Nucor Corp. Receives a Buy from Jefferies

By Austin Angelo

Jefferies analyst Seth Rosenfeld reiterated a Buy rating on Nucor Corp. (NYSE: NUE) today. The company’s shares closed yesterday at $51.37.

According to TipRanks.com, Rosenfeld is a 4-star analyst with an average return of 5.8% and a 73.7% success rate. Rosenfeld covers the Basic Materials sector, focusing on stocks such as Commercial Metals Company, Worthington Industries, and United States Steel.

Currently, the analyst consensus on Nucor Corp. is Moderate Buy and the average price target is $55, representing a 7.1% upside.

In a report issued on November 2, Berenberg Bank also upgraded the stock to Buy.

The company has a one year high of $57.08 and a one year low of $33.90. Currently, Nucor Corp. has an average volume of 2.75M.

Based on the recent corporate insider activity of 49 insiders, corporate insider sentiment is negative on the stock. Most recently, in July 2016, James Darsey, the EVP of NUE sold 71,465 shares for a total of $3,748,339.

Nucor Corp. engages in the manufacture of steel and steel products. It operates through the following segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment produces and distributes sheet, plate, structural, and bar steel. The Steel Products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, metal building systems, light gauge steel framing, steel grating, expanded metal, wire, and wire mesh. The Raw Materials segment comprises of direct reduced iron, and ferrous and nonferrous metals. The company was founded by Ransom E. Olds and Samuel Siegel in 1905 and is headquartered in Charlotte, NC.