Canada Pension Plan Investment Board Has $34.83 Million Holdings in Nucor Co. (NYSE:NUE)

Canada Pension Plan Investment Board raised its holdings in Nucor Co. (NYSE:NUE) by 9.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm 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’s holdings in Nucor were worth $34,828,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. McClarren Financial Advisors Inc. lifted its stake in Nucor by 129.0% in the second quarter. McClarren Financial Advisors Inc. now owns 158 shares of the basic materials company’s stock valued at $25,000 after buying an additional 89 shares during the period. Rise Advisors LLC acquired a new position in shares of Nucor during the first quarter worth approximately $27,000. Chilton Capital Management LLC raised its position in shares of 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 acquired a new position in shares of Nucor during the first quarter worth approximately $28,000. Finally, Tompkins Financial Corp raised its position in shares of 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. 76.48% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on NUE. Bank of America lowered their target price on Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, June 26th. Morgan Stanley lowered their price target on Nucor from $176.00 to $170.00 and set an “overweight” rating for the company in a research report on Wednesday. BMO Capital Markets lowered their price target on Nucor from $175.00 to $160.00 and set a “market perform” rating for the company in a research report on Wednesday. Argus raised Nucor to a “strong-buy” rating in a research report on Monday, August 26th. Finally, JPMorgan Chase & Co. upgraded Nucor from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $170.00 to $174.00 in a research note on Monday, September 9th. Three investment 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. Based on data from MarketBeat.com, Nucor currently has an average rating of “Moderate Buy” and an average target price of $192.00.

Nucor Stock Performance

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

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

Nucor Dividend Announcement

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

Insider Buying and Selling at Nucor

In other Nucor news, EVP Daniel R. Needham sold 8,624 shares of the firm’s stock in a transaction dated 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 owns 99,049 shares of the company’s stock, valued at approximately $15,847,840. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.46% of the company’s stock.

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.