Nucor (NUE): New Buy Recommendation for This Basic Materials Giant
In a report released today, Timna Tanners from Wells Fargo maintained a Buy rating on Nucor, with a price target of $178.00.
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Tanners covers the Basic Materials sector, focusing on stocks such as Nucor, Cleveland-Cliffs, and Steel Dynamics. According to TipRanks, Tanners has an average return of 1.5% and a 53.31% success rate on recommended stocks.
Nucor has an analyst consensus of Strong Buy, with a price target consensus of $177.56.
Based on Nucor’s latest earnings release for the quarter ending October 4, the company reported a quarterly revenue of $8.52 billion and a net profit of $607 million. In comparison, last year the company earned a revenue of $7.44 billion and had a net profit of $249.91 million
Based on the recent corporate insider activity of 70 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 7,000.00 shares for a total of $1,049,160.00.
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