Axxcess Wealth Management LLC Trims Stake in Nucor Co. (NYSE:NUE)

Axxcess Wealth Management LLC trimmed its position in Nucor Co. (NYSE:NUE) by 3.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,368 shares of the basic materials company’s stock after selling 300 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Nucor were worth $1,323,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in NUE. McClarren Financial Advisors Inc. increased its holdings in Nucor by 129.0% during the second quarter. McClarren Financial Advisors Inc. now owns 158 shares of the basic materials company’s stock valued at $25,000 after buying an additional 89 shares during the period. Rise Advisors LLC purchased a new position in shares of Nucor in the 1st quarter valued at $27,000. Chilton Capital Management LLC lifted its stake in shares of Nucor by 94.2% during the 1st quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 65 shares during the last quarter. Central Pacific Bank Trust Division bought a new stake in Nucor during the first quarter valued at about $28,000. Finally, Tompkins Financial Corp grew its stake in Nucor by 208.0% in the first quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 104 shares during the last quarter. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Daniel R. Needham sold 8,624 shares of the stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total transaction of $1,379,840.00. Following the sale, the executive vice president now directly owns 99,049 shares of the company’s stock, valued at $15,847,840. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.46% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on NUE. Argus raised shares of Nucor to a “strong-buy” rating in a research report on Monday, August 26th. Bank of America cut their price target on shares of Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a research note on Wednesday, June 26th. Morgan Stanley cut their price target on shares of Nucor from $176.00 to $170.00 and set an “overweight” rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. upgraded shares of Nucor from a “neutral” rating to an “overweight” rating and upped their price target for the company from $170.00 to $174.00 in a research note on Monday, September 9th. Finally, BMO Capital Markets cut their price target on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $192.00.

Nucor Stock Up 0.6 %

NUE stock opened at $143.00 on Thursday. The firm’s fifty day simple moving average is $150.15 and its 200-day simple moving average is $166.56. The company has a market capitalization of $34.29 billion, a P/E ratio of 8.41 and a beta of 1.55. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.93 and a quick ratio of 1.85. Nucor Co. has a 12 month low of $133.42 and a 12 month high of $203.00.

Nucor (NYSE:NUE) last released its quarterly earnings data on Monday, July 22nd. The basic materials company reported $2.68 EPS for the quarter, beating the consensus estimate of $2.31 by $0.37. The business had revenue of $8.08 billion for the quarter, compared to the consensus estimate of $7.69 billion. Nucor had a net margin of 10.45% and a return on equity of 15.69%. The business’s revenue for the quarter was down 15.2% on a year-over-year basis. During the same period in the prior year, the firm earned $5.81 EPS. As a group, equities research analysts forecast that Nucor Co. will post 9.95 earnings per share for the current year.

Nucor Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Friday, September 27th will be issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date is Friday, September 27th. Nucor’s dividend payout ratio (DPR) is presently 12.71%.

Nucor Company 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.