Envestnet Portfolio Solutions Inc. Cuts Stake in Nucor Corporation (NYSE:NUE)

Envestnet Portfolio Solutions Inc. lowered its position in shares of Nucor Corporation (NYSE:NUE) by 51.9% in the first quarter, Holdings Channel reports. The institutional investor owned 4,526 shares of the basic materials company’s stock after selling 4,878 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Nucor were worth $545,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. Canal Capital Management LLC raised its position in Nucor by 2.5% during the 4th quarter. Canal Capital Management LLC now owns 3,075 shares of the basic materials company’s stock worth $359,000 after buying an additional 75 shares during the last quarter. Horrell Capital Management Inc. increased its holdings in shares of Nucor by 0.3% in the 4th quarter. Horrell Capital Management Inc. now owns 26,657 shares of the basic materials company’s stock valued at $3,111,000 after purchasing an additional 76 shares in the last quarter. Highline Wealth Partners LLC increased its holdings in shares of Nucor by 2.6% in the 1st quarter. Highline Wealth Partners LLC now owns 3,512 shares of the basic materials company’s stock valued at $423,000 after purchasing an additional 90 shares in the last quarter. Diligent Investors LLC increased its holdings in shares of Nucor by 4.6% in the 1st quarter. Diligent Investors LLC now owns 2,296 shares of the basic materials company’s stock valued at $276,000 after purchasing an additional 102 shares in the last quarter. Finally, King Luther Capital Management Corp increased its holdings in shares of Nucor by 1.0% in the 4th quarter. King Luther Capital Management Corp now owns 10,777 shares of the basic materials company’s stock valued at $1,258,000 after purchasing an additional 105 shares in the last quarter. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Insiders Place Their Bets

In other Nucor news, EVP Daniel R. Needham sold 7,088 shares of the firm’s stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $127.87, for a total transaction of $906,342.56. Following the sale, the executive vice president now directly owns 99,379 shares of the company’s stock, valued at $12,707,592.73. This trade represents a 6.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Leon J. Topalian sold 34,238 shares of the firm’s stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $120.19, for a total transaction of $4,115,065.22. Following the sale, the chief executive officer now directly owns 162,993 shares in the company, valued at $19,590,128.67. This represents a 17.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.46% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Argus set a $155.00 price target on shares of Nucor in a report on Wednesday, March 5th. The Goldman Sachs Group cut their price target on shares of Nucor from $175.00 to $169.00 and set a “buy” rating for the company in a report on Monday, April 7th. JPMorgan Chase & Co. cut their price target on shares of Nucor from $156.00 to $140.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. BMO Capital Markets upgraded shares of Nucor from a “market perform” rating to an “outperform” rating and increased their price target for the company from $140.00 to $145.00 in a report on Monday, June 2nd. Finally, UBS Group dropped their target price on shares of Nucor from $153.00 to $147.00 and set a “buy” rating for the company in a report on Thursday, May 29th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Nucor currently has an average rating of “Moderate Buy” and a consensus price target of $150.00.

Nucor Stock Performance

NYSE:NUE opened at $130.75 on Friday. The company has a current ratio of 2.52, a quick ratio of 1.48 and a debt-to-equity ratio of 0.32. The firm has a 50-day moving average price of $117.76 and a two-hundred day moving average price of $122.25. Nucor Corporation has a twelve month low of $97.59 and a twelve month high of $170.52. The company has a market capitalization of $30.17 billion, a P/E ratio of 23.27, a price-to-earnings-growth ratio of 0.83 and a beta of 1.67.

Nucor (NYSE:NUE) last posted its earnings results on Monday, April 28th. The basic materials company reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.92 by ($0.15). Nucor had a net margin of 4.40% and a return on equity of 6.82%. The business had revenue of $7.83 billion for the quarter, compared to analysts’ expectations of $7.25 billion. During the same quarter last year, the business posted $3.46 earnings per share. The business’s revenue was down 3.8% compared to the same quarter last year. As a group, research analysts expect that Nucor Corporation will post 7.64 earnings per share for the current fiscal year.

Nucor Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 11th. Shareholders of record on Monday, June 30th will be paid a dividend of $0.55 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.20 annualized dividend and a dividend yield of 1.68%. Nucor’s dividend payout ratio is currently 39.15%.

Nucor 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.