Nucor (NUE): New Buy Recommendation for This Basic Materials Giant

J.P. Morgan analyst Bill Peterson maintained a Buy rating on Nucor yesterday and set a price target of $198.00.

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According to TipRanks, Peterson is a 3-star analyst with an average return of 2.8% and a 46.72% success rate. Peterson covers the Basic Materials sector, focusing on stocks such as Nucor, Steel Dynamics, and MP Materials.

In addition to J.P. Morgan, Nucor also received a Buy from UBS’s Andrew Jones CFA in a report issued on March 26. However, on March 25, KeyBanc initiated coverage with a Hold rating on Nucor (NYSE: NUE).

Based on Nucor’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $7.69 billion and a net profit of $378 million. In comparison, last year the company earned a revenue of $7.08 billion and had a net profit of $287.03 million

Based on the recent corporate insider activity of 80 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of NUE in relation to earlier this year. Last month, Leon J Topalian, the Chair and CEO of NUE sold 11,500.00 shares for a total of $1,865,018.40.