Canada Pension Plan Investment Board Purchases 18,200 Shares of Nucor Co. (NYSE:NUE)

Canada Pension Plan Investment Board lifted its position in Nucor Co. (NYSE:NUE) by 9.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 220,320 shares of the basic materials company’s stock after buying an additional 18,200 shares during the quarter. Canada Pension Plan Investment Board owned about 0.09% of Nucor worth $34,828,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Rise Advisors LLC bought a new position in shares of Nucor in the first quarter valued at $27,000. Chilton Capital Management LLC boosted its position in Nucor by 94.2% during the first quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 65 shares during the period. Central Pacific Bank Trust Division bought a new position in Nucor during the first quarter worth $28,000. Tompkins Financial Corp boosted its position in Nucor by 208.0% during the first quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 104 shares during the period. Finally, Salomon & Ludwin LLC bought a new position in Nucor during the first quarter worth $31,000. 76.48% of the stock is owned by institutional investors.

Insider Activity at Nucor

In related news, EVP Daniel R. Needham sold 8,624 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $160.00, for a total value of $1,379,840.00. Following the sale, the executive vice president now directly owns 99,049 shares in the company, valued at $15,847,840. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.46% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have commented on NUE shares. BMO Capital Markets reduced their price objective on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating for the company in a research report on Wednesday. Bank of America dropped their target price on Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. JPMorgan Chase & Co. raised Nucor from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $170.00 to $174.00 in a report on Monday, September 9th. Argus raised Nucor to a “strong-buy” rating in a report on Monday, August 26th. Finally, Morgan Stanley dropped their target price on Nucor from $176.00 to $170.00 and set an “overweight” rating for the company in a report on Wednesday. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $192.00.

Nucor Stock Down 1.8 %

NUE stock opened at $146.31 on Friday. The company has a market cap of $35.08 billion, a PE ratio of 8.61 and a beta of 1.55. The business has a 50-day simple moving average of $149.66 and a 200 day simple moving average of $166.02. Nucor Co. has a 52 week low of $133.42 and a 52 week high of $203.00. The company has a quick ratio of 1.85, a current ratio of 2.93 and a debt-to-equity ratio of 0.26.

Nucor (NYSE:NUE) last posted its quarterly earnings results on Monday, July 22nd. The basic materials company reported $2.68 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.37. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The business had revenue of $8.08 billion during the quarter, compared to the consensus estimate of $7.69 billion. During the same quarter in the previous year, the firm earned $5.81 earnings per share. Nucor’s revenue for the quarter was down 15.2% compared to the same quarter last year. Sell-side analysts anticipate that Nucor Co. will post 9.95 EPS for the current fiscal year.

Nucor Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Friday, September 27th will be issued a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 1.48%. The ex-dividend date is Friday, September 27th. Nucor’s payout ratio is presently 12.71%.

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.