Hedge Fund Bullishness on Metal Stocks Hits 3-Year High

2. Nucor Corporation (NYSE:NUE)

In Nucor Corporation (NYSE:NUE), there were 33 funds holding $674.16 million worth of stock at the end of June, up from 24 funds with stakes worth $504.22 million a quarter earlier. Heading into 2016, 20 investors tracked by Insider Monkey were bullish on Nucor Corporation (NYSE:NUE). Since January 2016, Nucor Corporation (NYSE:NUE), a manufacturer of steel and steel products, has seen its stock gain 40%. In May, Credit Suisse upgraded its outlook on the steel industry and pointed out Nucor Corporation (NYSE:NUE) as a company that should generate more profits in its long product and plate segment, which will be driven by the $1.0 trillion infrastructure investment program that had been promised by President Trump. Creidit Suisse also upgraded Nucor’s stock to ‘Outperform’ from ‘Neutral’. Steven Richman’s East Side Capital (RR Partners) and Dmitry Balyasny’s Balyasny Asset Management held 1.91 million shares and 1.47 million shares of Nucor Corporation (NYSE:NUE), respectively, at the end of June.

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