Valued at $56.9 billion, Nucor Corp. (NUE) is a leading producer of structural steel, steel bars, steel joists, steel deck, and cold finished bars in the US. The stock is showing superior current momentum in both strength and direction and just received a Trend Seeker “buy” signal, highlights Jim Van Meerten, analyst at Barchart.
Since the new signal on April 9, the stock has gained 35.8%.
Nucor has a Weighted Alpha of +118.1. The stock recently traded at $250.54 with a 50-day moving average of $206.87. The Relative Strength Index (RSI) is at 76.9 and the 60-month beta is 1.87. There’s a technical support level around $247.87.
The Wall Street analysts followed by Barchart give the stock 13 “Strong Buy” and 3 “Hold” opinions, with price targets between $224 and $275. Value Line ranks the stock “Above Average,” with price targets between $225 and $335. Short interest is 2% of the float with 2.43 days to cover the float.
Most companies are struggling regarding tariffs, but in this case, tariffs are in Nucor’s favor. It is a US producer enjoying increases in both revenue and earnings under the advantage of protective tariffs. Smart money, the short sellers, are only shorting 2% of the float. Looks good to me.
