Nucor (NUE) Initiated with a Buy at Goldman Sachs

By Carrie Williams

Goldman Sachs analyst Emily Chieng initiated coverage with a Buy rating on Nucor (NUEResearch Report) today. The company’s shares closed last Friday at $80.29, close to its 52-week high of $82.76.

According to TipRanks.com, Chieng is a 3-star analyst with an average return of 14.2% and a 66.7% success rate. Chieng covers the Basic Materials sector, focusing on stocks such as Commercial Metals Company, First Quantum Minerals, and United States Steel.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Nucor with a $70.00 average price target.

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Nucor’s market cap is currently $23.98B and has a P/E ratio of 33.70. The company has a Price to Book ratio of 3.01.

Based on the recent corporate insider activity of 68 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.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Nucor Corp. engages in the manufacturing of steel and steel products. It operates through the following segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment comprises carbon and alloy steel in sheet, bars, structural and plate; steel trading businesses; rebar distribution businesses; and Nucor’s equity method investments. The Steel Products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, metal building systems, steel grating, tubular products businesses, piling products business, and wire and wire mesh. The Raw Materials segment consists direct reduced iron, and ferrous and nonferrous metals. The company was founded by Ransom E. Olds in 1905 and is headquartered in Charlotte, NC.