Parallel Advisors LLC has expanded its position in Nutrien Ltd. (NYSE:NTR) by 20.6% during the second quarter of 2023. This increase is detailed in the firm’s recent 13F filing with the Securities and Exchange Commission. Following this acquisition, Parallel Advisors now holds 1,824 shares of Nutrien, valued at approximately $106,000.
Other institutional investors have also adjusted their stakes in Nutrien. The Public Sector Pension Investment Board raised its holdings by 0.4% in the first quarter, bringing its total to 47,329 shares, worth around $2.35 million. Similarly, Blume Capital Management Inc. increased its stake by 0.7%, now owning 31,796 shares valued at $1.58 million. Tidal Investments LLC and Mesirow Financial Investment Management Inc. also made notable adjustments, with Tidal acquiring 10,262 shares and Mesirow increasing its stake to 5,532 shares.
As of now, institutional investors collectively hold 63.10% of Nutrien’s stock. Following these developments, Nutrien’s shares opened at $59.05 on Thursday, reflecting a significant 4.8% increase. The stock has fluctuated between a low of $43.69 and a high of $65.08 over the past year, holding a market capitalization of $28.65 billion.
Recent Earnings and Dividend Announcement
Nutrien recently reported its earnings for the second quarter on August 6, 2023. The company achieved an earnings per share (EPS) of $2.65, exceeding analysts’ consensus estimate of $2.41 by $0.24. Revenue for the quarter totaled $10.30 billion, slightly below the anticipated $10.40 billion. Year-over-year, Nutrien’s revenue increased by 2.8%, compared to $2.34 EPS during the same period last year.
In addition to its earnings report, Nutrien announced a quarterly dividend of $0.545, scheduled for distribution on October 17, 2023. Shareholders on record as of September 29, 2023 will be eligible for this payment, amounting to an annualized dividend of $2.18 and a yield of 3.7%. The company maintains a payout ratio of 78.14%.
Analyst Ratings and Market Outlook
Recent research reports have provided mixed ratings for Nutrien. National Bankshares initiated coverage on September 5, issuing a “sector perform” rating with a price target of $64.00. Conversely, Scotiabank lowered its price target from $62.00 to $60.00, maintaining a “sector perform” stance. Royal Bank of Canada reaffirmed an “outperform” rating on July 14, while Jefferies Financial Group adjusted its target price to $60.00.
Currently, analysts have provided a consensus rating of “Hold” for Nutrien, with a price target averaging $62.39. Among the analysts, one has rated the stock as a Strong Buy, six as Buy, twelve as Hold, and one as Sell.
Nutrien Ltd. operates in the agricultural sector, providing crop inputs and services through several segments, including Retail, Potash, Nitrogen, and Phosphate. The company plays a crucial role in supporting global food production, making its financial health and stock performance significant for investors and the broader agricultural industry.
