In this article, we discuss 10 stocks that recently hit all-time highs. If you want to skip our detailed analysis of these stocks, go directly to 5 Stocks That Recently Hit All-Time Highs.
The predominant theme of the 2022 stock market is uncertainty, and Russia’s invasion of Ukraine has spun the stock market out of control as investors were already facing inflation and elevated interest rates. The S&P 500 index was at an all-time high heading into 2022, but by the end of February, the index had plummeted 12% year-to-date, delivering a market correction after two years and practically nullifying more than six months of market gains.
Stock Market Outlook 2022
Robert Cantwell, founder and chief investment officer of Upholdings, an American investment management firm, stated that the Ukraine conflict isn’t likely to wreak the same level of economic havoc on the US stock market as the COVID-19 pandemic did, although headlines now cover the war and the pandemic has taken a back seat.
Josh Brown, Ritholtz Wealth Management CEO, joined CNBC on March 1, and said that it is a bear market out there, but the market will eventually get out of the correction, however, it will remain choppy and treacherous in the short term. With short-term indexes as well as the mainstream benchmarks consistently down, Brown advised short-term investors to take their profits earlier than they otherwise would, and for long-term traders, he suggested that they manage their own expectations.
Despite the market heading into correction territory and an uncertain outlook, there are stocks that recently hit an all-time high, and it is important to look out for these companies. These stocks are mainly concentrated in the food, defense and aerospace, healthcare, and energy sectors, since these industries experienced a boost amid the Russia-Ukraine conflict. A few notable names that recently hit record highs were Chevron Corporation (NYSE:CVX), Archer-Daniels-Midland Company (NYSE:ADM), and AbbVie Inc. (NYSE:ABBV).
Photo by Adam Nowakowski on Unsplash
Our Methodology
We selected companies that reached their all-time high share prices in the last week, mentioning their growth prospects, hedge fund sentiment, and analyst ratings to give readers a better context for their investment decisions.
Stocks That Recently Hit All-Time Highs
10. Sensus Healthcare, Inc. (NASDAQ:SRTS)
All-Time Share Price High: $10.84 on March 02, 2022
Number of Hedge Fund Holders: 7
Sensus Healthcare, Inc. (NASDAQ:SRTS) manufactures and markets superficial radiation therapy devices to healthcare providers worldwide. The company was incorporated in 2010 and is headquartered in Boca Raton, Florida. Sensus Healthcare, Inc. (NASDAQ:SRTS) reached its all-time high share price of $10.84 on March 02, 2022.
On February 10, Sensus Healthcare, Inc. (NASDAQ:SRTS) reported its fourth quarter results, posting an EPS of $0.32, exceeding estimates by $0.16. The company’s revenue for the period came in at $13.03 million, up roughly 156% year-over-year, surpassing market consensus by $1.94 million.
H.C. Wainwright analyst Yi Chen raised the price target on Sensus Healthcare, Inc. (NASDAQ:SRTS) on March 4 to $13 from $12 and kept a Buy rating on the shares. The Sculptura divestment provides non-dilutive capital to drive the company’s commercial expansion in dermatology, the analyst told investors in a bullish thesis.
According to the Q4 database of Insider Monkey, 7 hedge funds were bullish on Sensus Healthcare, Inc. (NASDAQ:SRTS), up from 2 funds in the prior quarter. Marshall Wace LLP is the leading shareholder of the company, with 195,774 shares worth $1.4 million.
Just like Chevron Corporation (NYSE:CVX), Archer-Daniels-Midland Company (NYSE:ADM), and AbbVie Inc. (NYSE:ABBV), Sensus Healthcare, Inc. (NASDAQ:SRTS) recently reached a record-high price.
9. Monarch Casino & Resort, Inc. (NASDAQ:MCRI)
All-Time Share Price High: $81.85 on March 03, 2022
Number of Hedge Fund Holders: 13
Monarch Casino & Resort, Inc. (NASDAQ:MCRI) is a Nevada-based company that operates hotel and casino facilities in Nevada and Colorado. In Q4 2021, 13 hedge funds were bullish on Monarch Casino & Resort, Inc. (NASDAQ:MCRI), with combined stakes of $107.5 million. Lafitte Capital Management held the biggest stake in the company, with 726,757 shares valued at $53.7 million.
Jefferies analyst David Katz on January 21 lowered the price target on Monarch Casino & Resort, Inc. (NASDAQ:MCRI) to $82 from $83 and kept a Buy rating on the shares as part of his earnings preview for the casino gaming group. The analyst took a more conservative stance on Q4 and Q1, while also updating his digital value assumptions and reflecting other events in his targets, such as the concession progress in Macau.
On February 9, Monarch Casino & Resort, Inc. (NASDAQ:MCRI) announced its Q4 earnings, posting an EPS of $1.11, topping consensus estimates by $0.17. The company’s revenue of $111.07 million jumped 90.26% year-over-year, outperforming estimates by $12.61 million. The stock reached a record price high of $81.85 on March 03, 2022.
8. Canadian Natural Resources Limited (NYSE:CNQ)
All-Time Share Price High: $57.62 on March 02, 2022
Number of Hedge Fund Holders: 23
Canadian Natural Resources Limited (NYSE:CNQ) is a Calgary-based company that extracts and sells crude oil, natural gas, and natural gas liquids. National Bank analyst Travis Wood raised the price target on Canadian Natural Resources Limited (NYSE:CNQ) to C$90 from C$74 and kept an Outperform rating on the shares on February 4.
