Bank of Nova Scotia Invests $103.97 Million in Nutrien Ltd. $NTR

Key Points

• Bank of Nova Scotia acquired 1.65 million Nutrien shares worth approximately $103.97 million during the second quarter, giving it a 0.35% stake. Institutional investors collectively own 63.1% of the company.
• Nutrien reported quarterly revenue of $10.81 billion, up 3.6% year over year, but earnings of $2.61 per share fell short of analysts’ $2.70 estimate.
• The company declared a quarterly dividend of $0.55 per share, equivalent to $2.20 annually and a 2.9% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $81.58.

Bank of Nova Scotia bought a new stake in Nutrien Ltd. (NYSE:NTR - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 1,650,527 shares of the company's stock, valued at approximately $103,975,000. Bank of Nova Scotia owned 0.35% of Nutrien at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. CORDA Investment Management LLC. purchased a new stake in Nutrien during the 2nd quarter valued at approximately $33,209,000. Vanguard Group Inc. lifted its position in Nutrien by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 22,463,277 shares of the company's stock worth $1,386,546,000 after acquiring an additional 479,834 shares during the period. Bryn Mawr Trust Advisors LLC purchased a new position in shares of Nutrien in the 2nd quarter valued at approximately $8,363,000. Geode Capital Management LLC grew its stake in shares of Nutrien by 6.8% in the 4th quarter. Geode Capital Management LLC now owns 4,833,284 shares of the company's stock valued at $304,217,000 after purchasing an additional 309,025 shares during the last quarter. Finally, Black Creek Investment Management Inc. increased its holdings in shares of Nutrien by 7.9% in the fourth quarter. Black Creek Investment Management Inc. now owns 2,553,108 shares of the company's stock valued at $157,796,000 after purchasing an additional 185,864 shares during the period. Hedge funds and other institutional investors own 63.10% of the company's stock.

Nutrien Price Performance

Shares of NYSE:NTR opened at $75.36 on Friday. The business's 50 day simple moving average is $66.42 and its 200-day simple moving average is $70.42. The firm has a market capitalization of $36.05 billion, a price-to-earnings ratio of 15.26, a price-to-earnings-growth ratio of 0.75 and a beta of 0.61. 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 Ltd. has a 12 month low of $53.03 and a 12 month high of $85.36.

Nutrien (NYSE:NTR - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $2.61 earnings per share for the quarter, missing analysts' consensus estimates of $2.70 by ($0.09). The firm had revenue of $10.81 billion during the quarter, compared to analyst estimates of $10.44 billion. Nutrien had a return on equity of 8.88% and a net margin of 8.44%.The business's revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.65 EPS. As a group, equities analysts forecast that Nutrien Ltd. will post 4.95 earnings per share for the current fiscal year.

Nutrien Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 16th. Investors of record on Tuesday, September 29th will be given a $0.55 dividend. The ex-dividend date is Tuesday, September 29th. This represents a $2.20 annualized dividend and a dividend yield of 2.9%. Nutrien's payout ratio is currently 44.53%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on NTR shares. Scotia upgraded shares of Nutrien from a "sector perform" rating to a "sector outperform" rating and set a $80.00 price objective for the company in a research report on Tuesday, June 30th. Oppenheimer lowered their price objective on Nutrien from $82.00 to $80.00 and set an "outperform" rating on the stock in a report on Thursday, July 23rd. UBS Group lowered their price objective on Nutrien from $67.00 to $65.00 and set a "sell" rating on the stock in a report on Monday, May 11th. BNP Paribas Exane upgraded Nutrien from a "neutral" rating to an "outperform" rating and set a $80.00 target price on the stock in a research report on Tuesday, July 28th. Finally, TD Securities reissued a "buy" rating on shares of Nutrien in a research note on Wednesday, May 6th. Seventeen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $81.58.

Nutrien Company Profile

Nutrien Ltd. is a global fertilizer and agricultural-services company headquartered in Saskatoon, Saskatchewan, Canada. The company is publicly traded and operates across the farm input value chain, combining upstream fertilizer production with a broad retail and services platform aimed at supporting crop production worldwide. Nutrien's business model integrates the manufacture and distribution of crop nutrients with on-the-ground agronomic support for growers and agricultural businesses.

Nutrien produces and supplies the three primary fertilizer nutrients—potash, nitrogen and phosphate—through its wholesale operations, and markets a wide range of crop inputs including seeds and crop protection products.

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