20,338 Nucor Corporation $NUE Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its holdings in Nucor Corporation (NYSE:NUE) by 3.8% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 518,217 shares of the basic materials company’s stock after selling 20,338 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Nucor were worth $121,133,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in NUE. Transamerica Financial Advisors LLC purchased a new position in Nucor during the 2nd quarter valued at about $25,000. GK Wealth Management LLC acquired a new position in Nucor during the third quarter worth about $28,000. Manning & Napier Advisors LLC acquired a new position in Nucor during the second quarter worth about $27,000. Bell Investment Advisors Inc acquired a new position in Nucor during the second quarter worth about $28,000. Finally, Markowski Investments purchased a new stake in shares of Nucor in the second quarter valued at about $29,000. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Nucor

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

Nucor Trading Up 1.4%

Nucor stock opened at $277.74 on Tuesday. The stock has a 50-day moving average price of $254.47 and a 200 day moving average price of $223.97. Nucor Corporation has a 52 week low of $140.93 and a 52 week high of $287.70. The stock has a market cap of $63.01 billion, a PE ratio of 17.68, a P/E/G ratio of 0.67 and a beta of 1.84. The company has a current ratio of 2.46, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26.

Nucor (NYSE:NUE) last announced its earnings results on Monday, October 26th. The basic materials company reported $5.80 earnings per share for the quarter, missing the consensus estimate of $5.84 by ($0.04). The firm 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 company’s revenue for the quarter was up 32.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.63 EPS. Equities research analysts predict that Nucor Corporation will post 19.61 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 10th. Stockholders of record on Wednesday, September 30th will be issued 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 0.8%. Nucor’s payout ratio is 14.26%.

Wall Street Analyst Weigh In

Several analysts have recently commented on NUE shares. Bank of America lowered their price target on shares of Nucor from $290.00 to $280.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. BMO Capital Markets raised their price objective on shares of Nucor from $285.00 to $295.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 29th. Wall Street Zen downgraded Nucor from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Wedbush set a $304.00 target price on Nucor in a research note on Monday. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $335.00 target price on shares of Nucor in a research note on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $286.44.

About Nucor

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.