Wells Fargo Keeps Their Buy Rating on Nucor (NUE)
Wells Fargo analyst Timna Tanners maintained a Buy rating on Nucor today and set a price target of $283.00.
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Tanners covers the Basic Materials sector, focusing on stocks such as Nucor, Steel Dynamics, and Alcoa. According to TipRanks, Tanners has an average return of 3.9% and a 53.93% success rate on recommended stocks.
In addition to Wells Fargo, Nucor also received a Buy from KeyBanc’s Samuel McKinney in a report issued on June 23. However, on June 22, Morgan Stanley maintained a Hold rating on Nucor (NYSE: NUE).
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 89 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.
Read More on NUE:
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- The Week That Was, The Week Ahead: Macro and Markets, June 28
- BlackBerry, Take-Two initiations among today’s top calls on Wall Street
- KeyBanc upgrades Nucor on ‘compelling’ valuation after selloff
- Nucor upgraded to Overweight from Sector Weight at KeyBanc
- Nucor price target raised to $258 from $227 at Morgan Stanley
