Westside Investment Management Inc. Purchases 100 Shares of Nucor Co. (NYSE:NUE)

Westside Investment Management Inc. boosted its position in Nucor Co. (NYSE:NUE) by 50.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 300 shares of the basic materials company’s stock after buying an additional 100 shares during the period. Westside Investment Management Inc.’s holdings in Nucor were worth $60,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norden Group LLC bought a new stake in Nucor in the 1st quarter valued at about $1,847,000. Cullinan Associates Inc. increased its position in Nucor by 430.6% in the 1st 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 in the last quarter. Diversified Trust Co increased its position in Nucor by 87.6% in the 1st quarter. Diversified Trust Co now owns 10,449 shares of the basic materials company’s stock valued at $2,068,000 after buying an additional 4,880 shares in the last quarter. Chapin Davis Inc. increased its position in Nucor by 21.5% in the 1st quarter. Chapin Davis Inc. now owns 2,412 shares of the basic materials company’s stock valued at $477,000 after buying an additional 426 shares in the last quarter. Finally, Successful Portfolios LLC increased its position in Nucor by 93.8% in the 1st quarter. Successful Portfolios LLC now owns 2,830 shares of the basic materials company’s stock valued at $560,000 after buying an additional 1,370 shares in the last quarter. 76.48% of the stock is owned by institutional investors.

Nucor Price Performance

Shares of NYSE NUE opened at $156.42 on Friday. Nucor Co. has a twelve month low of $140.07 and a twelve month high of $203.00. The stock’s 50 day moving average price is $165.08 and its 200-day moving average price is $177.51. The company has a market capitalization of $37.50 billion, a PE ratio of 9.20 and a beta of 1.57. The company has a quick ratio of 2.48, a current ratio of 4.02 and a debt-to-equity ratio of 0.31.

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

Nucor Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 9th. Shareholders of record on Friday, June 28th will be issued a dividend of $0.54 per share. 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 1.38%. Nucor’s payout ratio is 12.71%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on NUE shares. Bank of America cut their price target on Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. Jefferies Financial Group started coverage on Nucor in a research note on Monday, May 20th. They set a “hold” rating and a $190.00 price target for the company. JPMorgan Chase & Co. cut their price target on Nucor from $190.00 to $180.00 and set a “neutral” rating for the company in a research note on Tuesday, June 11th. BMO Capital Markets cut their price target on Nucor from $185.00 to $175.00 and set a “market perform” rating for the company in a research note on Monday, June 17th. Finally, StockNews.com downgraded Nucor from a “buy” rating to a “hold” rating in a research note on Tuesday, April 23rd. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $189.67.

About Nucor

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.