Riggs Asset Managment Co. Inc. Sells 8,800 Shares of Nucor Co. (NYSE:NUE)

Riggs Asset Managment Co. Inc. decreased its position in Nucor Co. (NYSE:NUE - Free Report) by 93.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 621 shares of the basic materials company's stock after selling 8,800 shares during the quarter. Riggs Asset Managment Co. Inc.'s holdings in Nucor were worth $93,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Brookstone Capital Management lifted its holdings in Nucor by 19.4% during the first quarter. Brookstone Capital Management now owns 2,325 shares of the basic materials company's stock worth $460,000 after acquiring an additional 378 shares during the period. Chapin Davis Inc. raised its stake in shares of Nucor by 21.5% during the 1st quarter. Chapin Davis Inc. now owns 2,412 shares of the basic materials company's stock worth $477,000 after purchasing an additional 426 shares during the period. Diversified Trust Co boosted its holdings in shares of Nucor by 87.6% in the 1st quarter. Diversified Trust Co now owns 10,449 shares of the basic materials company's stock worth $2,068,000 after buying an additional 4,880 shares during the last quarter. Cullinan Associates Inc. grew its position in Nucor by 430.6% during the first quarter. Cullinan Associates Inc. now owns 6,367 shares of the basic materials company's stock valued at $1,260,000 after buying an additional 5,167 shares during the period. Finally, Norden Group LLC purchased a new stake in Nucor during the first quarter worth about $1,847,000. Hedge funds and other institutional investors own 76.48% of the company's stock.

Insider Buying and Selling at Nucor

In other news, EVP Daniel R. Needham sold 8,624 shares of the company's 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 owns 99,049 shares of the company's stock, valued at approximately $15,847,840. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.64% of the company's stock.

Nucor Stock Performance

Shares of NYSE NUE traded up $6.26 during mid-day trading on Monday, hitting $147.73. The company had a trading volume of 1,694,959 shares, compared to its average volume of 1,501,501. The company has a current ratio of 2.59, a quick ratio of 1.61 and a debt-to-equity ratio of 0.26. Nucor Co. has a 1 year low of $133.42 and a 1 year high of $203.00. The company has a market capitalization of $35.06 billion, a price-to-earnings ratio of 14.27 and a beta of 1.55. The stock's 50-day moving average price is $147.73 and its 200-day moving average price is $157.94.

Nucor (NYSE:NUE - Get Free Report) last posted its earnings results on Monday, October 21st. The basic materials company reported $1.49 earnings per share for the quarter, beating analysts' consensus estimates of $1.40 by $0.09. Nucor had a return on equity of 12.06% and a net margin of 8.05%. The business had revenue of $7.44 billion during the quarter, compared to analyst estimates of $7.28 billion. During the same quarter in the previous year, the firm earned $4.57 EPS. The company's quarterly revenue was down 15.2% compared to the same quarter last year. On average, sell-side analysts forecast that Nucor Co. will post 8.65 earnings per share for the current year.

Nucor Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Friday, September 27th will be paid a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 1.46%. The ex-dividend date is Friday, September 27th. Nucor's dividend payout ratio is presently 20.87%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Argus upgraded shares of Nucor to a "strong-buy" rating in a research note on Monday, August 26th. Morgan Stanley reduced their price objective on Nucor from $170.00 to $166.00 and set an "overweight" rating for the company in a report on Wednesday, October 23rd. JPMorgan Chase & Co. decreased their target price on Nucor from $170.00 to $168.00 and set an "overweight" rating for the company in a research report on Wednesday, October 23rd. Finally, BMO Capital Markets dropped their price target on Nucor from $175.00 to $160.00 and set a "market perform" rating on the stock in a research report on Wednesday, September 18th. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $190.57.

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.