Connor Clark & Lunn Investment Management Ltd. Invests $10.10 Million in Nucor Corporation $NUE

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Nucor Corporation (NYSE:NUE) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 45,329 shares of the basic materials company’s stock, valued at approximately $10,097,000.

Several other hedge funds also recently added to or reduced their stakes in NUE. BlackRock Inc. purchased a new stake in shares of Nucor during the second quarter worth about $4,452,563,000. Norges Bank purchased a new position in shares of Nucor in the 4th quarter valued at approximately $609,002,000. Bank of New York Mellon Corp acquired a new stake in Nucor in the 2nd quarter worth approximately $330,902,000. Deutsche Bank AG acquired a new stake in Nucor in the 2nd quarter worth approximately $220,176,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Nucor in the 2nd quarter worth approximately $126,848,000. 76.48% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Nucor news, COO Stephen D. Laxton sold 3,968 shares of the company’s stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $256.96, for a total value of $1,019,617.28. Following the sale, the chief operating officer directly owned 77,867 shares of the company’s stock, valued at approximately $20,008,704.32. This represents a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Thomas J. Batterbee sold 4,000 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $261.02, for a total value of $1,044,080.00. Following the sale, the executive vice president directly owned 16,138 shares in the company, valued at $4,212,340.76. This represents a 19.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 18,528 shares of company stock valued at $4,793,035 over the last 90 days. Insiders own 0.62% of the company’s stock.

Nucor Price Performance

Shares of NYSE NUE opened at $252.69 on Thursday. Nucor Corporation has a 52 week low of $131.32 and a 52 week high of $280.11. The business’s 50 day moving average price is $246.35 and its 200 day moving average price is $218.33. The company has a quick ratio of 1.36, a current ratio of 2.51 and a debt-to-equity ratio of 0.27. The firm has a market cap of $57.33 billion, a P/E ratio of 20.15, a P/E/G ratio of 0.92 and a beta of 1.89.

Nucor (NYSE:NUE) last posted its quarterly earnings results on Monday, July 27th. The basic materials company reported $4.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.46 by $0.38. Nucor had a net margin of 7.99% and a return on equity of 12.73%. The company had revenue of $10.40 billion during the quarter, compared to analyst estimates of $10.15 billion. During the same period last year, the firm posted $2.60 EPS. Nucor’s revenue for the quarter was up 23.0% compared to the same quarter last year. On average, sell-side analysts expect that Nucor Corporation will post 17.95 earnings per share for the current year.

Nucor Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 11th. Investors of record on Tuesday, June 30th were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend was Tuesday, June 30th. Nucor’s dividend payout ratio (DPR) is 17.86%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on NUE. Wall Street Zen upgraded shares of Nucor from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 16th. Seaport Research Partners lifted their price objective on shares of Nucor from $245.00 to $285.00 and gave the stock a “buy” rating in a research note on Wednesday, June 10th. Wells Fargo & Company dropped their price objective on shares of Nucor from $297.00 to $285.00 and set an “overweight” rating on the stock in a report on Monday. UBS Group upped their target price on Nucor from $224.00 to $256.00 and gave the company a “neutral” rating in a research report on Tuesday, July 28th. Finally, CICC Research initiated coverage on Nucor in a research note on Monday, May 25th. They issued an “outperform” rating for the company. Twelve research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $272.38.

Nucor Profile

Nucor Corporation (NYSE: NUE) is an American steel producer headquartered in Charlotte, North Carolina. The company is primarily engaged in the manufacture and sale of steel and steel products, operating a network of steel mills, recycling facilities and fabrication plants across the United States and North America. Nucor’s operations emphasize electric arc furnace steelmaking using recycled scrap metal, which supports a decentralized, mill-based production model focused on efficiency and flexibility.

Product offerings span a broad range of basic and value‑added steel items, including sheet, plate, merchant bar, structural beams, reinforcing bar, tubing, fasteners and fabricated components.