OLD National Bancorp IN Lowers Stock Position in Nucor Co. (NYSE:NUE)

OLD National Bancorp IN lessened its holdings in Nucor Co. (NYSE:NUE) by 2.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,943 shares of the basic materials company’s stock after selling 284 shares during the quarter. OLD National Bancorp IN’s holdings in Nucor were worth $1,796,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. McClarren Financial Advisors Inc. grew its stake in shares of Nucor by 129.0% in 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 last quarter. Chilton Capital Management LLC grew its position in Nucor by 94.2% during the 1st 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 last quarter. Central Pacific Bank Trust Division bought a new stake in Nucor during the 1st quarter valued at about $28,000. Salomon & Ludwin LLC purchased a new position in Nucor in the first quarter worth about $31,000. Finally, HHM Wealth Advisors LLC lifted its stake in shares of 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. Institutional investors own 76.48% of the company’s stock.

Insider Activity

In related news, EVP Daniel R. Needham sold 8,624 shares of the 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 of the company’s stock, valued at approximately $15,847,840. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.46% of the company’s stock.

Nucor Trading Up 0.1 %

Shares of NYSE:NUE opened at $158.24 on Monday. 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 $37.94 billion, a price-to-earnings ratio of 9.31 and a beta of 1.55. 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 stock’s 50-day simple moving average is $147.44 and its two-hundred day simple moving average is $160.21.

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 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 company had revenue of $8.08 billion during the quarter, compared to analyst estimates of $7.69 billion. During the same period in the previous year, the business posted $5.81 earnings per share. The firm’s quarterly revenue was down 15.2% compared to the same quarter last year. Analysts expect that Nucor Co. will post 9.08 EPS for the current year.

Nucor Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Friday, September 27th will be paid a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 1.37%. The ex-dividend date is Friday, September 27th. Nucor’s dividend payout ratio (DPR) is currently 12.71%.

Analyst Upgrades and Downgrades

NUE has been the subject of a number of recent analyst reports. Bank of America decreased their price objective on shares of Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. JPMorgan Chase & Co. decreased their price target on Nucor from $174.00 to $170.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. Argus raised Nucor to a “strong-buy” rating in a research report on Monday, August 26th. Morgan Stanley decreased their target price on Nucor from $176.00 to $170.00 and set an “overweight” rating for the company in a research report on Wednesday, September 18th. Finally, BMO Capital Markets dropped their price target on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a report on Wednesday, September 18th. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $191.43.

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.