Envestnet Asset Management Inc. Sells 7,081 Shares of Nucor Co. (NYSE:NUE)

Envestnet Asset Management Inc. cut its holdings in Nucor Co. (NYSE:NUE) by 2.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 317,281 shares of the basic materials company’s stock after selling 7,081 shares during the period. Envestnet Asset Management Inc. owned approximately 0.13% of Nucor worth $50,156,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. First Trust Advisors LP raised its position in shares of Nucor by 6.7% in the 4th quarter. First Trust Advisors LP now owns 1,367,209 shares of the basic materials company’s stock worth $237,949,000 after acquiring an additional 85,475 shares in the last quarter. Nordea Investment Management AB raised its position in shares of Nucor by 6.5% in the 1st quarter. Nordea Investment Management AB now owns 1,165,094 shares of the basic materials company’s stock worth $230,572,000 after acquiring an additional 70,917 shares in the last quarter. Captrust Financial Advisors grew its stake in shares of Nucor by 23.5% in the 1st quarter. Captrust Financial Advisors now owns 804,150 shares of the basic materials company’s stock valued at $159,141,000 after buying an additional 153,077 shares during the period. AustralianSuper Pty Ltd increased its position in Nucor by 5.7% in the 2nd quarter. AustralianSuper Pty Ltd now owns 738,327 shares of the basic materials company’s stock valued at $116,715,000 after buying an additional 40,050 shares in the last quarter. Finally, Schroder Investment Management Group boosted its holdings in Nucor by 16.5% in the fourth quarter. Schroder Investment Management Group now owns 660,514 shares of the basic materials company’s stock worth $114,956,000 after acquiring an additional 93,471 shares in the last quarter. 76.48% of the stock is owned by institutional investors.

Insider Activity at Nucor

In related news, EVP Daniel R. Needham sold 8,624 shares of Nucor stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 99,049 shares in the company, valued at approximately $15,847,840. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.46% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

Nucor Price Performance

Nucor stock opened at $143.00 on Thursday. Nucor Co. has a 52 week low of $133.42 and a 52 week high of $203.00. The company’s 50 day moving average price is $150.15 and its two-hundred day moving average price is $166.56. The company has a quick ratio of 1.85, a current ratio of 2.93 and a debt-to-equity ratio of 0.26. The stock has a market cap of $34.29 billion, a P/E ratio of 8.41 and a beta of 1.55.

Nucor (NYSE:NUE) last posted its quarterly earnings results on Monday, July 22nd. The basic materials company reported $2.68 EPS for the quarter, topping analysts’ consensus estimates of $2.31 by $0.37. The company had revenue of $8.08 billion for 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%. Nucor’s revenue was down 15.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.81 EPS. On average, equities analysts predict that Nucor Co. will post 9.95 earnings per share for the current year.

Nucor Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Friday, September 27th will be paid a $0.54 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.16 dividend on an annualized basis and a yield of 1.51%. Nucor’s dividend payout ratio is 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.