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

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Nucor Corporation (NYSE:NUE) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 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 the company. Bell Investment Advisors Inc bought a new stake in shares of Nucor during the 2nd quarter worth approximately $28,000. Strive Financial Group LLC purchased a new stake in Nucor in the fourth quarter worth $27,000. Stance Capital LLC purchased a new stake in Nucor in the third quarter worth $25,000. Bartlett & CO. Wealth Management LLC lifted its position in shares of Nucor by 49.2% during the first quarter. Bartlett & CO. Wealth Management LLC now owns 191 shares of the basic materials company’s stock worth $32,000 after purchasing an additional 63 shares during the last quarter. Finally, Mcguire Capital Advisors Inc. bought a new stake in shares of Nucor during the fourth quarter worth $32,000. 76.48% of the stock is currently owned by institutional investors.

Nucor Stock Up 2.1%

Shares of Nucor stock opened at $252.69 on Thursday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.51 and a quick ratio of 1.36. The stock has a market cap of $57.33 billion, a price-to-earnings ratio of 20.15, a PEG ratio of 0.92 and a beta of 1.89. The firm’s 50-day moving average is $246.35 and its two-hundred day moving average is $218.33. Nucor Corporation has a 1 year low of $131.32 and a 1 year high of $280.11.

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

Nucor Dividend Announcement

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

Wall Street Analysts Forecast Growth

NUE has been the topic of a number of research analyst reports. BMO Capital Markets upped their price target on shares of Nucor from $285.00 to $295.00 and gave the stock an “outperform” rating in a report on Wednesday, July 29th. Wall Street Zen upgraded shares of Nucor from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 16th. BNP Paribas Exane raised their target price on shares of Nucor from $210.00 to $248.00 and gave the stock an “outperform” rating in a research report on Monday, May 4th. Wells Fargo & Company decreased their price target on shares of Nucor from $297.00 to $285.00 and set an “overweight” rating for the company in a research note on Monday. Finally, JPMorgan Chase & Co. boosted their price target on Nucor from $240.00 to $282.00 and gave the company an “overweight” rating in a report on Wednesday, June 10th. Twelve analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $272.38.

Insiders Place Their Bets

In related news, COO Stephen D. Laxton sold 3,968 shares of the company’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $256.96, for a total transaction of $1,019,617.28. Following the completion of the sale, the chief operating officer directly owned 77,867 shares in the company, valued at $20,008,704.32. This represents a 4.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP John J. Hollatz sold 10,560 shares of Nucor stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $258.46, for a total value of $2,729,337.60. Following the completion of the transaction, the executive vice president owned 97,865 shares in the company, valued at $25,294,187.90. This trade represents a 9.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 18,528 shares of company stock worth $4,793,035 over the last 90 days. Company insiders own 0.62% of the company’s stock.

About Nucor

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.