CIBC Asset Management Inc Buys 2,461 Shares of Nucor Co. (NYSE:NUE)

CIBC Asset Management Inc grew its holdings in Nucor Co. (NYSE:NUE) by 7.5% during the 3rd quarter, Holdings Channel.com reports. The fund 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.

Other large investors have also made changes to their positions in the company. McClarren Financial Advisors Inc. lifted its position in shares of Nucor by 129.0% in the second quarter. McClarren Financial Advisors Inc. now owns 158 shares of the basic materials company’s stock valued at $25,000 after acquiring an additional 89 shares in the last quarter. Ashton Thomas Securities LLC purchased a new position in shares of Nucor in the third quarter valued at about $26,000. Brown Lisle Cummings Inc. purchased a new position in shares of Nucor in the third quarter valued at about $30,000. HHM Wealth Advisors LLC lifted its position in shares of Nucor by 769.2% in the second quarter. HHM Wealth Advisors LLC now owns 226 shares of the basic materials company’s stock valued at $36,000 after acquiring an additional 200 shares in the last quarter. Finally, Salomon & Ludwin LLC lifted its position in shares of Nucor by 45.6% in the third quarter. Salomon & Ludwin LLC now owns 230 shares of the basic materials company’s stock valued at $35,000 after acquiring an additional 72 shares in the last quarter. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NUE has been the topic of several research analyst reports. Argus upgraded Nucor to a “strong-buy” rating in a research report on Monday, August 26th. BMO Capital Markets decreased their target price 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. Morgan Stanley decreased their target price on Nucor from $170.00 to $166.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. decreased their target price on Nucor from $170.00 to $168.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Nucor currently has an average rating of “Moderate Buy” and an average price target of $190.57.

Nucor Trading Up 0.5 %

NUE opened at $147.08 on Monday. The stock has a market cap of $34.54 billion, a price-to-earnings ratio of 14.21 and a beta of 1.55. The stock’s 50 day moving average price is $148.88 and its 200-day moving average price is $154.87. Nucor Co. has a one year low of $133.42 and a one year high of $203.00. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.61 and a current ratio of 2.59.

Nucor (NYSE:NUE) last released its earnings results on Monday, October 21st. The basic materials company reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.09. Nucor had a return on equity of 12.06% and a net margin of 8.05%. The firm had revenue of $7.44 billion for the quarter, compared to analysts’ expectations of $7.28 billion. During the same quarter in the prior year, the firm posted $4.57 earnings per share. The company’s quarterly revenue was down 15.2% on a year-over-year basis. On average, equities analysts forecast that Nucor Co. will post 8.52 EPS for the current 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 paid a $0.54 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.16 annualized dividend and a yield of 1.47%. Nucor’s dividend payout ratio (DPR) is currently 20.87%.

Insider Buying and Selling

In other news, CEO Leon J. Topalian sold 11,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $169.11, for a total transaction of $1,860,210.00. Following the completion of the sale, the chief executive officer now owns 172,136 shares in the company, valued at approximately $29,109,918.96. This represents a 6.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Kenneth Rex Query sold 9,000 shares of the stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $146.80, for a total value of $1,321,200.00. Following the sale, the executive vice president now owns 98,770 shares of the company’s stock, valued at approximately $14,499,436. This represents a 8.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,680 shares of company stock valued at $4,773,724 over the last quarter. 0.46% of the stock is owned by corporate insiders.

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.