#1 - Nucor (NYSE:NUE)
Nucor (NYSE: NUE) – Nucor stands to be a clear winner as manufacturers look for cheaper alternatives to imported steel. They are the largest manufacturer of steel and steel products in the United States. Not only that, but the major sectors they serve (automotive, construction, and energy) have a large need for steel that is not going to change. In their most recent earnings report, they cited a 107% increase in earnings to $2.07/share with revenue that was up 25% to $6.46 billion. By industry standards, the company saw their supply chain make up for any drop in imports with an increase in orders from domestic companies. While giving credit to the tariffs for increasing selling prices and shipments, CEO John Ferriola also cited the company’s long-term strategy geared at initiatives that left Nucor well-positioned to profit from a rebounding steel market. The company is projecting earnings to continue to show strength in the third quarter with a forecast price of $2.15 per share.
About Nucor
Nucor Corporation engages in manufacture and sale of steel and steel products. It operates in three segments: steel mills, steel products, and raw materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products; and engages in the steel trading and rebar distribution businesses.
Read More - Current Price
- $116.58
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 6 Buy Ratings, 3 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $173.75 (49.0% Upside)
