5 Best Undervalued Stocks to Buy Now

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1. Nucor Corporation (NYSE: NUE)

Number of Hedge Fund Holders: 29

PE Ratio: 15

Nucor Corporation (NYSE: NUE) is a North Carolina-based company that makes steel and steel-related products. The company is one of the largest steel makers in the United States and was founded in 1958. It is placed first on our list of 10 best undervalued stocks to buy now. Some of the products that the company makes and sells include electrical conduits, steel joists and joist girders, steel decks, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, metal building systems, and steel grating, among others. 

On April 20, Nucor Corporation (NYSE: NUE) stock was given an upgraded rating by the Bank of America as steel prices reached record highs in the US. The bank rated Nucor a Buy with a price target of $80, raised from $56 given earlier. According to the bank, the prices of steel had gone up due to production disruptions caused by COVID-19 but would soon stabilize. 

Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm DE Shaw is a leading shareholder in the firm with 1 million shares worth more than $54 million.  

You can also take a peek at 10 Best Travel Stocks to Buy Right Now, and 10 Best Automotive Stocks to Invest in Now.

 

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