CNB Bank Cuts Position in Nucor Corporation $NUE

CNB Bank trimmed its holdings in shares of Nucor Corporation (NYSE:NUE) by 52.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 532 shares of the basic materials company’s stock after selling 585 shares during the quarter. CNB Bank’s holdings in Nucor were worth $69,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Nucor by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 28,959,327 shares of the basic materials company’s stock valued at $3,484,965,000 after purchasing an additional 745,671 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Nucor by 18.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,309,452 shares of the basic materials company’s stock valued at $277,920,000 after buying an additional 355,364 shares during the period. Nordea Investment Management AB increased its holdings in Nucor by 10.6% during the second quarter. Nordea Investment Management AB now owns 1,856,100 shares of the basic materials company’s stock worth $244,059,000 after buying an additional 177,420 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Nucor by 5.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,772,831 shares of the basic materials company’s stock worth $213,342,000 after acquiring an additional 92,363 shares during the period. Finally, Diamond Hill Capital Management Inc. purchased a new position in Nucor in the first quarter valued at about $194,804,000. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on NUE shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nucor in a report on Saturday. JPMorgan Chase & Co. raised their target price on Nucor from $165.00 to $172.00 and gave the stock an “overweight” rating in a research report on Monday, October 13th. Bank of America upped their price target on Nucor from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Monday, September 15th. Wells Fargo & Company decreased their price objective on Nucor from $146.00 to $140.00 and set an “equal weight” rating for the company in a report on Thursday, September 18th. Finally, The Goldman Sachs Group dropped their price objective on shares of Nucor from $182.00 to $173.00 and set a “buy” rating on the stock in a report on Monday, September 22nd. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $157.60.

Nucor Stock Performance

Shares of NUE opened at $138.79 on Friday. Nucor Corporation has a 52-week low of $97.59 and a 52-week high of $170.52. The stock’s 50-day simple moving average is $140.44 and its 200 day simple moving average is $130.92. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.51 and a current ratio of 2.83. The stock has a market capitalization of $31.86 billion, a price-to-earnings ratio of 25.05, a price-to-earnings-growth ratio of 0.99 and a beta of 1.75.

Nucor (NYSE:NUE) last posted its earnings results on Monday, July 28th. The basic materials company reported $2.60 earnings per share for the quarter, beating analysts’ consensus estimates of $2.54 by $0.06. Nucor had a return on equity of 6.65% and a net margin of 4.21%.The business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.47 billion. During the same quarter in the previous year, the firm earned $2.68 EPS. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. Research analysts forecast that Nucor Corporation will post 7.64 EPS for the current fiscal year.

Nucor Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Tuesday, September 30th will be paid a $0.55 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $2.20 annualized dividend and a yield of 1.6%. Nucor’s dividend payout ratio is currently 39.71%.

Insider Activity

In related news, EVP Allen C. Behr sold 8,021 shares of Nucor stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $143.38, for a total transaction of $1,150,050.98. Following the completion of the sale, the executive vice president owned 82,703 shares of the company’s stock, valued at approximately $11,857,956.14. This trade represents a 8.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Daniel R. Needham sold 7,200 shares of the business’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $146.00, for a total value of $1,051,200.00. Following the transaction, the executive vice president owned 92,179 shares of the company’s stock, valued at approximately $13,458,134. The trade was a 7.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 31,309 shares of company stock valued at $4,553,771 in the last quarter. 0.46% of the stock is currently owned by company insiders.

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.