Callan Family Office LLC Grows Stake in Nucor Corporation $NUE

Key Points

• Callan Family Office LLC increased its stake in Nucor Corporation by 166.2%, owning 4,900 shares valued at approximately $635,000 after acquiring an additional 3,059 shares during the second quarter.
• Nucor reported earnings of $2.60 per share in its recent quarter, surpassing expectations and showing a 4.7% increase in revenue year-over-year.
• The company declared a quarterly dividend of $0.55 per share, with the dividend yield at 1.6% and a payout ratio of 39.71%.

Callan Family Office LLC lifted its position in Nucor Corporation (NYSE:NUE - Free Report) by 166.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,900 shares of the basic materials company's stock after buying an additional 3,059 shares during the period. Callan Family Office LLC's holdings in Nucor were worth $635,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Allegiance Financial Group Advisory Services LLC purchased a new position in shares of Nucor in the 2nd quarter worth $263,000. Columbus Macro LLC lifted its position in Nucor by 30.3% during the second quarter. Columbus Macro LLC now owns 43,928 shares of the basic materials company's stock valued at $5,690,000 after purchasing an additional 10,224 shares in the last quarter. Hager Investment Management Services LLC lifted its position in Nucor by 8.4% during the second quarter. Hager Investment Management Services LLC now owns 6,549 shares of the basic materials company's stock valued at $848,000 after purchasing an additional 505 shares in the last quarter. Clear Creek Financial Management LLC purchased a new position in Nucor during the second quarter valued at $246,000. Finally, KLP Kapitalforvaltning AS lifted its position in Nucor by 1.8% during the second quarter. KLP Kapitalforvaltning AS now owns 84,020 shares of the basic materials company's stock valued at $10,923,000 after purchasing an additional 1,500 shares in the last quarter. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Nucor Trading Up 2.4%

Shares of NUE stock opened at $136.82 on Tuesday. Nucor Corporation has a 12-month low of $97.59 and a 12-month high of $170.52. The company has a current ratio of 2.83, a quick ratio of 1.51 and a debt-to-equity ratio of 0.31. The stock's 50-day moving average price is $141.24 and its 200-day moving average price is $129.44. The stock has a market capitalization of $31.41 billion, a price-to-earnings ratio of 24.70, a price-to-earnings-growth ratio of 0.92 and a beta of 1.75.

Nucor (NYSE:NUE - Get Free Report) last issued its earnings results on Monday, July 28th. The basic materials company reported $2.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.54 by $0.06. Nucor had a return on equity of 6.65% and a net margin of 4.21%.The firm had revenue of $8.46 billion for the quarter, compared to analysts' expectations of $8.47 billion. During the same period in the previous year, the firm posted $2.68 earnings per share. The business's revenue was up 4.7% compared to the same quarter last year. Equities research analysts predict that Nucor Corporation will post 7.64 EPS for the current fiscal year.

Nucor Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Tuesday, September 30th. Nucor's payout ratio is presently 39.71%.

Insider Buying and Selling

In other Nucor news, EVP Daniel R. Needham sold 7,200 shares of the business's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $146.00, for a total transaction of $1,051,200.00. Following the sale, the executive vice president directly owned 92,179 shares of the company's stock, valued at $13,458,134. The trade was a 7.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Allen C. Behr sold 8,021 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $143.38, for a total value of $1,150,050.98. Following the sale, the executive vice president directly owned 82,703 shares in the company, valued at $11,857,956.14. The trade was a 8.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 31,309 shares of company stock valued at $4,553,771. Insiders own 0.71% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on NUE shares. Morgan Stanley lifted their target price on Nucor from $134.00 to $149.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. The Goldman Sachs Group lowered their target price on Nucor from $182.00 to $173.00 and set a "buy" rating on the stock in a research report on Monday, September 22nd. Wells Fargo & Company lowered their target price on Nucor from $146.00 to $140.00 and set an "equal weight" rating on the stock in a research report on Thursday, September 18th. Jefferies Financial Group upgraded Nucor from a "hold" rating to a "buy" rating and lifted their target price for the company from $135.00 to $170.00 in a research report on Thursday, July 31st. Finally, Bank of America lifted their target price on Nucor from $150.00 to $165.00 and gave the company a "buy" rating in a research report on Monday, September 15th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $157.60.

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.

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.