Wells Fargo Sticks to Their Buy Rating for Nucor (NUE)
In a report released today, Timna Tanners from Wells Fargo maintained a Buy rating on Nucor, with a price target of $244.00.
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According to TipRanks, Tanners is a 4-star analyst with an average return of 4.8% and a 55.27% success rate. Tanners covers the Basic Materials sector, focusing on stocks such as Nucor, Steel Dynamics, and Alcoa.
In a report released on May 21, Barclays also initiated coverage with a Buy rating on the stock with a $270.00 price target.
Based on Nucor’s latest earnings release for the quarter ending April 4, the company reported a quarterly revenue of $9.5 billion and a net profit of $743 million. In comparison, last year the company earned a revenue of $7.83 billion and had a net profit of $156 million
Based on the recent corporate insider activity of 90 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. Earlier this month, Randy J Spicer, the EVP of NUE sold 2,500.00 shares for a total of $562,500.00.
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