704.32. This represents a 4.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.62% of the stock is currently owned by company insiders.

Nucor Company Profile

Nucor Corporation is a Charlotte, North Carolina-based steel producer and one of the largest steel companies in North America. The company operates electric arc furnace (EAF) steel mills that use recycled scrap steel as a primary raw material, along with facilities that manufacture and process steel products for construction, manufacturing, transportation, energy and other industrial markets.

Nucor’s product portfolio includes carbon and alloy steel in sheet, plate, bar and structural forms, as well as reinforcing steel, wire and wire mesh.