CIBC Asset Management Inc Grows Position in Nucor Co. (NYSE:NUE)

CIBC Asset Management Inc raised its holdings in Nucor Co. (NYSE:NUE) by 7.5% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 35,179 shares of the basic materials company’s stock after acquiring an additional 2,461 shares during the period. CIBC Asset Management Inc’s holdings in Nucor were worth $5,289,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of NUE. Pacer Advisors Inc. raised its holdings in shares of Nucor by 29.7% in the 2nd quarter. Pacer Advisors Inc. now owns 2,884,802 shares of the basic materials company’s stock valued at $456,030,000 after acquiring an additional 660,866 shares in the last quarter. Ceredex Value Advisors LLC bought a new position in shares of Nucor during the 3rd quarter valued at about $74,829,000. International Assets Investment Management LLC increased its position in shares of Nucor by 14,525.9% during the 3rd quarter. International Assets Investment Management LLC now owns 326,889 shares of the basic materials company’s stock valued at $49,144,000 after purchasing an additional 324,654 shares during the last quarter. Swedbank AB bought a new position in shares of Nucor during the 1st quarter valued at about $37,395,000. Finally, Captrust Financial Advisors increased its position in shares of Nucor by 23.5% during the 1st quarter. Captrust Financial Advisors now owns 804,150 shares of the basic materials company’s stock valued at $159,141,000 after purchasing an additional 153,077 shares during the last quarter. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Insider Buying and Selling

In related news, CFO Stephen D. Laxton sold 4,712 shares of Nucor stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $169.53, for a total value of $798,825.36. Following the completion of the sale, the chief financial officer now owns 82,132 shares of the company’s stock, valued at $13,923,837.96. The trade was a 5.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Kenneth Rex Query sold 9,000 shares of Nucor stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $146.80, for a total value of $1,321,200.00. Following the completion of the sale, the executive vice president now directly owns 98,770 shares of the company’s stock, valued at $14,499,436. The trade was a 8.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,680 shares of company stock valued at $4,773,724 over the last 90 days. Company insiders own 0.46% of the company’s stock.

Nucor Stock Up 0.5 %

Shares of NYSE:NUE opened at $147.08 on Monday. The stock has a fifty day simple moving average of $148.88 and a two-hundred day simple moving average of $154.87. The stock has a market capitalization of $34.54 billion, a price-to-earnings ratio of 14.21 and a beta of 1.55. Nucor Co. has a 12-month low of $133.42 and a 12-month high of $203.00. The company has a current ratio of 2.59, a quick ratio of 1.61 and a debt-to-equity ratio of 0.26.

Nucor (NYSE:NUE) last posted its earnings results on Monday, October 21st. The basic materials company reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.09. The business had revenue of $7.44 billion during the quarter, compared to analyst estimates of $7.28 billion. Nucor had a return on equity of 12.06% and a net margin of 8.05%. The company’s quarterly revenue was down 15.2% compared to the same quarter last year. During the same quarter last year, the company earned $4.57 EPS. On average, research analysts anticipate that Nucor Co. will post 8.52 earnings per share for the current fiscal year.

Nucor Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 8th. Investors of record on Friday, September 27th were issued a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 1.47%. The ex-dividend date of this dividend was Friday, September 27th. Nucor’s payout ratio is currently 20.87%.

Analyst Ratings Changes

Several equities analysts have recently commented on NUE shares. Morgan Stanley reduced their price objective on Nucor from $170.00 to $166.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. reduced their price objective on Nucor from $170.00 to $168.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Argus upgraded Nucor to a “strong-buy” rating in a research report on Monday, August 26th. Finally, BMO Capital Markets reduced their price objective on Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a research report on Wednesday, September 18th. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $190.57.

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.