5 Best Steel Stocks to Invest In

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1. Nucor Corporation (NYSE:NUE)

Number of Hedge Fund Holders: 39

Based in Charlotte, North Carolina, Nucor Corporation (NYSE:NUE) is a leading steel producer with more than 300 operating facilities primarily in North America. It operates 24 scrap-based steel mills that have an annual production capacity of more than 27 million tons per year. The company also processes nearly 20 million tons of ferrous scrap per year to produce new steel.

On June 15, Nucor Corporation (NYSE:NUE) provided guidance for its Q2 2023 financial results. The company expects earnings per share to be in the range of $5.45 to $5.55 per diluted share, as compared to the consensus estimate of $5.43 per share.

On July 5, Exane BNP Paribas analyst Seth Rosenfeld upgraded the rating on Nucor Corporation (NYSE:NUE) shares to ‘Outperform’ from ‘Neutral’ with a price target of $191. The target price represents a potential upside of 14.53% based on the share price on July 14.

Nucor Corporation (NYSE:NUE) is the best steel stock to invest in according to the number of hedge funds that held its shares as of March 31, 2023. The stock was owned by 39 prominent hedge funds out of the 943 tracked by Insider Monkey, with a total value of $440 million. Citadel Investment Group, Marshall Wace LLP, and AQR Capital Management were the top 3 hedge fund shareholders of the stock.

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