Procyon Advisors LLC Sells 209 Shares of Nucor Co. (NYSE:NUE)

Procyon Advisors LLC reduced its holdings in shares of Nucor Co. (NYSE:NUE) by 1.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 15,553 shares of the basic materials company’s stock after selling 209 shares during the quarter. Procyon Advisors LLC’s holdings in Nucor were worth $1,815,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Widmann Financial Services Inc. raised its position in Nucor by 4.0% in the third quarter. Widmann Financial Services Inc. now owns 1,800 shares of the basic materials company’s stock valued at $271,000 after purchasing an additional 70 shares during the last quarter. Brighton Jones LLC increased its stake in shares of Nucor by 3.3% in the second quarter. Brighton Jones LLC now owns 2,218 shares of the basic materials company’s stock valued at $351,000 after buying an additional 71 shares during the period. Salomon & Ludwin LLC raised its holdings in Nucor by 45.6% in the 3rd quarter. Salomon & Ludwin LLC now owns 230 shares of the basic materials company’s stock valued at $35,000 after buying an additional 72 shares during the last quarter. First Trust Direct Indexing L.P. boosted its position in Nucor by 1.4% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 5,467 shares of the basic materials company’s stock worth $822,000 after buying an additional 74 shares during the period. Finally, Mirador Capital Partners LP grew its holdings in Nucor by 1.5% during the 3rd quarter. Mirador Capital Partners LP now owns 5,250 shares of the basic materials company’s stock worth $789,000 after acquiring an additional 77 shares during the last quarter. 76.48% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NUE has been the subject of several analyst reports. Morgan Stanley dropped their price target on shares of Nucor from $170.00 to $166.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Citigroup cut their target price on Nucor from $240.00 to $160.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. Jefferies Financial Group decreased their price target on Nucor from $150.00 to $125.00 and set a “hold” rating for the company in a research note on Monday, January 6th. The Goldman Sachs Group initiated coverage on Nucor in a research note on Monday, December 2nd. They issued a “buy” rating and a $190.00 price objective on the stock. Finally, JPMorgan Chase & Co. decreased their target price on shares of Nucor from $168.00 to $152.00 and set an “overweight” rating for the company in a research report on Friday. Four analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $163.63.

Nucor Trading Up 0.8 %

Shares of NUE stock opened at $124.40 on Friday. The company has a market cap of $29.21 billion, a P/E ratio of 12.02 and a beta of 1.60. Nucor Co. has a fifty-two week low of $112.25 and a fifty-two week high of $203.00. The stock has a 50 day simple moving average of $133.52 and a two-hundred day simple moving average of $144.57. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.61 and a current ratio of 2.59.

Nucor (NYSE:NUE) last released its quarterly earnings data on Monday, October 21st. The basic materials company reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.09. The company had revenue of $7.44 billion during the quarter, compared to analyst estimates of $7.28 billion. Nucor had a net margin of 8.05% and a return on equity of 12.06%. Nucor’s revenue for the quarter was down 15.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.57 EPS. Research analysts forecast that Nucor Co. will post 8.19 earnings per share for the current year.

Nucor Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 11th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date is Tuesday, December 31st. This is a boost from Nucor’s previous quarterly dividend of $0.54. Nucor’s dividend payout ratio is 21.26%.

Insider Activity

In related news, EVP Kenneth Rex Query sold 9,000 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $146.80, for a total value of $1,321,200.00. Following the transaction, the executive vice president now directly owns 98,770 shares in the company, valued at $14,499,436. This trade represents a 8.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Stephen D. Laxton sold 4,712 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $169.53, for a total transaction of $798,825.36. Following the sale, the chief financial officer now owns 82,132 shares of the company’s stock, valued at $13,923,837.96. This trade represents a 5.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 29,680 shares of company stock worth $4,773,724 in the last three months. Company insiders own 0.64% of the company’s stock.

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.