Gallacher Capital Management LLC Reduces Stock Position in Nucor Co. (NYSE:NUE)

Gallacher Capital Management LLC lowered its stake in shares of Nucor Co. (NYSE:NUE) by 12.4% during the 1st quarter, HoldingsChannel reports. The fund owned 1,496 shares of the basic materials company’s stock after selling 211 shares during the period. Gallacher Capital Management LLC’s holdings in Nucor were worth $296,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Criterion Capital Advisors LLC purchased a new stake in shares of Nucor in the fourth quarter worth $25,000. Rise Advisors LLC purchased a new stake in shares of Nucor in the 1st quarter valued at about $27,000. Central Pacific Bank Trust Division bought a new stake in shares of Nucor during the 1st quarter valued at about $28,000. Tompkins Financial Corp boosted its position in shares of Nucor by 208.0% during the 1st quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 104 shares during the last quarter. Finally, Salomon & Ludwin LLC bought a new stake in shares of Nucor during the 1st quarter valued at about $31,000. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Nucor Price Performance

NYSE:NUE traded up $2.19 during mid-day trading on Friday, reaching $161.15. The stock had a trading volume of 472,028 shares, compared to its average volume of 1,457,654. The firm has a 50 day moving average price of $162.90 and a two-hundred day moving average price of $176.57. The stock has a market capitalization of $38.64 billion, a P/E ratio of 9.35 and a beta of 1.57. Nucor Co. has a one year low of $140.07 and a one year high of $203.00. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.48 and a current ratio of 4.02.

Nucor (NYSE:NUE) last announced its quarterly earnings results on Monday, April 22nd. The basic materials company reported $3.46 EPS for the quarter, missing analysts’ consensus estimates of $3.62 by ($0.16). The company had revenue of $8.14 billion during the quarter, compared to analysts’ expectations of $8.26 billion. Nucor had a return on equity of 19.62% and a net margin of 12.40%. Nucor’s revenue for the quarter was down 6.6% on a year-over-year basis. During the same period last year, the firm earned $4.45 earnings per share. As a group, analysts expect that Nucor Co. will post 10.84 earnings per share for the current year.

Nucor Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 9th. Shareholders of record on Friday, June 28th will be paid a $0.54 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.16 dividend on an annualized basis and a yield of 1.34%. Nucor’s dividend payout ratio (DPR) is currently 12.71%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on NUE. Bank of America dropped their price target on Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. Jefferies Financial Group began coverage on Nucor in a research report on Monday, May 20th. They set a “hold” rating and a $190.00 price target for the company. BMO Capital Markets dropped their price target on Nucor from $185.00 to $175.00 and set a “market perform” rating for the company in a research report on Monday, June 17th. JPMorgan Chase & Co. dropped their price target on Nucor from $190.00 to $180.00 and set a “neutral” rating for the company in a research report on Tuesday, June 11th. Finally, StockNews.com downgraded Nucor from a “buy” rating to a “hold” rating in a research report on Tuesday, April 23rd. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $192.71.

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.