ING Groep NV Reduces Stock Position in Nucor Co. (NYSE:NUE)

ING Groep NV cut its stake in Nucor Co. (NYSE:NUEFree Report) by 9.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,225 shares of the basic materials company’s stock after selling 3,362 shares during the quarter. ING Groep NV’s holdings in Nucor were worth $4,882,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Gradient Investments LLC raised its holdings in Nucor by 55.1% in the 3rd quarter. Gradient Investments LLC now owns 2,952 shares of the basic materials company’s stock worth $462,000 after purchasing an additional 1,049 shares in the last quarter. Whittier Trust Co. raised its holdings in Nucor by 26.1% in the 3rd quarter. Whittier Trust Co. now owns 416 shares of the basic materials company’s stock worth $65,000 after purchasing an additional 86 shares in the last quarter. Conning Inc. raised its holdings in Nucor by 3.9% in the 3rd quarter. Conning Inc. now owns 2,154 shares of the basic materials company’s stock worth $337,000 after purchasing an additional 80 shares in the last quarter. Graypoint LLC raised its holdings in Nucor by 5.4% in the 3rd quarter. Graypoint LLC now owns 2,148 shares of the basic materials company’s stock worth $336,000 after purchasing an additional 111 shares in the last quarter. Finally, Park Avenue Securities LLC bought a new position in Nucor in the 3rd quarter worth $1,411,000. 77.76% of the stock is currently owned by institutional investors.

Nucor Stock Performance

Shares of NYSE NUE opened at $168.88 on Friday. The firm’s 50-day moving average price is $165.82 and its 200-day moving average price is $162.87. The company has a quick ratio of 2.50, a current ratio of 3.72 and a debt-to-equity ratio of 0.31. The company has a market cap of $41.52 billion, a PE ratio of 8.56 and a beta of 1.63. Nucor Co. has a 52-week low of $129.79 and a 52-week high of $182.68.

Nucor (NYSE:NUEGet Free Report) last announced its quarterly earnings results on Tuesday, October 24th. The basic materials company reported $4.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.19 by $0.38. The firm had revenue of $8.78 billion for the quarter, compared to the consensus estimate of $8.37 billion. Nucor had a net margin of 13.98% and a return on equity of 24.38%. The business’s quarterly revenue was down 16.4% compared to the same quarter last year. During the same quarter last year, the firm posted $6.50 EPS. As a group, analysts anticipate that Nucor Co. will post 17.76 EPS for the current year.

Nucor Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 9th. Stockholders of record on Friday, December 29th will be issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date is Thursday, December 28th. This is an increase from Nucor’s previous quarterly dividend of $0.51. Nucor’s dividend payout ratio (DPR) is presently 10.95%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. increased their price target on shares of Nucor from $151.00 to $158.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 12th. StockNews.com lowered shares of Nucor from a “buy” rating to a “hold” rating in a research note on Friday, December 15th. Finally, Morgan Stanley decreased their price target on shares of Nucor from $162.00 to $154.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 31st. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Nucor presently has an average rating of “Hold” and a consensus target price of $164.50.

Read Our Latest Stock Report on NUE

Insider Activity

In other news, COO David A. Sumoski sold 28,768 shares of the firm’s stock in a transaction dated Monday, December 18th. The shares were sold at an average price of $175.01, for a total transaction of $5,034,687.68. Following the sale, the chief operating officer now owns 200,638 shares of the company’s stock, valued at approximately $35,113,656.38. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Nucor news, Director Nicholas C. Gangestad acquired 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 19th. The shares were bought at an average price of $176.61 per share, with a total value of $176,610.00. Following the completion of the acquisition, the director now owns 1,000 shares in the company, valued at approximately $176,610. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO David A. Sumoski sold 28,768 shares of the firm’s stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $175.01, for a total transaction of $5,034,687.68. Following the completion of the transaction, the chief operating officer now directly owns 200,638 shares in the company, valued at approximately $35,113,656.38. The disclosure for this sale can be found here. Insiders have sold a total of 71,830 shares of company stock valued at $12,647,513 in the last 90 days. 0.46% of the stock is currently owned by insiders.

About Nucor

(Free Report)

Nucor Corporation engages in manufacture and sale of steel and steel products. The company's 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 products; and bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products.

See Also

Want to see what other hedge funds are holding NUE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Nucor Co. (NYSE:NUEFree Report).

Institutional Ownership by Quarter for Nucor (NYSE:NUE)

Receive News & Ratings for Nucor Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nucor and related companies with MarketBeat.com's FREE daily email newsletter.