Goldman Sachs Reaffirms Their Buy Rating on Nucor (NUE)
In a report released yesterday, Nick Cash from Goldman Sachs maintained a Buy rating on Nucor, with a price target of $284.00. The company’s shares closed yesterday at $259.32.
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According to TipRanks, Cash is a 3-star analyst with an average return of 23.2% and a 100.00% success rate. Cash covers the Basic Materials sector, focusing on stocks such as Nucor, Cleveland-Cliffs, and Reliance Steel.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Nucor with a $273.38 average price target, implying a 5.42% upside from current levels. In a report released on June 12, Bank of America Securities also assigned a Buy rating to the stock with a $290.00 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 91 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, John J Hollatz, the EVP of NUE sold 10,560.00 shares for a total of $2,729,290.08.
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