Ritholtz Wealth Management Sells 262 Shares of Nucor Co. (NYSE:NUE)

Ritholtz Wealth Management decreased its stake in shares of Nucor Co. (NYSE:NUE) by 5.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 4,241 shares of the basic materials company’s stock after selling 262 shares during the quarter. Ritholtz Wealth Management’s holdings in Nucor were worth $670,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. McClarren Financial Advisors Inc. increased its stake 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 acquiring an additional 89 shares during the period. Rise Advisors LLC acquired a new stake in shares of Nucor during the 1st quarter worth approximately $27,000. Chilton Capital Management LLC increased its position 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 purchasing an additional 65 shares during the period. Central Pacific Bank Trust Division acquired a new position in shares of Nucor in the first quarter valued at $28,000. Finally, Tompkins Financial Corp lifted its position in Nucor by 208.0% in the first quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 104 shares during the period. Institutional investors and hedge funds own 76.48% of the company’s stock.

Nucor Price Performance

Nucor stock opened at $144.44 on Wednesday. Nucor Co. has a 52 week low of $139.41 and a 52 week high of $203.00. The firm has a market cap of $34.63 billion, a P/E ratio of 8.50 and a beta of 1.57. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.85 and a current ratio of 2.93. The business’s fifty day moving average is $153.21 and its two-hundred day moving average is $170.12.

Nucor (NYSE:NUE) last issued its quarterly earnings results on Monday, July 22nd. The basic materials company reported $2.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.37. Nucor had a net margin of 10.45% and a return on equity of 15.69%. The business had revenue of $8.08 billion for the quarter, compared to the consensus estimate of $7.69 billion. During the same quarter in the prior year, the company earned $5.81 EPS. The firm’s quarterly revenue was down 15.2% on a year-over-year basis. Equities research analysts forecast that Nucor Co. will post 9.91 earnings per share for the current fiscal year.

Nucor Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 9th. Shareholders of record on Friday, June 28th were issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 1.50%. The ex-dividend date was Friday, June 28th. Nucor’s dividend payout ratio is 12.71%.

Insider Buying and Selling at Nucor

In other news, EVP Daniel R. Needham sold 8,624 shares of the company’s stock in a transaction 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 transaction, the executive vice president now 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 available at this hyperlink. Corporate insiders own 0.46% of the company’s stock.

Wall Street Analyst Weigh In

NUE has been the subject of a number of recent research reports. Bank of America dropped their price objective on shares of Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. BMO Capital Markets decreased their price objective on Nucor from $185.00 to $175.00 and set a “market perform” rating on the stock in a report on Monday, June 17th. JPMorgan Chase & Co. lowered their price objective on Nucor from $180.00 to $170.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 16th. Jefferies Financial Group initiated coverage on Nucor in a research note on Monday, May 20th. They set a “hold” rating and a $190.00 price objective for the company. Finally, Morgan Stanley upgraded shares of Nucor from an “equal weight” rating to an “overweight” rating and dropped their target price for the stock from $187.00 to $176.00 in a research report on Thursday, August 15th. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Nucor presently has a consensus rating of “Moderate Buy” and an average target price of $194.43.

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.