Mackenzie Financial Corp Has $3.32 Million Stock Holdings in Nucor Co. (NYSE:NUE)

Mackenzie Financial Corp cut its position in Nucor Co. (NYSE:NUE) by 1.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,007 shares of the basic materials company’s stock after selling 391 shares during the period. Mackenzie Financial Corp’s holdings in Nucor were worth $3,321,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in NUE. Dimensional Fund Advisors LP boosted its stake in Nucor by 2.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,909,388 shares of the basic materials company’s stock valued at $617,915,000 after purchasing an additional 84,558 shares during the last quarter. Pacer Advisors Inc. boosted its stake in Nucor by 29.7% during the 2nd quarter. Pacer Advisors Inc. now owns 2,884,802 shares of the basic materials company’s stock valued at $456,030,000 after purchasing an additional 660,866 shares during the last quarter. First Trust Advisors LP boosted its stake in Nucor by 6.7% during the 4th quarter. First Trust Advisors LP now owns 1,367,209 shares of the basic materials company’s stock valued at $237,949,000 after purchasing an additional 85,475 shares during the last quarter. Nordea Investment Management AB boosted its stake in Nucor by 6.5% during the 1st quarter. Nordea Investment Management AB now owns 1,165,094 shares of the basic materials company’s stock valued at $230,572,000 after purchasing an additional 70,917 shares during the last quarter. Finally, Hsbc Holdings PLC boosted its stake in Nucor by 11.6% during the 2nd quarter. Hsbc Holdings PLC now owns 1,069,920 shares of the basic materials company’s stock valued at $169,433,000 after purchasing an additional 111,177 shares during the last quarter. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Morgan Stanley dropped their target price on shares of Nucor from $176.00 to $170.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 18th. BMO Capital Markets dropped their target price on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a research report on Wednesday, September 18th. Bank of America dropped their target price on shares of Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, June 26th. JPMorgan Chase & Co. raised shares of 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 research report on Monday, September 9th. Finally, Argus raised shares of Nucor to a “strong-buy” rating in a report on Monday, August 26th. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $192.00.

Nucor Stock Up 1.6 %

Nucor stock opened at $152.71 on Wednesday. Nucor Co. has a 1-year low of $133.42 and a 1-year high of $203.00. The firm has a market capitalization of $36.61 billion, a price-to-earnings ratio of 8.98 and a beta of 1.55. The company has a current ratio of 2.93, a quick ratio of 1.85 and a debt-to-equity ratio of 0.26. The firm has a 50 day simple moving average of $147.70 and a 200 day simple moving average of $164.17.

Nucor (NYSE:NUE) last released its quarterly earnings data on Monday, July 22nd. The basic materials company reported $2.68 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.37. Nucor had a net margin of 10.45% and a return on equity of 15.69%. The business had revenue of $8.08 billion during the quarter, compared to analyst estimates of $7.69 billion. During the same period in the previous year, the business earned $5.81 EPS. Nucor’s revenue was down 15.2% compared to the same quarter last year. On average, analysts predict that Nucor Co. will post 9.28 earnings per share for the current year.

Nucor Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Friday, September 27th will be paid a $0.54 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.16 dividend on an annualized basis and a yield of 1.41%. Nucor’s dividend payout ratio is 12.71%.

Insider Activity

In other news, EVP Daniel R. Needham sold 8,624 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total transaction of $1,379,840.00. Following the completion of the transaction, the executive vice president now directly owns 99,049 shares in the company, valued at approximately $15,847,840. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.46% of the company’s stock.

Nucor 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.