Canadian Natural Resources Limited (NYSE:CNQ) declared on March 3 a C$0.75 per share quarterly dividend, a 27.7% increase from its prior dividend of C$0.59. The stock offers a forward yield of 4.12%, and the dividend will be paid on April 5, to shareholders of record on March 18.
Canadian Natural Resources Limited (NYSE:CNQ) also beat market consensus for earnings and revenue for the quarter ending December 2021. On March 3, the company posted earnings per share of $2.89, beating estimates by $1.24. Revenue over the period gained 83.40% from the prior-year quarter, reaching $7.27 billion, outperforming estimates by $484.66 million.
A total of 23 hedge funds held long positions in Canadian Natural Resources Limited (NYSE:CNQ) at the end of December 2021, compared to 27 funds in the quarter prior. Yacktman Asset Management held the biggest stake in the company, with more than 17 million shares worth $719.4 million.
7. Sysco Corporation (NYSE:SYY)
All-Time Share Price High: $88.37 on March 02, 2022
Number of Hedge Fund Holders: 25
Sysco Corporation (NYSE:SYY) is a Texas-based company involved in the marketing and distribution of food products to the foodservice industry in the United States, Canada, the United Kingdom, France, and internationally.
Argus analyst John Staszak upgraded Sysco Corporation (NYSE:SYY) on February 22 to Buy from Hold with a $95 price target, after taking in the setup for the food distributor following its earnings report earlier in the month. The stock traded 0.70% higher as a result and Sysco Corporation (NYSE:SYY) reached an all-time high of $88.37 on March 02, 2022.
Sysco Corporation (NYSE:SYY) declared on February 24 a $0.47 per share quarterly dividend, in line with previous. The dividend is payable on April 22, to shareholders of record on April 1.
On February 14, Sysco Corporation (NYSE:SYY) announced that it has completed the acquisition of The Coastal Companies, a leading fresh produce distributor and value-added processor. The acquired company will operate as part of FreshPoint, Sysco Corporation (NYSE:SYY)’s specialty produce business, and enables FreshPoint to enhance its service to the important Mid-Atlantic region, adding state-of-the-art facilities with capacity for growth.
Among the hedge funds tracked by Insider Monkey, 25 funds were bullish on Sysco Corporation (NYSE:SYY) in Q4 2021, as compared to 29 funds in the prior quarter. Nelson Peltz’s Trian Partners is a leading shareholder of the company, with 12.85 million shares worth more than $1 billion.
In addition to Chevron Corporation (NYSE:CVX), Archer-Daniels-Midland Company (NYSE:ADM), and AbbVie Inc. (NYSE:ABBV), Sysco Corporation (NYSE:SYY) is a notable stock that recently exploded.
6. Nucor Corporation (NYSE:NUE)
All-Time Share Price High: $138.01 on March 02, 2022
Number of Hedge Fund Holders: 26
Nucor Corporation (NYSE:NUE) was incorporated in 1958 and is based in Charlotte, North Carolina. The company manufactures and sells steel and steel products. The company serves the agriculture, automotive, construction, energy and transmission, heavy equipment, infrastructure, and transportation industries. Nucor Corporation (NYSE:NUE) shares reached an all-time high of $138.01 on March 02, 2022.
On February 22, Nucor Corporation (NYSE:NUE) declared a quarterly dividend of $0.50 per share, in line with previous. The dividend is payable May 11, for shareholders of record on March 31.
Goldman Sachs analyst Emily Chieng raised the price target on Nucor Corporation (NYSE:NUE) to $120 from $114 and kept a Neutral rating on the shares as part of a broader research note on metals and mining. The analyst updated her model based on refreshed commodity price assumptions, making adjustments to shipments, pricing assumptions, and costs.
Nucor Corporation (NYSE:NUE) reported its Q4 results on January 27, posting earnings per share of $8.04, exceeding estimates by $0.19. Revenue over the period jumped 97.04% year-on-year to $10.36 billion, but missed estimates by roughly $51 million.
A total of 26 hedge funds were bullish on Nucor Corporation (NYSE:NUE), up from 25 funds in the prior quarter. Cliff Asness’ AQR Capital Management is the biggest shareholder of Nucor Corporation (NYSE:NUE), with 469,425 shares worth $53 million.
Here is what Madison Funds has to say about Nucor Corporation (NYSE:NUE) in their Q1 2021 investor letter:
“This quarter we are highlighting Nucor (NUE) as a relative yield example within the Materials sector. NUE is a leading manufacturer of steel and steel products. It is the largest steelmaker in the U.S. based on production volume with a vertically integrated business model. The company has a low fixed-cost position due to its use of electric arc furnaces, which are cleaner, less labor and energy-intensive than blast furnaces, and this results in low total costs per unit of steel produced. Our view is that a low cost position is an important attribute in a commodity business. NUE’s historical financial record supports this view as it has been profitable every year except for one over the past fifty years, unlike many steel producing peers. In addition, the company has a diverse product and mill portfolio that takes market share over time. We believe its scale, low fixed-cost position, consistent record of profitability and diverse mill portfolio result in a sustainable competitive advantage versus peers.
Our thesis on NUE is that it should benefit from higher steel prices as the U.S. economy recovers from the downturn caused by the Covid-19 pandemic. The company may also be a beneficiary of on-shoring, where manufacturing returns to the United States. These two dynamics should drive growth this year, and if the United States Congress passes new infrastructure legislation, that will provide another avenue for growth longer-term. (Click here to read full text)
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Disclosure: None. 10 Stocks That Recently Hit All-Time Highs is originally published on Insider Monkey.
