Bank of America Corp DE Buys New Stake in Nutrien Ltd. $NTR

Key Points

• Bank of America acquired 2.51 million Nutrien shares in the second quarter, worth approximately $157.8 million and representing a 0.52% stake. Institutional investors and hedge funds collectively own 63.1% of the company.
• Analysts maintain a generally positive outlook, with 17 Buy, four Hold and one Sell rating. Nutrien has a consensus rating of “Moderate Buy” and an average price target of $81.15.
• Nutrien reported quarterly revenue of $10.81 billion, up 3.6% year over year, though earnings per share of $2.61 fell short of estimates. The company declared a quarterly dividend of $0.55 per share, yielding approximately 2.8% annually.

Bank of America Corp DE bought a new position in Nutrien Ltd. (NYSE:NTR - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 2,507,017 shares of the company's stock, valued at approximately $157,817,000. Bank of America Corp DE owned 0.52% of Nutrien at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of NTR. Evolution Wealth Management Inc. acquired a new position in shares of Nutrien during the 1st quarter worth about $32,000. Global Retirement Partners LLC bought a new stake in Nutrien during the 2nd quarter valued at approximately $30,000. Thurston Springer Miller Herd & Titak Inc. grew its holdings in Nutrien by 1,014.0% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 479 shares of the company's stock valued at $30,000 after buying an additional 436 shares during the last quarter. Allied Private Wealth LLC acquired a new stake in Nutrien in the 2nd quarter valued at approximately $33,000. Finally, Harbour Investments Inc. increased its position in Nutrien by 97.2% in the 4th quarter. Harbour Investments Inc. now owns 704 shares of the company's stock worth $43,000 after buying an additional 347 shares during the period. Institutional investors and hedge funds own 63.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on NTR shares. Weiss Ratings upgraded Nutrien from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, August 6th. Barclays lowered their price objective on shares of Nutrien from $81.00 to $78.00 and set an "overweight" rating on the stock in a research note on Monday, August 10th. Morgan Stanley dropped their target price on shares of Nutrien from $93.00 to $81.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 7th. Scotia upgraded shares of Nutrien from a "sector perform" rating to a "sector outperform" rating and set a $80.00 target price for the company in a research note on Tuesday, June 30th. Finally, Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of Nutrien in a report on Monday, August 10th. Seventeen analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $81.15.

Nutrien Price Performance

Shares of NTR stock opened at $78.93 on Friday. The stock's fifty day simple moving average is $71.72 and its 200 day simple moving average is $71.27. Nutrien Ltd. has a one year low of $53.03 and a one year high of $85.36. The firm has a market cap of $37.67 billion, a price-to-earnings ratio of 15.98, a P/E/G ratio of 0.83 and a beta of 0.62. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.39 and a quick ratio of 0.86.

Nutrien (NYSE:NTR - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $2.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.70 by ($0.09). Nutrien had a return on equity of 8.88% and a net margin of 8.44%.The company had revenue of $10.81 billion for the quarter, compared to analyst estimates of $10.44 billion. During the same quarter in the prior year, the company earned $2.65 earnings per share. The business's revenue was up 3.6% compared to the same quarter last year. On average, analysts expect that Nutrien Ltd. will post 4.66 earnings per share for the current fiscal year.

Nutrien Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Investors of record on Tuesday, September 29th will be given a dividend of $0.55 per share. The ex-dividend date is Tuesday, September 29th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.8%. Nutrien's dividend payout ratio (DPR) is 44.53%.

Nutrien Company Profile

Nutrien Ltd. NYSE: NTR is a global provider of crop inputs and agricultural services. The company produces and distributes essential nutrients, including potash, nitrogen and phosphate products, which farmers use to support crop growth and improve yields.

Through its retail operations, Nutrien supplies farmers with seed, crop protection products, fertilizers and agronomic services. Its retail network also provides farm management recommendations, application services and other solutions designed to help growers manage their operations and use agricultural inputs more efficiently.

Nutrien was formed in 2018 through the merger of Potash Corporation of Saskatchewan and Agrium.

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