#4 - Nucor (NYSE:NUE)
Dividend aristocrats give investors a reason to stay invested in cyclical stocks. That has been the case with steelmaker Nucor Corp. (NYSE: NUE). Steel has been in the news for many reasons, ranging from the potential purchase of U.S. Steel to how the Presidential candidates would handle Chinese steel imports.
Nucor sold off sharply on August 1 which largely tracks with recession fears and what that would mean for demand. The recent dip has pushed NUE stock down 13.7% in 2024. Much of that dip is due to lower steel prices.
But analysts give the stock a consensus price target of $191.29, which would be a 27% increase. This bullish outlook is likely based on the idea that demand for steel is about to turn around the NUE stock price. That demand is likely to come from the Federal Reserve’s decision to cut interest rates.
Nucor has increased its dividend for 51 consecutive years, with an average increase of 8.68% in the last three years. That’s part of the reason that NUE stock has delivered a total return of 219.75% in the last five years.
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
- $151.92
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 6 Buy Ratings, 2 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $190.57 (25.4% Upside)
