Connor Clark & Lunn Investment Management Ltd. Purchases 101,518 Shares of Nucor Corporation (NYSE:NUE)

Key Points

• Connor Clark & Lunn Investment Management Ltd. significantly increased its stake in Nucor Corporation by 285.5%, acquiring an additional 101,518 shares, bringing its total ownership to 137,080 shares valued at approximately $16.5 million.
• Nucor recently reported a quarterly EPS of $2.60, beating analyst expectations of $2.54, with revenue reported at $8.46 billion for the quarter, showcasing a 4.7% year-over-year increase.
• The company declared a quarterly dividend of $0.55 per share, which represents an annualized dividend yield of 1.6%, with a payout ratio of approximately 39.71%.

Connor Clark & Lunn Investment Management Ltd. raised its stake in Nucor Corporation (NYSE:NUE - Free Report) by 285.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 137,080 shares of the basic materials company's stock after acquiring an additional 101,518 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.06% of Nucor worth $16,496,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in NUE. Marshall & Sterling Wealth Advisors Inc. bought a new position in Nucor in the 4th quarter worth approximately $25,000. Putney Financial Group LLC bought a new position in Nucor in the 4th quarter worth approximately $29,000. MV Capital Management Inc. grew its holdings in Nucor by 73.5% in the 1st quarter. MV Capital Management Inc. now owns 281 shares of the basic materials company's stock worth $34,000 after buying an additional 119 shares in the last quarter. Fourth Dimension Wealth LLC bought a new position in Nucor in the 4th quarter worth approximately $41,000. Finally, Spirit of America Management Corp NY acquired a new stake in Nucor in the first quarter worth approximately $48,000. 76.48% of the stock is owned by institutional investors.

Nucor Stock Up 0.7%

Shares of NYSE NUE traded up $1.02 during mid-day trading on Friday, reaching $145.37. The company had a trading volume of 956,347 shares, compared to its average volume of 2,479,667. Nucor Corporation has a twelve month low of $97.59 and a twelve month high of $170.52. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.51 and a current ratio of 2.83. The stock has a market capitalization of $33.54 billion, a PE ratio of 26.18, a price-to-earnings-growth ratio of 0.93 and a beta of 1.74. The stock's 50 day moving average is $135.30 and its 200-day moving average is $126.78.

Nucor (NYSE:NUE - Get Free Report) last posted its quarterly earnings results 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. Nucor had a net margin of 4.21% and a return on equity of 6.65%. The business had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.47 billion. During the same period in the prior year, the business posted $2.68 earnings per share. Nucor's revenue for the quarter was up 4.7% compared to the same quarter last year. As a group, equities analysts anticipate that Nucor Corporation will post 7.64 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 11th. Shareholders of record on Monday, June 30th were given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Monday, June 30th. Nucor's dividend payout ratio is presently 39.71%.

Insiders Place Their Bets

In other Nucor news, EVP Kenneth Rex Query sold 10,000 shares of the stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $130.37, for a total transaction of $1,303,700.00. Following the transaction, the executive vice president directly owned 94,080 shares of the company's stock, valued at $12,265,209.60. This represents a 9.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Allen C. Behr sold 8,021 shares of the company's stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $143.38, for a total transaction of $1,150,050.98. Following the sale, the executive vice president owned 82,703 shares of the company's stock, valued at $11,857,956.14. This trade represents a 8.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 25,109 shares of company stock valued at $3,360,094 over the last three months. 0.46% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on NUE shares. UBS Group cut their target price on Nucor from $153.00 to $147.00 and set a "buy" rating for the company in a research report on Thursday, May 29th. JPMorgan Chase & Co. upped their target price on Nucor from $143.00 to $162.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Jefferies Financial Group upgraded Nucor from a "hold" rating to a "buy" rating and upped their target price for the stock from $135.00 to $170.00 in a research report on Thursday, July 31st. Morgan Stanley upped their target price on Nucor from $134.00 to $149.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. Finally, BMO Capital Markets upgraded Nucor from a "market perform" rating to an "outperform" rating and upped their target price for the stock from $140.00 to $145.00 in a research report on Monday, June 2nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $155.78.

Nucor Company 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.