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

Wells Fargo analyst Timna Tanners maintained a Buy rating on Nucor yesterday and set a price target of $297.00. The company’s shares closed yesterday at $265.62.

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Tanners covers the Basic Materials sector, focusing on stocks such as Alcoa, Nucor, and Cleveland-Cliffs. According to TipRanks, Tanners has an average return of 4.4% and a 54.67% success rate on recommended stocks.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Nucor with a $278.00 average price target, which is a 4.66% upside from current levels. In a report released yesterday, Barclays also reiterated a Buy rating on the stock with a $295.00 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 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. Last month, John J Hollatz, the EVP of NUE sold 10,560.00 shares for a total of $2,729,290.08.