Why Nucor Stock Shot Up to a 52-Week High This Week

Nucor (NYSE: NUE) is turning out to be a massive outperformer this year. The steel stock rallied even higher this week and hit its 52-week peak on Friday. As of 3:40 p.m. ET on Friday, Nucor shares had gained 15.4% through the week, according to data provided by S&P Global Market Intelligence.

Steel prices are soaring, and so are Nucor's profits and cash. Even better, the steel giant is putting all of that cash to good use.

Nucor has belted out record quarter after record quarter over the past year or so, and it's not done just yet. Last week, the company said it expects to report record numbers for its first quarter, with earnings per share expected to more than double year over year to a range of $7.20 to $7.30 per share.

Source Fool.com