Wedge Capital Management L L P NC Decreases Position in Nucor Co. (NYSE:NUE)

Wedge Capital Management L L P NC cut its holdings in Nucor Co. (NYSE:NUEGet Rating) by 4.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 55,900 shares of the basic materials company’s stock after selling 2,758 shares during the period. Wedge Capital Management L L P NC’s holdings in Nucor were worth $5,837,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Westside Investment Management Inc. bought a new stake in shares of Nucor in the 4th quarter valued at about $25,000. CFS Investment Advisory Services LLC increased its stake in Nucor by 14,509.4% in the 1st quarter. CFS Investment Advisory Services LLC now owns 4,061,713 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 4,033,911 shares during the period. Riverview Trust Co bought a new stake in Nucor in the first quarter valued at approximately $28,000. Capital Advisory Group Advisory Services LLC purchased a new stake in shares of Nucor during the first quarter valued at approximately $30,000. Finally, Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. bought a new position in shares of Nucor in the first quarter worth approximately $30,000. 79.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Kenneth Rex Query sold 5,000 shares of Nucor stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $141.64, for a total transaction of $708,200.00. Following the completion of the transaction, the executive vice president now directly owns 76,100 shares in the company, valued at $10,778,804. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Allen C. Behr sold 3,407 shares of the company’s stock in a transaction dated Monday, July 25th. The shares were sold at an average price of $122.17, for a total value of $416,233.19. Following the transaction, the executive vice president now owns 64,087 shares in the company, valued at approximately $7,829,508.79. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Kenneth Rex Query sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $141.64, for a total transaction of $708,200.00. Following the sale, the executive vice president now owns 76,100 shares of the company’s stock, valued at $10,778,804. The disclosure for this sale can be found here. 0.46% of the stock is currently owned by insiders.

Nucor Stock Down 4.5 %

NUE stock opened at $113.52 on Wednesday. Nucor Co. has a fifty-two week low of $88.50 and a fifty-two week high of $187.90. The company has a market capitalization of $29.72 billion, a price-to-earnings ratio of 3.48 and a beta of 1.39. The business’s 50 day moving average price is $131.02 and its two-hundred day moving average price is $133.25. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.39 and a current ratio of 2.62.

Nucor (NYSE:NUEGet Rating) last issued its quarterly earnings results on Thursday, July 21st. The basic materials company reported $9.67 earnings per share for the quarter, topping the consensus estimate of $8.91 by $0.76. The company had revenue of $11.79 billion for the quarter, compared to analysts’ expectations of $11.59 billion. Nucor had a return on equity of 57.78% and a net margin of 21.03%. The firm’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same period in the prior year, the firm earned $5.04 earnings per share. As a group, analysts forecast that Nucor Co. will post 31.01 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 10th. Investors of record on Friday, September 30th will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, September 29th. This represents a $2.00 dividend on an annualized basis and a yield of 1.76%. Nucor’s dividend payout ratio (DPR) is currently 6.14%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on NUE shares. UBS Group set a $120.00 price target on shares of Nucor in a report on Monday, June 20th. Credit Suisse Group dropped their target price on shares of Nucor from $165.00 to $140.00 and set an “outperform” rating for the company in a report on Friday, September 16th. The Goldman Sachs Group reduced their price target on Nucor from $148.00 to $130.00 and set a “neutral” rating on the stock in a report on Tuesday, May 31st. StockNews.com cut Nucor from a “buy” rating to a “hold” rating in a report on Tuesday, September 13th. Finally, Citigroup boosted their target price on Nucor to $145.00 in a research note on Tuesday, September 13th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $132.78.

About Nucor

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Nucor Corporation manufactures and sells steel and steel products. The company's 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 products; and bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and special bar quality products.

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Institutional Ownership by Quarter for Nucor (NYSE:NUE)

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