Connor Clark & Lunn Investment Management Ltd. raised its holdings in Nucor Corporation (NYSE:NUE – Free Report) by 285.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 137,080 shares of the basic materials company’s stock after purchasing an additional 101,518 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Nucor were worth $16,496,000 as of its most recent SEC filing.
Several other institutional investors have also recently bought and sold shares of the business. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Nucor during the fourth quarter worth $25,000. Putney Financial Group LLC bought a new stake in shares of Nucor during the fourth quarter worth $29,000. MV Capital Management Inc. raised its position in shares of Nucor by 73.5% during the first quarter. MV Capital Management Inc. now owns 281 shares of the basic materials company’s stock worth $34,000 after acquiring an additional 119 shares during the last quarter. Fourth Dimension Wealth LLC bought a new stake in shares of Nucor during the fourth quarter worth $41,000. Finally, Spirit of America Management Corp NY bought a new stake in shares of Nucor during the first quarter worth $48,000. Institutional investors own 76.48% of the company’s stock.
Wall Street Analysts Forecast Growth
NUE has been the subject of a number of recent research reports. Morgan Stanley boosted their target price on Nucor from $134.00 to $149.00 and gave the stock an “overweight” rating in a research report on Friday, June 20th. BMO Capital Markets upgraded Nucor from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $140.00 to $145.00 in a research report on Monday, June 2nd. UBS Group dropped their target price on Nucor from $153.00 to $147.00 and set a “buy” rating for the company in a research report on Thursday, May 29th. Jefferies Financial Group upgraded Nucor from a “hold” rating to a “buy” rating and boosted their target price for the stock from $135.00 to $170.00 in a research report on Thursday, July 31st. Finally, JPMorgan Chase & Co. upped their price objective on Nucor from $143.00 to $162.00 and gave the company an “overweight” rating in a report on Monday, July 14th. One analyst has rated the stock with a sell rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $157.13.
Nucor Trading Up 1.0%
NYSE NUE opened at $139.11 on Monday. The stock has a 50-day simple moving average of $133.57 and a 200 day simple moving average of $126.28. The company has a market capitalization of $32.10 billion, a PE ratio of 25.11, a P/E/G ratio of 0.88 and a beta of 1.74. The company has a current ratio of 2.83, a quick ratio of 1.51 and a debt-to-equity ratio of 0.31. Nucor Corporation has a 12 month low of $97.59 and a 12 month high of $170.52.
Nucor (NYSE:NUE – Get Free Report) last released its quarterly earnings data on Monday, July 28th. The basic materials company reported $2.60 EPS for the quarter, beating analysts’ consensus estimates of $2.54 by $0.06. The business had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.47 billion. Nucor had a return on equity of 6.65% and a net margin of 4.21%. The firm’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.68 earnings per share. Research analysts forecast that Nucor Corporation will post 7.64 EPS for the current year.
Nucor Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, August 11th. Stockholders of record on Monday, June 30th will be given a dividend of $0.55 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.6%. Nucor’s dividend payout ratio (DPR) is currently 39.71%.
Insider Transactions at Nucor
In other news, EVP Daniel R. Needham sold 7,088 shares of the firm’s stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $127.87, for a total transaction of $906,342.56. Following the sale, the executive vice president owned 99,379 shares of the company’s stock, valued at $12,707,592.73. This trade represents a 6.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Kenneth Rex Query sold 10,000 shares of the firm’s stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $130.37, for a total value of $1,303,700.00. Following the sale, the executive vice president directly owned 94,080 shares in the company, valued at approximately $12,265,209.60. This represents a 9.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,109 shares of company stock valued at $3,360,094 over the last 90 days. 0.71% of the stock is owned by company insiders.
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.
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