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

In a report released yesterday, Katja Jancic from BMO Capital maintained a Buy rating on Nucor, with a price target of $295.00. The company’s shares closed yesterday at $265.14.

Jancic covers the Basic Materials sector, focusing on stocks such as Nucor, Alcoa, and Century Aluminum. According to TipRanks, Jancic has an average return of 30.7% and a 73.04% success rate on recommended stocks.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Nucor with a $287.09 average price target, which is an 8.28% upside from current levels. In a report released today, Barclays also maintained a Buy rating on the stock with a $295.00 price target.

Based on Nucor’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $10.4 billion and a net profit of $1.16 billion. In comparison, last year the company earned a revenue of $8.46 billion and had a net profit of $603 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. Last month, Leon J Topalian, the Chair and CEO of NUE sold 26,000.00 shares for a total of $6,981,339.56.