Texas Permanent School Fund Corp Lowers Stake in Nucor Co. (NYSE:NUE)

Texas Permanent School Fund Corp lessened its stake in Nucor Co. (NYSE:NUE) by 21.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 39,730 shares of the basic materials company’s stock after selling 11,100 shares during the period. Texas Permanent School Fund Corp’s holdings in Nucor were worth $6,281,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NUE. 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 worth $25,000 after acquiring an additional 89 shares during the period. Rise Advisors LLC bought a new position in Nucor in the first quarter worth approximately $27,000. Chilton Capital Management LLC grew its stake in Nucor by 94.2% in the first quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 65 shares in the last quarter. Central Pacific Bank Trust Division purchased a new position in Nucor during the 1st quarter worth $28,000. Finally, Tompkins Financial Corp raised its position in Nucor by 208.0% during the 1st quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 104 shares in the last quarter. Institutional investors own 76.48% of the company’s stock.

Nucor Trading Down 1.3 %

NYSE:NUE opened at $137.77 on Thursday. The firm has a 50 day moving average of $151.24 and a 200 day moving average of $168.29. The company has a quick ratio of 1.85, a current ratio of 2.93 and a debt-to-equity ratio of 0.26. Nucor Co. has a 52 week low of $133.42 and a 52 week high of $203.00. The stock has a market capitalization of $33.03 billion, a price-to-earnings ratio of 8.10 and a beta of 1.55.

Nucor (NYSE:NUE) last issued its quarterly earnings data on Monday, July 22nd. The basic materials company reported $2.68 EPS for the quarter, beating the consensus estimate of $2.31 by $0.37. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The firm had revenue of $8.08 billion during the quarter, compared to analyst estimates of $7.69 billion. During the same quarter in the prior year, the business posted $5.81 EPS. The business’s revenue for the quarter was down 15.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Nucor Co. will post 9.91 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

NUE has been the topic of several research reports. JPMorgan Chase & Co. upgraded Nucor from a “neutral” rating to an “overweight” rating and raised their price target for the company from $170.00 to $174.00 in a research note on Monday. Bank of America cut their target price on shares of Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, June 26th. Morgan Stanley raised shares of Nucor from an “equal weight” rating to an “overweight” rating and lowered their price target for the stock from $187.00 to $176.00 in a research report on Thursday, August 15th. Argus raised shares of Nucor to a “strong-buy” rating in a report on Monday, August 26th. Finally, BMO Capital Markets lowered their target price on Nucor from $185.00 to $175.00 and set a “market perform” rating for the company in a report on Monday, June 17th. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $195.00.

Insider Activity

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 sale, 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 the SEC website. Corporate insiders own 0.46% 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.