- NUE +0.76%
Nucor Corporation (NYSE:NUE) is included among the 15 High Quality Dividend Stocks for Long-Term Investors.
BofA Sees Nucor (NUE) Well-Positioned for Long-Term Growth
On November 24, BofA raised its price target on Nucor Corporation (NYSE:NUE) to $180 from $165 and kept a Buy rating on the stock. The firm is updating its price forecasts for North American Metals & Mining companies under coverage. The analyst noted that while the macro environment remains challenging due to slowing commodity demand in China, this may be partially offset by a recovery in US and European demand.
Nucor Corporation (NYSE:NUE) exceeded expectations in the third quarter as production increased from recent growth investments. Shipments from both its steel mills and steel products divisions were higher than estimated. Net income reached $603 million, roughly 140% above the same period last year.
Nucor Corporation (NYSE:NUE)’s data systems business provides materials for the production of AI server cabinets and support structures. With several growth projects close to completion and others scheduled to begin production late next year, Nucor’s long-term growth outlook remains positive.
The company has a long-standing focus on growth, investing in internal projects such as new mills as well as acquisitions in specialty products that expand its operations into new markets.
As North America’s largest and most diversified steel producer, Nucor Corporation (NYSE:NUE) manufactures a wide range of steel and steel products using electric arc furnaces and a high proportion of recycled materials.
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