Nucor Corporation $NUE Stock Sold by Howard Capital Management LLC

Howard Capital Management LLC trimmed its holdings in Nucor Corporation (NYSE:NUE) by 93.3% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,376 shares of the basic materials company’s stock after selling 19,188 shares during the period. Howard Capital Management LLC’s holdings in Nucor were worth $322,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of NUE. BlackRock Inc. bought a new position in shares of Nucor in the second quarter worth about $4,452,563,000. Bank of America Corp DE purchased a new position in Nucor in the 2nd quarter worth about $462,886,000. Berkshire Hathaway Inc purchased a new position in Nucor in the 2nd quarter worth about $413,814,000. Bank of New York Mellon Corp bought a new stake in Nucor during the 2nd quarter valued at about $330,902,000. Finally, Legal & General Group Plc bought a new stake in Nucor during the 2nd quarter valued at about $324,154,000. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Nucor Stock Performance

NUE stock opened at $256.32 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.51 and a quick ratio of 1.36. The business has a 50-day moving average price of $253.71 and a 200 day moving average price of $238.02. The company has a market capitalization of $58.15 billion, a P/E ratio of 20.44, a PEG ratio of 0.63 and a beta of 1.84. Nucor Corporation has a 1-year low of $131.32 and a 1-year high of $280.11.

Nucor (NYSE:NUE) last issued its earnings results on Monday, July 27th. The basic materials company reported $4.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.46 by $0.38. The company had revenue of $10.40 billion for the quarter, compared to analysts’ expectations of $10.15 billion. Nucor had a net margin of 7.99% and a return on equity of 12.73%. The firm’s quarterly revenue was up 23.0% on a year-over-year basis. During the same period in the prior year, the business earned $2.60 EPS. As a group, equities research analysts forecast that Nucor Corporation will post 19.62 EPS for the current fiscal year.

Nucor Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 10th. Stockholders of record on Wednesday, September 30th will be given a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Wednesday, September 30th. Nucor’s dividend payout ratio is presently 17.86%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on NUE. KeyCorp lowered their price objective on shares of Nucor from $288.00 to $286.00 and set an “overweight” rating for the company in a research report on Monday, October 5th. Bank of America decreased their price target on shares of Nucor from $290.00 to $280.00 and set a “buy” rating for the company in a research note on Thursday, July 9th. Freedom Broker lowered Nucor from a “buy” rating to a “hold” rating and lowered their price target for the company from $305.00 to $285.00 in a report on Friday, September 18th. Citigroup reissued a “buy” rating on shares of Nucor in a research note on Wednesday, July 29th. Finally, UBS Group increased their price objective on Nucor from $224.00 to $256.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $276.07.

Insider Activity at Nucor

In other news, EVP Thomas Batterbee sold 4,000 shares of the stock in a transaction that occurred 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 transaction, the executive vice president directly owned 16,138 shares in the company, valued at approximately $4,212,340.76. This trade represents a 19.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Stephen Laxton sold 3,968 shares of Nucor stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $256.96, for a total transaction of $1,019,617.28. Following the transaction, the chief operating officer directly owned 77,867 shares in the company, valued at approximately $20,008,704.32. The trade was a 4.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.62% of the stock is currently owned by corporate insiders.

About Nucor

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.