Connor Clark & Lunn Investment Management Ltd. Makes New $8.63 Million Investment in Nucor Co. (NYSE:NUE)

Connor Clark & Lunn Investment Management Ltd. purchased a new position in Nucor Co. (NYSE:NUE – Get Rating) in the 4th quarter, Holdings Channel reports. The institutional investor purchased 65,470 shares of the basic materials company’s stock, valued at approximately $8,630,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Nelson Van Denburg & Campbell Wealth Management Group LLC purchased a new stake in shares of Nucor during the 1st quarter worth approximately $32,000. MinichMacGregor Wealth Management LLC purchased a new stake in shares of Nucor during the 4th quarter worth approximately $32,000. Accurate Wealth Management LLC purchased a new stake in shares of Nucor during the 4th quarter worth approximately $39,000. Fiduciary Alliance LLC purchased a new stake in shares of Nucor during the 4th quarter worth approximately $36,000. Finally, Laffer Tengler Investments purchased a new stake in shares of Nucor during the 4th quarter worth approximately $36,000. 78.33% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on NUE. The Goldman Sachs Group upped their price objective on Nucor from $144.00 to $161.00 and gave the stock a “neutral” rating in a report on Friday, March 10th. StockNews.com assumed coverage on Nucor in a report on Thursday, May 18th. They set a “hold” rating on the stock. Credit Suisse Group raised their price target on Nucor from $140.00 to $156.00 and gave the stock an “outperform” rating in a research report on Friday, March 17th. UBS Group cut their price objective on shares of Nucor from $145.00 to $140.00 in a research report on Friday, May 5th. Finally, Morgan Stanley upped their price target on shares of Nucor from $113.00 to $122.00 and gave the company an “equal weight” rating in a report on Monday, January 30th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Nucor presently has an average rating of “Hold” and an average price target of $148.88.

Nucor Trading Up 1.0 %

NYSE:NUE opened at $134.69 on Friday. The firm has a market cap of $33.84 billion, a P/E ratio of 5.28 and a beta of 1.56. The firm has a 50-day simple moving average of $145.40 and a 200-day simple moving average of $150.34. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.28 and a current ratio of 3.74. Nucor Co. has a one year low of $100.13 and a one year high of $182.68.

Nucor (NYSE:NUE – Get Rating) last issued its quarterly earnings data on Thursday, April 20th. The basic materials company reported $4.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.81 by $0.64. The company had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.87 billion. Nucor had a net margin of 16.73% and a return on equity of 34.91%. Nucor’s revenue was down 17.0% compared to the same quarter last year. During the same period last year, the company posted $7.67 earnings per share. Equities analysts anticipate that Nucor Co. will post 17 EPS for the current fiscal year.

Nucor announced that its Board of Directors has authorized a stock buyback plan on Thursday, May 11th that permits the company to repurchase $4.00 billion in shares. This repurchase authorization permits the basic materials company to repurchase up to 11.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Nucor Company Profile

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Nucor Corp. engages in the manufacturing of steel and steel products. It operates through the following segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment consists of carbon and alloy steel in sheet, bars, structural and plate, steel trading businesses, rebar distribution businesses, and Nucor’s equity method investments.