Insider Activity Report: Nucor (NUE)

Nicholas Gangestad, a director at Nucor (NUE), recently bought 1,000 shares. The buy is an initial position for the director, and came to a total cost of $176,609.

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  • This is the first insider buy since a major holder added $6.6 million worth of shares back in August. Otherwise, company executives have been moderate sellers of shares this year, including the company’s CEO and COO.

    Overall, Nucor insiders own 0.7 percent of shares.

    The steel producer is up 28 percent in the past year, slightly outperforming the S&P 500. Earnings and revenues are down by double-digits, but merger activity in the sector is keeping shares trending higher.

    Nucor trades at about 15 times forward earnings, and pays a dividend yield of 1.2 percent.

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  • Action to take: Investors may like shares here, as the stock looks undervalued. The commodity sector as a whole has started to trend higher over the last few years, and shares may be in the early stage of a multi-year rally.

    For traders, the current trend is up. The April 2024 $190 calls, last going for about $6.45, play to that trend.

    The option can likely see mid-to-high double-digit returns on a further rally into the new year. Traders may want to take quick profits on any sign of a market or commodity slowdown.


    Disclosure: The author of this article has no position in the company mentioned here, but may trade after the next 72 hours. The author receives no compensation from any of the companies mentioned in this article.


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