Canada Pension Plan Investment Board Raises Stake in Nucor Corporation $NUE

Key Points

• The Canada Pension Plan Investment Board increased its stake in Nucor Corporation by 14.7%, acquiring an additional 39,896 shares, bringing its total ownership to approximately $37.5 million.
• Nucor recently reported $2.60 EPS for the quarter, exceeding analysts' expectations, with revenues of $8.46 billion, a year-over-year increase of 4.7%.
• Recent institutional trading activity includes acquisitions by multiple firms, resulting in 76.48% of Nucor's stock being owned by institutional investors.

Canada Pension Plan Investment Board increased its stake in shares of Nucor Corporation (NYSE:NUE - Free Report) by 14.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 311,356 shares of the basic materials company's stock after buying an additional 39,896 shares during the period. Canada Pension Plan Investment Board owned about 0.14% of Nucor worth $37,469,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Nucor by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 28,959,327 shares of the basic materials company's stock valued at $3,484,965,000 after buying an additional 745,671 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Nucor by 18.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,309,452 shares of the basic materials company's stock valued at $277,920,000 after buying an additional 355,364 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Nucor by 5.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,772,831 shares of the basic materials company's stock valued at $213,342,000 after buying an additional 92,363 shares in the last quarter. Diamond Hill Capital Management Inc. purchased a new stake in shares of Nucor during the 1st quarter valued at approximately $194,804,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Nucor by 7.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,384,590 shares of the basic materials company's stock valued at $161,595,000 after buying an additional 96,375 shares in the last quarter. Hedge funds and other institutional investors own 76.48% of the company's stock.

Nucor Price Performance

Shares of NYSE:NUE traded up $2.30 during trading on Friday, reaching $147.24. The company had a trading volume of 1,371,140 shares, compared to its average volume of 2,376,603. The company has a fifty day moving average of $142.14 and a two-hundred day moving average of $128.25. The stock has a market capitalization of $33.80 billion, a P/E ratio of 26.58, a price-to-earnings-growth ratio of 0.92 and a beta of 1.76. Nucor Corporation has a 12 month low of $97.59 and a 12 month high of $170.52. The company has a current ratio of 2.83, a quick ratio of 1.51 and a debt-to-equity ratio of 0.31.

Nucor (NYSE:NUE - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The basic materials company reported $2.60 earnings per share for the quarter, topping analysts' consensus estimates of $2.54 by $0.06. The firm had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.47 billion. Nucor had a net margin of 4.21% and a return on equity of 6.65%. The business's quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the business posted $2.68 EPS. Equities research analysts forecast that Nucor Corporation will post 7.64 earnings per share for the current year.

Nucor Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Tuesday, September 30th will be issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend is Tuesday, September 30th. Nucor's dividend payout ratio (DPR) is 39.71%.

Insider Activity

In other Nucor news, insider Michael D. Keller sold 6,088 shares of the firm's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $148.41, for a total value of $903,520.08. Following the sale, the insider owned 22,464 shares of the company's stock, valued at $3,333,882.24. This trade represents a 21.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kenneth Rex Query sold 10,000 shares of the firm's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $144.90, for a total transaction of $1,449,000.00. Following the completion of the sale, the executive vice president directly owned 84,080 shares in the company, valued at approximately $12,183,192. This trade represents a 10.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold 48,397 shares of company stock worth $6,763,814 in the last quarter. Insiders own 0.46% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on NUE. BMO Capital Markets upgraded shares of Nucor from a "market perform" rating to an "outperform" rating and upped their price target for the company from $140.00 to $145.00 in a research note on Monday, June 2nd. JPMorgan Chase & Co. raised their price objective on shares of Nucor from $143.00 to $162.00 and gave the company an "overweight" rating in a research report on Monday, July 14th. Jefferies Financial Group upgraded shares of Nucor from a "hold" rating to a "buy" rating and raised their price objective for the company from $135.00 to $170.00 in a research report on Thursday, July 31st. Wells Fargo & Company upgraded shares of Nucor to a "hold" rating in a research report on Thursday, August 14th. Finally, Morgan Stanley raised their price objective on shares of Nucor from $134.00 to $149.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. Seven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $155.78.

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.