Top 5 Losers Today

4. Nutrien Ltd. (NYSE:NTR)

Number of Hedge Fund Holders: 52

Shares of Nutrien Ltd. (NYSE:NTR) declined over three percent this morning after receiving a downgrade from Piper Sandler. The research firm cut its ratings for the fertilizer giant from “Overweight” to “Neutral.”

Analyst Charles Neivert was primarily moved by the company’s lower-than-expected results for Q3 and revised guidance for the full year. Neivert also lowered his price target for Nutrien Ltd. (NYSE:NTR) from $115 per share to $93 per share.

Earlier this month, Nutrien Ltd. (NYSE:NTR) missed financial expectations for the third quarter. Moreover, it also reduced its full-year guidance amid weak potash sales and dropping prices.

Speaking on the results, CEO of Nutrien Ltd. (NYSE:NTR), Ken Seitz, said in a statement back then:

“Nutrien has delivered record earnings in 2022 due to the strength of agriculture fundamentals, higher fertilizer prices and excellent Retail performance. During the third quarter, we saw a temporary reduction in potash purchasing in North America and Brazil, which has impacted our sales volumes and realized prices in the second half of the year.”

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