Procyon Advisors LLC Purchases 541 Shares of Nucor Co. (NYSE:NUE)

Procyon Advisors LLC increased its holdings in Nucor Co. (NYSE:NUE) by 3.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,762 shares of the basic materials company’s stock after acquiring an additional 541 shares during the quarter. Procyon Advisors LLC’s holdings in Nucor were worth $2,370,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Integrated Advisors Network LLC lifted its holdings in shares of Nucor by 3.4% during the fourth quarter. Integrated Advisors Network LLC now owns 2,141 shares of the basic materials company’s stock valued at $373,000 after purchasing an additional 70 shares during the last quarter. Syon Capital LLC boosted its holdings in shares of Nucor by 8.8% during the 4th quarter. Syon Capital LLC now owns 1,919 shares of the basic materials company’s stock valued at $334,000 after acquiring an additional 155 shares during the last quarter. EP Wealth Advisors LLC raised its stake in Nucor by 33.0% during the 4th quarter. EP Wealth Advisors LLC now owns 1,905 shares of the basic materials company’s stock valued at $332,000 after buying an additional 473 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Nucor by 188.6% in the fourth quarter. Wellington Management Group LLP now owns 64,537 shares of the basic materials company’s stock valued at $11,232,000 after acquiring an additional 42,178 shares during the period. Finally, Fisher Asset Management LLC boosted its position in Nucor by 4.0% in the fourth quarter. Fisher Asset Management LLC now owns 153,521 shares of the basic materials company’s stock worth $26,719,000 after purchasing an additional 5,892 shares during the last quarter. 76.48% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Argus upgraded shares of Nucor to a “strong-buy” rating in a research note on Monday, August 26th. Bank of America cut their price objective on Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. BMO Capital Markets cut their price target on Nucor from $175.00 to $160.00 and set a “market perform” rating for the company in a research note on Wednesday, September 18th. JPMorgan Chase & Co. lowered their target price on shares of Nucor from $174.00 to $170.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. Finally, Morgan Stanley reduced their target price on Nucor from $176.00 to $170.00 and set an “overweight” rating on the stock in a report on Wednesday, September 18th. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Nucor currently has an average rating of “Moderate Buy” and a consensus target price of $191.43.

Insiders Place Their Bets

In related news, EVP Daniel R. Needham sold 8,624 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total value of $1,379,840.00. Following the completion of the sale, the executive vice president now owns 99,049 shares of the company’s stock, valued at approximately $15,847,840. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.46% of the stock is currently owned by company insiders.

Nucor Trading Up 0.7 %

NYSE NUE opened at $152.98 on Tuesday. The company has a fifty day simple moving average of $146.72 and a two-hundred day simple moving average of $161.43. The stock has a market cap of $36.68 billion, a P/E ratio of 9.00 and a beta of 1.55. Nucor Co. has a 12-month low of $133.42 and a 12-month high of $203.00. The company has a current ratio of 2.93, a quick ratio of 1.85 and a debt-to-equity ratio of 0.26.

Nucor (NYSE:NUE) last issued its earnings results on Monday, July 22nd. The basic materials company reported $2.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.37. The firm had revenue of $8.08 billion during the quarter, compared to analysts’ expectations of $7.69 billion. Nucor had a net margin of 10.45% and a return on equity of 15.69%. The firm’s revenue was down 15.2% compared to the same quarter last year. During the same quarter last year, the company posted $5.81 earnings per share. On average, analysts forecast that Nucor Co. will post 9.1 earnings per share for the current year.

Nucor Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Friday, September 27th will be given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 1.41%. The ex-dividend date is Friday, September 27th. Nucor’s dividend payout ratio is presently 12.71%.

About Nucor

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.