Nucor Co. (NYSE:NUE) Shares Sold by SouthState Corp

SouthState Corp reduced its stake in shares of Nucor Co. (NYSE:NUE) by 11.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,918 shares of the basic materials company’s stock after selling 1,197 shares during the period. SouthState Corp’s holdings in Nucor were worth $1,341,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its stake in Nucor by 2.2% during the second quarter. Dimensional Fund Advisors LP now owns 3,909,388 shares of the basic materials company’s stock valued at $617,915,000 after purchasing an additional 84,558 shares during the last quarter. Pacer Advisors Inc. grew its position in shares of Nucor by 29.7% during the 2nd quarter. Pacer Advisors Inc. now owns 2,884,802 shares of the basic materials company’s stock valued at $456,030,000 after buying an additional 660,866 shares during the last quarter. Legal & General Group Plc raised its stake in Nucor by 3.2% during the second quarter. Legal & General Group Plc now owns 2,160,803 shares of the basic materials company’s stock worth $341,580,000 after acquiring an additional 67,974 shares during the period. Mizuho Securities USA LLC lifted its holdings in Nucor by 8,530.1% in the third quarter. Mizuho Securities USA LLC now owns 1,595,179 shares of the basic materials company’s stock worth $239,819,000 after acquiring an additional 1,576,695 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its stake in Nucor by 25.7% in the third quarter. Thrivent Financial for Lutherans now owns 1,283,111 shares of the basic materials company’s stock valued at $192,902,000 after acquiring an additional 262,493 shares during the period. Institutional investors own 76.48% of the company’s stock.

Insider Transactions at Nucor

In related news, EVP Allen C. Behr sold 4,968 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $159.72, for a total value of $793,488.96. Following the sale, the executive vice president now directly owns 85,376 shares in the company, valued at $13,636,254.72. The trade was a 5.50 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Leon J. Topalian sold 11,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $169.11, for a total transaction of $1,860,210.00. Following the sale, the chief executive officer now directly owns 172,136 shares of the company’s stock, valued at approximately $29,109,918.96. This represents a 6.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,680 shares of company stock valued at $4,773,724. Corporate insiders own 0.64% of the company’s stock.

Analyst Upgrades and Downgrades

NUE has been the topic of several recent research reports. Argus raised Nucor to a “strong-buy” rating in a report on Monday, August 26th. Morgan Stanley cut their target price on Nucor from $170.00 to $166.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. BMO Capital Markets lowered their price target on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating for the company in a research report on Wednesday, September 18th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Nucor from $170.00 to $168.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Nucor presently has an average rating of “Moderate Buy” and an average target price of $190.57.

Nucor Stock Performance

NUE stock opened at $144.68 on Wednesday. The company has a 50-day simple moving average of $149.01 and a 200 day simple moving average of $154.61. The company has a market capitalization of $33.97 billion, a P/E ratio of 13.98 and a beta of 1.55. The company has a quick ratio of 1.61, a current ratio of 2.59 and a debt-to-equity ratio of 0.26. Nucor Co. has a fifty-two week low of $133.42 and a fifty-two week high of $203.00.

Nucor (NYSE:NUE) last issued its quarterly earnings results on Monday, October 21st. The basic materials company reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.09. Nucor had a net margin of 8.05% and a return on equity of 12.06%. The company had revenue of $7.44 billion during the quarter, compared to analyst estimates of $7.28 billion. During the same period in the prior year, the business posted $4.57 EPS. The business’s revenue for the quarter was down 15.2% compared to the same quarter last year. Sell-side analysts predict that Nucor Co. will post 8.52 earnings per share for the current fiscal year.

Nucor Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 8th. Stockholders of record on Friday, September 27th were given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend was Friday, September 27th. Nucor’s dividend payout ratio (DPR) is presently 20.87%.

Nucor 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.