Truist Financial Corp Cuts Stock Position in Nucor Co. (NYSE:NUE)

Truist Financial Corp decreased its holdings in Nucor Co. (NYSE:NUE) by 14.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 163,000 shares of the basic materials company’s stock after selling 28,433 shares during the quarter. Truist Financial Corp owned 0.07% of Nucor worth $25,767,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in NUE. Pacer Advisors Inc. lifted its holdings in Nucor by 29.7% during the 2nd quarter. Pacer Advisors Inc. now owns 2,884,802 shares of the basic materials company’s stock worth $456,030,000 after buying an additional 660,866 shares in the last quarter. Global Assets Advisory LLC acquired a new stake in shares of Nucor in the first quarter valued at $90,216,000. Swedbank AB purchased a new position in Nucor in the first quarter valued at $37,395,000. Captrust Financial Advisors grew its stake in Nucor by 23.5% during the 1st quarter. Captrust Financial Advisors now owns 804,150 shares of the basic materials company’s stock worth $159,141,000 after purchasing an additional 153,077 shares in the last quarter. Finally, Trinity Street Asset Management LLP acquired a new stake in Nucor in the 2nd quarter valued at about $19,213,000. Institutional investors and hedge funds own 76.48% of the company’s stock.

Nucor Price Performance

Shares of NUE opened at $151.29 on Friday. The firm has a fifty day moving average price of $147.52 and a 200 day moving average price of $163.99. The stock has a market cap of $36.27 billion, a PE ratio of 8.90 and a beta of 1.55. Nucor Co. has a 1-year low of $133.42 and a 1-year high of $203.00. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.93 and a quick ratio of 1.85.

Nucor (NYSE:NUE) last announced its earnings results on Monday, July 22nd. The basic materials company reported $2.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.37. The firm had revenue of $8.08 billion during the quarter, compared to analysts’ expectations of $7.69 billion. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The business’s revenue was down 15.2% on a year-over-year basis. During the same period in the prior year, the firm earned $5.81 EPS. As a group, sell-side analysts anticipate that Nucor Co. will post 9.28 EPS for the current year.

Nucor Announces Dividend

The firm 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 $0.54 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.16 annualized dividend and a yield of 1.43%. Nucor’s dividend payout ratio (DPR) is 12.71%.

Insider Buying and Selling

In other Nucor news, EVP Daniel R. Needham sold 8,624 shares of Nucor stock in a transaction 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 transaction, the executive vice president now directly owns 99,049 shares in the company, valued at $15,847,840. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.46% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on NUE shares. BMO Capital Markets lowered their price objective on Nucor from $175.00 to $160.00 and set a “market perform” rating for the company in a research report on Wednesday, September 18th. JPMorgan Chase & Co. raised shares of Nucor from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $170.00 to $174.00 in a research report on Monday, September 9th. Argus raised shares of Nucor to a “strong-buy” rating in a research report on Monday, August 26th. Morgan Stanley dropped their target price on Nucor from $176.00 to $170.00 and set an “overweight” rating on the stock in a report on Wednesday, September 18th. Finally, Bank of America decreased their price target on Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. 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 stock. Based on data from MarketBeat, Nucor currently has an average rating of “Moderate Buy” and a consensus target price 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.