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| Top Buys by Directors: Gangestad's $176.6K Bet on NUEBy Metals Channel Staff, Thursday, December 21, 1:07 PM ET
The directors of a company tend to have a unique inside view into the business, so when directors make major buys, investors are wise to take notice. Presumably the only reason a director of a company would choose to take their hard-earned cash and use it to buy stock in the open market, is that they expect to make money — maybe they find the stock very undervalued, or maybe they see exciting progress within the company, or maybe both. So in this series we look at the largest insider buys by company directors over the trailing six month period, one of which was a total of $176.6K by Nicholas C. Gangestad, Director at Nucor Corp. (NYSE:NUE). Gangestad bets big on NUE:
Gangestad's average cost works out to $176.61/share. In trading on Thursday, bargain hunters could buy shares of Nucor Corp. (NYSE:NUE) and achieve a cost basis lower than Gangestad, with shares changing hands as low as $176.19 per share. Shares of Nucor Corp. were changing hands at $176.60 at last check, trading up about 0.4% on Thursday. The chart below shows the one year performance of NUE shares, versus its 200 day moving average:
Looking at the chart above, NUE's low point in its 52 week range is $129.79 per share, with $182.68 as the 52 week high point — that compares with a last trade of $176.60. The current annualized dividend paid by Nucor Corp. is $2.16/share, currently paid in quarterly installments, and its most recent dividend has an upcoming ex-date of 12/28/2023. Below is a long-term dividend history chart for NUE, which can be of good help in judging whether the most recent dividend with approx. 1.2% annualized yield is likely to continue.
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