Raymond James & Associates Sells 10,606 Shares of Nucor Co. (NYSE:NUE)

Raymond James & Associates lessened its position in Nucor Co. (NYSE:NUE) by 6.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 142,315 shares of the basic materials company’s stock after selling 10,606 shares during the period. Raymond James & Associates owned 0.06% of Nucor worth $21,396,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Chilton Capital Management LLC raised its holdings in shares of Nucor by 94.2% during the first quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 65 shares in the last quarter. Central Pacific Bank Trust Division purchased a new stake in shares of Nucor in the 1st quarter worth about $28,000. Salomon & Ludwin LLC bought a new stake in shares of Nucor during the 1st quarter valued at about $31,000. McClarren Financial Advisors Inc. increased its position in shares of 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. Finally, HHM Wealth Advisors LLC raised its stake in Nucor by 769.2% in the second quarter. HHM Wealth Advisors LLC now owns 226 shares of the basic materials company’s stock worth $36,000 after buying an additional 200 shares in the last quarter. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Argus raised Nucor to a “strong-buy” rating in a research report on Monday, August 26th. BMO Capital Markets reduced 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, September 18th. JPMorgan Chase & Co. lowered their price objective on Nucor from $170.00 to $168.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, Morgan Stanley reduced their target price on shares of Nucor from $170.00 to $166.00 and set an “overweight” rating on the stock in a research report on Wednesday. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $190.57.

Nucor Price Performance

Shares of NUE opened at $141.47 on Friday. The company has a market capitalization of $33.58 billion, a P/E ratio of 13.67 and a beta of 1.55. Nucor Co. has a twelve month low of $133.42 and a twelve month high of $203.00. The company has a quick ratio of 1.85, a current ratio of 2.59 and a debt-to-equity ratio of 0.26. The firm has a 50 day moving average of $147.73 and a 200 day moving average of $159.27.

Nucor (NYSE:NUE) last posted its quarterly earnings results on Monday, October 21st. The basic materials company reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.09. Nucor had a return on equity of 12.06% and a net margin of 8.05%. The firm had revenue of $7.44 billion during the quarter, compared to analysts’ expectations of $7.28 billion. During the same quarter in the previous year, the business earned $4.57 earnings per share. The company’s revenue was down 15.2% on a year-over-year basis. As a group, equities research analysts anticipate that Nucor Co. will post 9.08 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Stockholders 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 dividend yield of 1.53%. The ex-dividend date of this dividend is Friday, September 27th. Nucor’s payout ratio is presently 20.87%.

Insider Transactions at Nucor

In related news, EVP Daniel R. Needham sold 8,624 shares of the firm’s 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 sale, the executive vice president now owns 99,049 shares in the company, valued at approximately $15,847,840. This trade 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 the SEC website. Company insiders own 0.46% of the company’s stock.

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.