MQS Management LLC Sells 1,208 Shares of Nucor Co. (NYSE:NUE)

MQS Management LLC lowered its position in shares of Nucor Co. (NYSE:NUE) by 27.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,177 shares of the basic materials company’s stock after selling 1,208 shares during the period. MQS Management LLC’s holdings in Nucor were worth $502,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NUE. Global Assets Advisory LLC bought a new stake in Nucor in the 1st quarter worth approximately $90,216,000. Swedbank AB purchased a new position in shares of Nucor during the first quarter worth approximately $37,395,000. Captrust Financial Advisors lifted its holdings 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 worth $159,141,000 after acquiring an additional 153,077 shares during the last quarter. Trinity Street Asset Management LLP purchased a new stake in shares of Nucor in the 2nd quarter valued at $19,213,000. Finally, Hsbc Holdings PLC grew its holdings in shares of Nucor by 11.6% during the 2nd quarter. Hsbc Holdings PLC now owns 1,069,920 shares of the basic materials company’s stock valued at $169,433,000 after purchasing an additional 111,177 shares during the last quarter. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Nucor Trading Up 4.2 %

NYSE NUE opened at $148.98 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.85 and a current ratio of 2.93. Nucor Co. has a fifty-two week low of $133.42 and a fifty-two week high of $203.00. The stock has a market cap of $35.72 billion, a P/E ratio of 8.76 and a beta of 1.55. The stock has a 50 day simple moving average of $149.95 and a two-hundred day simple moving average of $166.43.

Nucor (NYSE:NUE) last announced 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 during the quarter, compared to analyst estimates of $7.69 billion. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The firm’s revenue was down 15.2% on a year-over-year basis. During the same quarter last year, the firm posted $5.81 earnings per share. On average, analysts forecast that Nucor Co. will post 9.95 earnings per share for the current year.

Nucor Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Friday, September 27th will be given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 1.45%. The ex-dividend date of this dividend is Friday, September 27th. Nucor’s dividend payout ratio is currently 12.71%.

Insider Buying and Selling

In other Nucor news, EVP Daniel R. Needham sold 8,624 shares of Nucor stock in a transaction that occurred on Wednesday, July 31st. The stock was 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 approximately $15,847,840. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.46% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on NUE shares. Morgan Stanley lowered their price target on shares of Nucor from $176.00 to $170.00 and set an “overweight” rating for the company in a research note on Wednesday. Bank of America dropped their target price on Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. BMO Capital Markets decreased their price target on Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a research note on Wednesday. Argus raised Nucor to a “strong-buy” rating in a research note on Monday, August 26th. Finally, JPMorgan Chase & Co. raised shares of Nucor from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $170.00 to $174.00 in a research note on Monday, September 9th. Three investment 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. According to MarketBeat.com, Nucor has a consensus rating of “Moderate Buy” and a consensus price target of $192.00.

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.